NJ REAL ESTATE PRACTICE EXAM QUESTIONS AND ANSWERS

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NJ REAL ESTATE PRACTICE EXAM
QUESTIONS AND ANSWERS

The type of deed that warrants only that the grantor has not
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impaired the title during the term in which he held it is referred to
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as.
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1. Quitclaim Deed |




2. General Warranty Deed | |




3. Bargain and Sale Deed | | |




4. Bargain and Sale Deed, CAG - correct answer- Bargain and
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Sale Deed, CAG
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Taxes raised to pay for improvements that benefit real estate are
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referred to as
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1. Special Assessments |




2. Facilities Taxes |




3. Ad Valorem Taxes | |




4. Luxury Rates - correct answer- Special Assessments
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After Borrowers have indicated an intent to proceed, the lender
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1. is prohibited from asking for any additional information
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2. approves their loan application | | |




3. can ask for additional fees to process the loan application.
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4. can provide a temporary approval letter - correct answer-
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In a blanket mortgage, the clause that allows the developer the
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right to sell an individual lot without having to pay off the entire
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principal amount is called a
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1. Partial Release Clause | |




2. Subordination Clause |




3. Defeasance Clause |




4. Prepayment Clause - correct answer- Partial Release Clause | | | | | | |




Which of these documents is typically recorded in the public
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records?
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1. Sales Contract |




2. Deed
3. Closing statement (CD) | |




4. Loan Estimate (LE) - correct answer- Deeds- Must be
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notarized
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Which law prohibits ALL racial discrimination in housing, with no
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exceptions?
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1. Jones v MayerAct | | |




2. Fair Housing Act of 1968 | | | |




3. Civil Rights Act of 1965 | | | |




4. Civil Rights Act of 1866 - correct answer- Civil Rights Act of
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1866
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In order to convert an oral agreement into a written listing, the
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broker must deliver a written memorandum of the agreement to
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the client within how many days?
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1. 5 days |




2. 10 days |




3. 30 days |




4. 1 day - correct answer- 5 Days
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In New Jersey, a conveyance to a married couple creates a
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1. Tenancy by the entirety | | |




2. Partnership
3. Tenancy in common | |




4. Joint Tenancy - correct answer- Tenancy by the entirety
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Aseller's broker must transmit to her principle
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1. All written offers | |




2. All reasonable written offers
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3. All reasonable offers| |




4. Copies of all advertisements on the property. - correct
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answer-
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Which of these protects suppliers and laborers?
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1. Encroachment
2. License
3. Mechanic's or construction lien | | |




4. Easement - correct answer- Mechanic's or construction lien | | | | | | |




Aman and a woman are not married but own property together.
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The man dies in an accident and the woman now owns the
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property in severalty. The man and woman held the title in
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1. Tenancy in Common | |




2. Tenancy by the entirety | | |




3. Joint Tenancy |