Who appoints the 8 members of the New Jersey Real Estate Commission? - ✔✔ Governor
Who makes the payments to a claimant from the Guaranty Fund? -
... [Show More] ✔✔ The state treasurer
Agent Louis Lee is working with several people from his home town in Hong Kong. They sought him out because he speaks their native language. The Chans are anxious to purchase a house before the school year starts. Agent Lee listens to their needs and tells them, "I know exactly where you will be comfortable". Has agent Lee committed any violation? - ✔✔ For Steering
Beth decides she wants to change brokers. How long does her broker have to return her license? - ✔✔ 5 days after her request
Agent Mike Brown is representing both buyer and seller in the same transaction. Since the contract was signed by all parties, did Mike have any other obligation? - ✔✔ Obtain written consent of principals
At time of license renewal, what is the renewal charge for a salespersons license? - ✔✔ 100
Marie is a buyer agent. She shows many listings each week. Marie has a very good working relationship with both buyers and sellers. Who does Marie owe a fiduciary relationship to? - ✔✔ The buyer
John a licensee is a dual agent in this transaction. Both parties have agreed to compensate him for a job well done. John is very happy about the dual payment. He feels he deserves it as a top notch producer. What statement is true regarding this transaction? - ✔✔ John violated the NJ License Act
Julie is the new owner of a house and decides to remove the carpet. After doing so, she discovers there is significant pet damage to the hardwood floor beneath the carpet. Julie cuts most of the center of the floor out and replaces it with subfloor. Julie then places a Persian rug over the subfloor. When the Julie sells, can she remove the Persian rug? - ✔✔ No, anything that covers subflooring becomes real property
Property accumulated by husband and wife by the efforts of either, which is equally divisible at time of divorce or dissolution, is called - ✔✔ community property
Bob and Jerry take title together. Both Bob and Jerry own one-half of the same property. What form of co-ownership does the law presume? - ✔✔ tenancy in common
What is an involuntary specific lien? - ✔✔ mechanic's lien
Encumbrances on real estate - ✔✔ may include easements, liens, and deed restrictions
Which would NOT result from the exercise of police power? - ✔✔ developer's restrictive covenants
Which gives a government the right to take private property for public use provided the owner is given just compensation? - ✔✔ eminent domain
A landowner needs water. His land has no access to a water source. However, the landowner is granted the right to use water from a nearby river, to irrigate his land. What right grants this permission? - ✔✔ appropriative rights
What is the best example of functional obsolescence? - ✔✔ walking through on bedroom to reach another
While determining the net operating income of an investment property, an appraiser will not take into account - ✔✔ interest expense
What is an appraisal? - ✔✔ an opinion of value for the day of the appraisal only
Reproducing a structure best describes building - ✔✔ an exact replica of the structure
According to USPAP, what is the definition of market value? - ✔✔ the most probable price a property will bring
What is NOT part of the secondary market? - ✔✔ Federal Universal Mortgage Association
What document uses legal title to real property to secure debt? - ✔✔ mortgage
A note that calls for periodic payments of principal only, with a balloon payment at the end of the loan term, is called a(n) - ✔✔ installment note
The money to fund FHA loans is provided by - ✔✔ lending institutions
A court order instructing an official (e.g., a sheriff) to sell property in order to pay a judgment is called - ✔✔ writ of execution
Refusing to make loans based on the racial composition of a neighborhood is called - ✔✔ redlining
Who is NOT an agent or subagent? - ✔✔ a non-licensed personal assistant of an agent
What type of relationship best describes how a real estate broker represents her principal in the sale of the principal's single-family home? - ✔✔ special or specific agency
Which is NOT a fiduciary duty? - ✔✔ achievement
A broker lists a home. Which CANNOT terminate this agreement? - ✔✔ death of a salesperson
A dual agent CANNOT - ✔✔ all of the answers listed
What was the primary reason asbestos was used prior to our knowledge of the health risks? - ✔✔ : fire resistance
The listing agent is informed by the seller that the basement gets wet when it rains. The agent says nothing to the buyer. Who is liable for the failure to disclose the latent defect? - ✔✔ seller
The offeror is the person who - ✔✔ makes the offer
An option, prior to being exercised, is an example of a(n) - ✔✔ unilateral contract
A contract in which each party to the agreement has an obligation under that agreement is a(n) - ✔✔ bilateral contract
When a buyer agrees to purchase a new home on the condition that the salesperson sells his current home, the salesperson should - ✔✔ include a "subject to sale" clause in the agreement of sale for the new property
An implied contract is a(n) - ✔✔ agreement not put into words, either written or verbal
Archie and Bert mutually agree to terminate a contract. The buyer, Bert, asks for the earnest money back and the seller, Archie, consents. This is an example of - ✔✔ rescission
Which refers to the interest in real property created by the execution of a valid sales contract? - ✔✔ equitable title
Ann pays homeowner's insurance in advance for one year in the amount of $100. Ann sells her property to Bill and closes the sale on June 30th. Assuming that Ann paid the homeowner's insurance on January 1st of that year, how would the insurance be prorated between the buyer and seller? - ✔✔ $50 debit to buyer, $50 credit to seller
A brief summary of a property's history, listing all recorded documents that may affect the title, is a(n) - ✔✔ abstract of title
Which law is being violated when agents from different firms discuss and agree upon commission rates? - ✔✔ Sherman Antitrust Act [Show Less]