Real Estate Review

150問 • 1年前

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問題一覧

Under what condition may someone who lives outside of NJ be licensed as a non resident broker?

must consent to being sued in NJ

What is the minimum amount of time a licensee has studied for a real estate brokers license?

150 hours

Who administers real estate licenses in NJ?

The NJ Real Estate Commission

Who is the authorized broker for a real estate company?

The broker of record

What is the maximum payment from the Guaranty Fund for any one offense?

$20,000

With whom may a broker agree to share a commission?

Any licensed broker

Where must a broker deposit clients’ or customers’ deposits?

a trust or escrow account

For which transaction is a licensed salesperson allowed to prepare a sales contract?

A one-family to four-family residence

How many Continuing Education hours, if any, are required for a salesperson to renew their license?

12 hours

What charge is levied against a broker who mixes personal money with funds in the trust account?

commingling of trust funds

What must be included in any sales contracts prepared by a licensee?

must contain the Notice to Buy and Seller

What is the last thing to be done when changes are made to a document after the initial signing?

Should be submitted to the parties’ attorneys

Who does the licensee represent when serving as a transaction broker?

No one

What is the broker-salesperson permitted to do?

work as a salesperson under the supervision of a broker of record

What is the opposite of losing land by erosion?

Accretion

What is another term for personalty?

Chattels

What is being determined by looking at the intent of the parties and method of attachment?

if the item is a fixture

How do trade fixtures differ from regular fixtures?

trade fixtures may be removed

The attorney assures her client that no one else has a claim to the real estate she is buying and that she has a complete bundle of rights in the property. What type of estate is the client buying?

A fee simple estate

A 👩 deeds her vacation cottage to her 🧓🏼, w/ provision that at death, she will automatically become owner again— during his lifetime what does the woman own?

a reversionary interest

What type of encumbrance is a mortgage?

A voluntary lien

Under what circumstances, if any, may a husband who owns the family home in his own name sell it without his wife’s signature?

if they live in a state other than New Jersey

Among the following, how is priority determined when a parcel of real estate has two mortgages on it?

Whichever mortgage is recorded first

What does the term conveying property mean?

Transferring ownership

How is ownership of real estate by one person referenced?

in severalty

What does the buyer of a condominium apartment receive?

An individual property tax bill

A NJ couple buys a home together soon after they are married, with nothing specific stated in the deed about their ownership. The husband, who paid for the house, is killed in a car crash. What does his widow now own?

the whole house in severalty

What coowners may NOT ask for the property to be divided?

Tenants by the entirety

A couple bought their oceanfront home in 1954 for $17K. This year, they decided to retire to Florida, and they sold the house for $325K. How will their profit be taxed?

There is no federal tax on this profit.

Who is offered partial exemptions from property taxes in Nj?

Eligible veterans

What is a purpose of a special assessment?

It is used for improvements like sidewalks in a certain area.

A home is worth $160K and the town assessments run at 60% of market value. If the tax rate is 37 mills, how much is the property tax bill?

$3,552

What lien is given priority on a given parcel of real estate?

the current year’s property taxes

What is redlining?

denying or restricting loans in certain neighborhoods

What is true about the Civil Rights Act of 1866?

It prohibits any type of discrimination based on race or color

What federal civil rights protection is offered to housing seekers?

based on country of origin

How can real property be changed to personal property?

Severance

What federal civil rights protection is offered to housing seekers?

based on country of origin

Even if a property owner is expempted from certain discrimination laws, which of these state taxes regarding a real estate licensee is correct?

a real estate licensee cannot participate in any discriminatory transaction

What is it called when real estate agents use scare tactics regarding possible change in the makeup of a neighborhood while soliciting for lisitings?

this is an example of blockbusting

A woman is advertising for a tenant for the other half of her home. Which of these ads would violate fair housing laws?

None of these

What is permitted under the Federal Fair Housing Act?

Refusing to show homes to a foreign-born home seeker because of a poor credit history

What protected class has been added by the New Jersey Law Against Discrimination to the protections listed in the federal fair housing laws?

