Real Estate Exam

Non Licensed Banker can Collect rent on behalf of the bank - answer-TRUE Unlicensed assistant can and cant.. - answer-can drop off keys, cant host an open house Rejected offers/expired listings are retained for - answer-6 months NJ Real Estate License renews - answer-July 1 every odd year Broker candidate does ___ class hours - answer-75 + 150 hours Non NJ residents can be NJ Realtors if - answer-they agree to be sued by the state of NJ Insurance brokers need - answer-real estate license, not companies Veterans can get license - answer-at 18. They can skip real estate school and take the state exam. If you are buying a house and have a license, you must - answer-state that you are a salesperson Dual Agency - answer-need written and informed consent from both parties Commission rates - answer-are negotiable Real estate licenses get suspended for - answer-A licensing cycle if the broker gets in trouble. You do have a right to move to a new company __ Days notice before a hearing - answer-10 days Attorney review is _______ - answer-optional, but you should always advise the client to takt that route Buyer gives upfront deposit, money goes into an escrow/trust account in - answer-5 days. IF a new offer comes in, they have 5 days to get it out Broker needs to put $$ into an - answer-escrow account (within 5 days) Rebate of commission can be given to the - answer-buyer. Has to be in the agency agreement Who determines the value? - answer-The buyer Property disclosure - answer-should always be encouraged for liability purposes Licensee earns money through brokerage, get paid within__ - answer-10 days post closing Selling your own listing with your own buyer. - answer-you don't get paid by both parties. NO DUAL COMPENSATION FOR DUAL AGENCY. NJ License law - answer-Title 45 ch 15 (licensing law) Title 11 Ch 5 In NJ, no ads can contain "in the vicinity of" - answer-must name correct municipality (town) Broker must - answer-be present full time & have no other employment (has to work 40 hours full time) For trust accounts, brokers can - answer-have their own money in trust to keep account open Real Estate definition - answer-mineral rights, air rights, anything natural or man made improvements accretion - answer-Gradual draining of water to create land Trade fixtures are - answer-personal property Freehold Estate - answer-A person owns the land either for life or forever. Life Estate - answer-An interest in land that exists only for the duration of the life of some person, usually the holder of the estate. Fee Simple - answer-the owner of the property has full and irrevocable ownership of the land and any buildings on that land Involuntary Lien/general example - answer-owing money to IRS Easement Appurtenant - answer-can be granted in certain circumstances allowing those rights to run with the land. Lis Pendens - answer-A recorded legal document giving constructive notice that an action affecting a particular property has been filed in either a state or a federal court. Easment by Prescription - answer-Similar to adverse possession (e.g. extended use of by one neighbor of another neighbors driveway with the first neighbor openly claiming the right to such use or a shed built on your neighbors property) Deed conveys ownership to 7 people w/fractional interests - answer-tenancy in common Tenancy in Common - answer-Co-ownership of property in which each party owns an undivided interest that passes to his or her heirs at death. 4 unities that create joint tenancy - answer-Time, Tite, Interest & Possession Tenancy by the Entirety - answer-Corp. have perpetual existence and can hold ownership of real estate as.. The joint ownership, recognized in some states, of property acquired by husband and wife during marriage. Upon the death of one spouse, the survivor becomes the owner of the property. The owner in a co-op owns personal property in the form of - answer-shares of the corporation In New Jersey, farms pay property taxes based on - answer-farm assessment (at least 5 acres making money every year) The equalization rate is created by the - answer-state division of taxation to achieve unity. equalization rate - answer-the total assessed value for the municipality is greater than its total market value A buyer of a tax sale certificate can - answer-obtain clear title after 2 years (private party) or 6 months, depending on situation right of eminent domain - answer-The right of a government to take private property for a public purpose, usually with just compensation of the owner. Fair market value Zoning allows pool fence within 5 feet. Owner can - answer-apply for a variance CERCLA - answer-Comprehensive Environmental Response, Compensation, and Liability Act, makes land owner responsible Licensees hired as an independent contractor pays for - answer-their own expenses Meeting of the minds - answer-Agreement between the parties on all terms of the contract Licensee is paid __ days after check is cleared - answer-10 Fiduciary - answer-a person who holds assets in trust for a beneficiary Consumer Information Statement must be given to the customer - answer-prior to discussion on motivation or money