A home is being purchased for $275,000. The buyer agrees to an 80% loan with the seller paying $5,000 of the buyer's closing costs. What amount will the
... [Show More] ... - ✔✔ $55,000
A national company desires a parcel of land which must be four times the size of its proposed building. If the building design includes 20,000 square feet .... - ✔✔ B) 2 acres
A salesperson is convicted of a crime which involved activities as a real estate licensee. The Commission obtains a certified copy of the .... According to the New Jersey Real Estate license law, the commission MUST: - ✔✔ C) Determine, at its own discretion, what disciplinary action to take against the salesperson
The IRS allows a married couple who sell their long-time home to take a tax-free capital gain of up to - ✔✔ C) 500,000
Which of the following is a permitted free offering? - ✔✔ C) A free dinner for attendees at a homebuyers' evening seminar
What is the greatest ADVANTAGE of using FHA financing when purchasing a home that the buyer plans to occupy? - ✔✔ The required down payment may be lower than conventional loans
A number of manufacturing plants in Hometown City recently closed. Based on the principle of supply and demand, what will happen to the market value and market price in the area? - ✔✔ The market value and the market price will both decline in this situation
Which of the following statements regarding the American with Disabilities Act (ADA) is true? - ✔✔ A landlord must make reasonable accommodations for those with disabilities
A buyer wants to purchase a home for $160,000 with a 15% down payment. The lender charges 2 points. How much money does the buyer... - ✔✔ 26,720
The purchase and sales agreement provides for release of earnest money to the seller after the buyers property inspection. The seller requests the earnest money prior to inspection. The broker should - ✔✔ Refuse to release the earnest money
Which of the following differentiates a bilateral contract from a unilateral contract? - ✔✔ Performance obligations of the parties
A deposit check from a buyer paid upon the submission of an offer may be held without being deposited into the brokers escrow account: - ✔✔ For no more than five business days after receipt of the money
A salesperson has the opportunity to list a 6-plex that is 100 percent rented. The salesperson does NOT need to account for any expenses. The numerical tool he should use at which the building will sell is known as - ✔✔ Gross rent multiplier (GRM)
A CORRECT statement about transaction brokers is that they: - ✔✔ Represent neither the buyer nor the seller
What should buyers insert into their purchase offer to make sure they would NOT have to go through the purchase if they CANNOT obtain the necessary financing? - ✔✔ Contingency
Which of the following entries satisfies the requirement that an advertisement show that the broker is in the real estate brokerage business? - ✔✔ J. Jones, Real Estate Agency
A city has a transfer fee of $1.00 for each $1,000 of the sales price and the state charges $1.50 per $500 of the sales price for real estate transactions. If the buyer pays ... what would the sellers transfer tax be on the sale of a $400,000 home?a) $2,000 b)$4,000 C)$6,000 d)$8,000 - ✔✔
Which of the following is among the typical responsibilities of a residential property manager? - ✔✔ Selecting tenants to provide a diverse environment
What does the mortgage lender MOST often rely on when deciding how much is safe to lend on a parcel of real estate? - ✔✔ Appraisal report
The clause designed to ensure that a broker will receive a commission if negotiations with a ready, willing, and able buyer are completed after the listing has expired is called - ✔✔ An extension or "tail" clause
According to the New Jersey Law Against Discrimination, which of the following classes is NOT protected? - ✔✔ Convicted felons
Under what condition may a salesperson accept a bonus offered by a seller for services rendered? - ✔✔ The seller pays the bonus to the broker, who passes it on to the salesperson
Minors are held liable for real estate contract obligations if they - ✔✔ Have their guardian co-sign
Which of the following statements about branch offices is INCORRECT? - ✔✔ Two salespersons may be designated to share supervising responsibilities
A salesperson's client is the lessee. Who does the salesperson represent? - ✔✔ Tenant
Whenever a salesperson receives cash to be held in trust, the salesperson MUST: - ✔✔ Give a written receipt signed by the salesperson to the prospective purchaser and immediately deliver the funds to the salespersons broker
For the borrower, the major ADVANTAGE of Private Mortgage Insurance (PMI) for a home mortgage loan is that - ✔✔ A smaller down payment is required
A complaint must be filed with HUD within what period of time after a fair housing violation has occurred? - ✔✔ 1 year
A seller is interested in providing financing to the buyer of her home, but she wants to retain title until the loan balance is paid off. Which of the following would be the BEST loan option? - ✔✔ Contract for deed
A licensee must provide a Consumer Information Statement in all of the following transactions EXCEPT the: - ✔✔ Sublease of a studio apartment for two months
Which of the following are MOST likely to be addressed by building codes? - ✔✔ Construction standards
A major difference between freehold and nonfreehold estates is that all nonfreehold estate - ✔✔ Are estates for a fixed term
Limiting the neighborhoods in which a licensee shows houses because of a buyer's race is - ✔✔ Steering
When a land owner uses his land as a security for a loan, the encumbrance created is called - ✔✔ A mortgage or deed of trust lien
A lender requested that the entire loan balance be paid immediately because the property on which the loan was made had been sold. What clause in the mortgage loan allows this? - ✔✔ Alienation clause
Which of the following statements is the BEST example of puffing? - ✔✔ This is the best buy you'll find all year
Latino families were beginning to move into a neighborhood that had previously been all white. A local broker out flyers to homeowners that said, "sell now before it's too late! We have beautiful new homes with attractive financing and good schools." these flyers would likely be viewed by the courts as - ✔✔ Blockbusting
In New Jersey, the Private Well Testing Act (PWTA) requires: - ✔✔ The buyer and seller to certify receipts of test results before title transfer
Which of the following types of deeds provides the purchaser of real estate the GREATEST protection? - ✔✔ General warranty deed
The broker has noticed that a great number of people who are buying in the neighborhood where his listing is located speak Russian. He also noted that an attractive feature of the neighborhood seems to be the large Russian grocery store. He decides to stop advertising the property in the city newspaper and instead advertise the property on two different Russian internet sites this is - ✔✔ Acceptable if the advertisement includes no preferential language [Show Less]