Gender identity

What position are sellers to someone specifically retained as a buyer’s broker?

customers

Who is the broker’s principal?

whoever hires the agent

In NJ, what type of agent is the broker who offers services without owing fiduciary duties to either buyer or seller?

A transaction broker

What potential latent defect is a seller’s broker legally required to disclose to a potential buyer?

An unused buried oil tank in the backyard

What information is a listing broker legally required to advise a seller about?

whether or not the commission will be shared with another broker who produces the buyer

Which of these comments would be considered a breach of fidicduary duties to the seller?

“try bidding low”

What is the agent’s duty when the buyers confide to a listing agent, “we’ll offer $250,000, but if they don’t take that, we’re prepared to go higher”?

Remind the buyers that a seller’s agent owes them no duty of confidentiality

What law is violated when a listing agent tells sellers “commission rates are standard in this community”

Sherman Antitrust Act

What is the possible environmental issue that the Environmental Protection Agency wants buyers of homes built before 1978 to be aware of?

lead paint

Which environmental problem is relatively easy to solve?

Radon

What is the court process by which the state enforces its right to acquire private land for public use?

condemnation

What issue is addressed in New Jersey’s Mount Laurel decisions?

exclusionary zoning

Who issues a certificate of occupancy?

a building inspector

Who places deed restrictions on a property?

the seller

A subdivision has deed restrictions stating that homes can be built only on 5-acre lots, although the town itself requires only 1/3 acre lots. A man buys 1 acres in the subdivision. Can he obtain a building permit from the town?

Yes, but the neighbors can ask a court to enforce the restriction and order his house torn down.

What are the possible consequences if a seller cancels a listing?

The seller may be held liable for money the agent spent advertising the listing.

Who are the parties to a listing agreement?

Homeseller and the firm’s broker of record

What type of listing agreement allows the seller to pay a commission only to whichever broker produces an acceptable buyer?

an exclusive-agency listing agreement

What type of listing allows the owner to retain the right to sell without paying a commission to the one agent hired?

Exclusive-agency listing

The seller agreed with her agent that, so long as the seller receives $300K when her house is sold, the agent can keep anything more that he can get. What type of listing is this?

An illegal net listing

Of what value is a comparative market analysis?

Assists the seller in setting the listing price

What type of listing requires that the seller pay a commission to the listing agent no matter who sells the property?

An exclusive right-to-sell listing

What does the term liquidated damages refer to?

Money that can be retained by the seller if the buyer defaults for no good reason

What kind of listing is MOST likely to motivate a real estate broker to invest time and effort?

an exclusive right-to-sell listing

Who needs to know the amount of the commission split that the listing broker offers a cooperating broker who finds the successful buyer?

the seller, when signing the listing agreement

What should the comparative market analysis take into consideration when assisting the seller in setting a good asking price?

Recent sales prices of nearby homes

If a sales contract is prepared by a salesperson or broker, the buyer and the seller each have how many days in which to obtain review by their own attorneys?

3 business days

What is similar to a binder and deposit receipt?

a sales contract

What is it called when a sales contract becomes legally enforceable only after the buyer receives a satisfactory report from a home inspector?

a contingency

When is an offer legally considered accepted?

the other party has been notified of the acceptance

A man took out a mortgage loan to buy his first home. The day after the closing, the man discovers that he can obtain a loan with a more favorable rate at another lending institution. How long does he have to cancel the first loan?

He may not rescind the mortgage loan.

What term is applied to the promise that each party gives to another in a contract?

Consideration

What does it mean when the word executed is applied to a contract?

The contract is signed

A man signs a contract to sell his house to a woman. Before closing, the man changes his mind and refuses to sell. He offers the woman a few thousand dollars to void the contract, but she really wants that particular house. What rights does she have?

She can sue for specific performance.

What is another term for a land contract?

A contract for deed

For which of the following purchases can real estate licenses fill out the sales contracts?

Any duplex

According to the statute of frauds, which of the following NJ contracts must be in writing in order to be legally enforceable?

Leases for more than 3 years

When a couple divorces, the husband signs a deed turning over his share of the house to his former wife. A few years later, she is unable to make the mortgage payments. From whom may the bank try to collect the unpaid debt?

Both the ex-wife and the husband.

When must a security deposit, minus itemized deductions for damage, be returned to the department tenant?

No more than 30 days after the end of the lease

What happens to the tenant’s security deposit when the rental property is sold?

Must be turned over to the new landlord

For what type of rental property does a lease not become binding until the tenant has received a lead paint disclosure statement?

A single-family home built before 1978

In most cases, the store that rents space in a shopping mall is on what type of lease?

Percentage

Why do residential landlords insist on being aware fo and giving permission for any tenant improvements?

The landlord wants to avoid a mechanics lien

What document serves as a personal promise to repay the debt of a mortgage, with the owner pledging the property as security for the loan?

A subordination agreeement

Under what circumstance is the buyer who takes over a mortgage already on the property NOT personally responsible for the debt?

When the buyer takes title subject to the loan

When a foreclosed property is sold, what guarantee is made to the buyer?

The property is free of any liens junior to the one being foreclosed.

Who is the mortgage lender?

the mortagagee

When would the 3-day Attorney Review period NOT apply?

The contract has been prepared by an attorney

A couple wants to pay off he mortgage loan earlier than scheduled. What are the prepayment penalties in NJ?

There are no penalty charges

What term refers to illegal charging of unreasonably high interest rates?

Usury

The seller has agreed to pay two points to the bank in return for the buyer securing a mortgage loan on a house selling for $225K with a 10% down payment. How much will this cost the seller?

$4,050

Are any points paid to secure a mortgage loan deductible from income taxes?

Only to the buyer

Who offers below-market interest rates to qualified borrowers?

NJHMFA (NJ Housing and Mortgage Finance Agency)

What kind of mortgage debt grows gradually larger instead of being paid down?

Negtive amortization

What type of mortgage loans offer artificially low “teaser” rates?

Adjustable-rate mortgages

What is the primary function of mortgage brokers?

they refer to borrowers to mortgage lenders

100

To what can a home equity loan be compared?

A second mortage

RESPA

RESPA

Lesson 4

Lesson 4

Lesson 2

Lesson 2

Real Estate

ユーザ名非公開 · 139問 · 11ヶ月前

Real Estate

NATIONAL STUDY

NATIONAL STUDY

NATIONAL

NATIONAL

NATIONAL

NATIONAL

national😔

national😔

CE 161 LE 2

John Rotrix Tumaneng · 84問 · 1年前

CE 161 LE 2

national

national

NATIONAL PRACTICE EXAM 3

ユーザ名非公開 · 24問 · 1年前

NATIONAL PRACTICE EXAM 3

NATIONAL PRACTICE 2

NATIONAL PRACTICE 2

☺️

☺️

👨‍❤️‍💋‍👨

👨‍❤️‍💋‍👨

man oh man 👨

man oh man 👨

it’s corn

it’s corn

anotha one

anotha one

here we go again😜

here we go again😜

問題一覧

Under what condition may someone who lives outside of NJ be licensed as a non resident broker?

must consent to being sued in NJ

What is the minimum amount of time a licensee has studied for a real estate brokers license?

150 hours

Who administers real estate licenses in NJ?

The NJ Real Estate Commission

Who is the authorized broker for a real estate company?

The broker of record

What is the maximum payment from the Guaranty Fund for any one offense?

$20,000

With whom may a broker agree to share a commission?

Any licensed broker

Where must a broker deposit clients’ or customers’ deposits?

a trust or escrow account

For which transaction is a licensed salesperson allowed to prepare a sales contract?

A one-family to four-family residence

How many Continuing Education hours, if any, are required for a salesperson to renew their license?

12 hours

What charge is levied against a broker who mixes personal money with funds in the trust account?

commingling of trust funds

What must be included in any sales contracts prepared by a licensee?

must contain the Notice to Buy and Seller

What is the last thing to be done when changes are made to a document after the initial signing?

Should be submitted to the parties’ attorneys

Who does the licensee represent when serving as a transaction broker?

No one

What is the broker-salesperson permitted to do?

work as a salesperson under the supervision of a broker of record

What is the opposite of losing land by erosion?

Accretion

What is another term for personalty?

Chattels

What is being determined by looking at the intent of the parties and method of attachment?

if the item is a fixture

How do trade fixtures differ from regular fixtures?

trade fixtures may be removed

The attorney assures her client that no one else has a claim to the real estate she is buying and that she has a complete bundle of rights in the property. What type of estate is the client buying?

A fee simple estate

A 👩 deeds her vacation cottage to her 🧓🏼, w/ provision that at death, she will automatically become owner again— during his lifetime what does the woman own?

a reversionary interest

What type of encumbrance is a mortgage?

A voluntary lien

Under what circumstances, if any, may a husband who owns the family home in his own name sell it without his wife’s signature?

if they live in a state other than New Jersey

Among the following, how is priority determined when a parcel of real estate has two mortgages on it?

Whichever mortgage is recorded first

What does the term conveying property mean?

Transferring ownership

How is ownership of real estate by one person referenced?

in severalty

What does the buyer of a condominium apartment receive?

An individual property tax bill

the whole house in severalty

What coowners may NOT ask for the property to be divided?

Tenants by the entirety

A couple bought their oceanfront home in 1954 for $17K. This year, they decided to retire to Florida, and they sold the house for $325K. How will their profit be taxed?

There is no federal tax on this profit.

Who is offered partial exemptions from property taxes in Nj?

Eligible veterans

What is a purpose of a special assessment?

It is used for improvements like sidewalks in a certain area.

A home is worth $160K and the town assessments run at 60% of market value. If the tax rate is 37 mills, how much is the property tax bill?

$3,552

What lien is given priority on a given parcel of real estate?

the current year’s property taxes

What is redlining?

denying or restricting loans in certain neighborhoods

What is true about the Civil Rights Act of 1866?

It prohibits any type of discrimination based on race or color

What federal civil rights protection is offered to housing seekers?

based on country of origin

How can real property be changed to personal property?

Severance

What federal civil rights protection is offered to housing seekers?

based on country of origin

Even if a property owner is expempted from certain discrimination laws, which of these state taxes regarding a real estate licensee is correct?

a real estate licensee cannot participate in any discriminatory transaction

What is it called when real estate agents use scare tactics regarding possible change in the makeup of a neighborhood while soliciting for lisitings?

this is an example of blockbusting

A woman is advertising for a tenant for the other half of her home. Which of these ads would violate fair housing laws?

None of these

What is permitted under the Federal Fair Housing Act?

Refusing to show homes to a foreign-born home seeker because of a poor credit history

What protected class has been added by the New Jersey Law Against Discrimination to the protections listed in the federal fair housing laws?

Gender identity

What position are sellers to someone specifically retained as a buyer’s broker?

customers

Who is the broker’s principal?

whoever hires the agent

In NJ, what type of agent is the broker who offers services without owing fiduciary duties to either buyer or seller?

A transaction broker

What potential latent defect is a seller’s broker legally required to disclose to a potential buyer?

An unused buried oil tank in the backyard

What information is a listing broker legally required to advise a seller about?

whether or not the commission will be shared with another broker who produces the buyer

Which of these comments would be considered a breach of fidicduary duties to the seller?

“try bidding low”

What is the agent’s duty when the buyers confide to a listing agent, “we’ll offer $250,000, but if they don’t take that, we’re prepared to go higher”?

Remind the buyers that a seller’s agent owes them no duty of confidentiality

What law is violated when a listing agent tells sellers “commission rates are standard in this community”

Sherman Antitrust Act

What is the possible environmental issue that the Environmental Protection Agency wants buyers of homes built before 1978 to be aware of?

lead paint

Which environmental problem is relatively easy to solve?

Radon

What is the court process by which the state enforces its right to acquire private land for public use?

condemnation

What issue is addressed in New Jersey’s Mount Laurel decisions?

exclusionary zoning

Who issues a certificate of occupancy?

a building inspector

Who places deed restrictions on a property?

the seller

Yes, but the neighbors can ask a court to enforce the restriction and order his house torn down.

What are the possible consequences if a seller cancels a listing?

The seller may be held liable for money the agent spent advertising the listing.

Who are the parties to a listing agreement?

Homeseller and the firm’s broker of record

What type of listing agreement allows the seller to pay a commission only to whichever broker produces an acceptable buyer?

an exclusive-agency listing agreement

What type of listing allows the owner to retain the right to sell without paying a commission to the one agent hired?

Exclusive-agency listing

The seller agreed with her agent that, so long as the seller receives $300K when her house is sold, the agent can keep anything more that he can get. What type of listing is this?

An illegal net listing

Of what value is a comparative market analysis?

Assists the seller in setting the listing price

What type of listing requires that the seller pay a commission to the listing agent no matter who sells the property?

An exclusive right-to-sell listing

What does the term liquidated damages refer to?

Money that can be retained by the seller if the buyer defaults for no good reason

What kind of listing is MOST likely to motivate a real estate broker to invest time and effort?

an exclusive right-to-sell listing

Who needs to know the amount of the commission split that the listing broker offers a cooperating broker who finds the successful buyer?

the seller, when signing the listing agreement

What should the comparative market analysis take into consideration when assisting the seller in setting a good asking price?

Recent sales prices of nearby homes

If a sales contract is prepared by a salesperson or broker, the buyer and the seller each have how many days in which to obtain review by their own attorneys?

3 business days

What is similar to a binder and deposit receipt?

a sales contract

What is it called when a sales contract becomes legally enforceable only after the buyer receives a satisfactory report from a home inspector?

a contingency

When is an offer legally considered accepted?

the other party has been notified of the acceptance

He may not rescind the mortgage loan.

What term is applied to the promise that each party gives to another in a contract?

Consideration

What does it mean when the word executed is applied to a contract?

The contract is signed

She can sue for specific performance.

What is another term for a land contract?

A contract for deed

For which of the following purchases can real estate licenses fill out the sales contracts?

Any duplex

According to the statute of frauds, which of the following NJ contracts must be in writing in order to be legally enforceable?

Leases for more than 3 years

Both the ex-wife and the husband.

When must a security deposit, minus itemized deductions for damage, be returned to the department tenant?

No more than 30 days after the end of the lease

What happens to the tenant’s security deposit when the rental property is sold?

Must be turned over to the new landlord

For what type of rental property does a lease not become binding until the tenant has received a lead paint disclosure statement?

A single-family home built before 1978

In most cases, the store that rents space in a shopping mall is on what type of lease?

Percentage

Why do residential landlords insist on being aware fo and giving permission for any tenant improvements?

The landlord wants to avoid a mechanics lien

What document serves as a personal promise to repay the debt of a mortgage, with the owner pledging the property as security for the loan?

A subordination agreeement

Under what circumstance is the buyer who takes over a mortgage already on the property NOT personally responsible for the debt?

When the buyer takes title subject to the loan

When a foreclosed property is sold, what guarantee is made to the buyer?

The property is free of any liens junior to the one being foreclosed.

Who is the mortgage lender?

the mortagagee

When would the 3-day Attorney Review period NOT apply?

The contract has been prepared by an attorney

A couple wants to pay off he mortgage loan earlier than scheduled. What are the prepayment penalties in NJ?

There are no penalty charges

What term refers to illegal charging of unreasonably high interest rates?

Usury

The seller has agreed to pay two points to the bank in return for the buyer securing a mortgage loan on a house selling for $225K with a 10% down payment. How much will this cost the seller?

$4,050

Are any points paid to secure a mortgage loan deductible from income taxes?

Only to the buyer

Who offers below-market interest rates to qualified borrowers?

NJHMFA (NJ Housing and Mortgage Finance Agency)

What kind of mortgage debt grows gradually larger instead of being paid down?

Negtive amortization

What type of mortgage loans offer artificially low “teaser” rates?

Adjustable-rate mortgages

What is the primary function of mortgage brokers?

they refer to borrowers to mortgage lenders

100

To what can a home equity loan be compared?

A second mortage