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Real Estate Course > Chapter 27 > Flashcards

Chapter 27 Flashcards

1
Q

Consumer
Information
Statement

A

A document provided to
consumers by real estate
agents that outlines their rights
and obligations in a
transaction

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2
Q

material fact

A

Important information about a
property that could influence a
buyer’s decision-making
process.

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3
Q

rental referral
agency

A

A company that assists
individuals in finding rental
properties by providing
information and referrals to
available rentals.

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4
Q

New Jersey
Consumer
Fraud Act

A

Legislation in New Jersey that
protects consumers from
fraudulent or deceptive
practices in consumer
transactions.

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5
Q

prohibited
activities

A

Actions that are not allowed or
are restricted by law or
regulations.

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6
Q

dual agency

A

Representation of both the
buyer and the seller by the
same real estate agent or
brokerage firm in a transaction

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7
Q

offsite
conditions

A

Environmental or physical
conditions outside the property
boundaries that may affect the
property’s value or use.

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8
Q

NJ Real Estate
Full
Disclosure
Act

A

Legislation in New Jersey that
requires sellers to disclose
certain information about the
condition of the property.

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9
Q

broker
cooperation

A

Collaboration and sharing of
information between real
estate brokers or agents
representing buyers and
sellers.

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10
Q

Megan’s Law

A

Legislation requiring law
enforcement authorities to
make information about
registered sex offenders
available to the public.

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11
Q

Which of the following is NOT a violation of license law?

Promoting the sale of real estate through a lottery

Paying a rebate to a residential property buyer

Not disclosing the licensee’s own interest in the property for sale

Commingling funds that belong to others with the broker’s own funds

A

Paying a rebate to a residential property buyer

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12
Q

A rental referral agency is required to check the availability of properties. Which of the following updating requirements is correct?

A

An advertised property every day

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13
Q

Which of the following statements is FALSE?

Megan’s Law requires community notification regarding sex offenders in the area

State level Megan’s Laws require sex offender registration and community notification

Megan’s Law requires an offender’s passport to have an identifier

Megan’s Law requires real estate licensees to provide sex offender information to homebuyers

A

Megan’s Law requires real estate licensees to provide sex offender information to homebuyers

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14
Q

When performing a comparative market analysis, the agent should look at

properties similar in style and size

properties in the same geographical area

properties that have been listed but did not sell

all of the above

A

all of the above

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15
Q

What is the rescission time for a buyer of out-of-state property?

A

7 calendar days

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16
Q

Under New Jersey law, when is compensation due to a licensee?

A

Within 10 business days of the broker receiving the associated funds

17
Q

The Truth-in-Lending Act and _____________ require consumer credit institutions to disclose actual credit terms and rates to borrowers in writing

A

Regulation Z

18
Q

The penalty for being found guilty of consumer fraud is __________ for the first offense

A

$10,000

19
Q

Salesperson Tonya received a check from her client for earnest money on a property the client wanted to purchase. Tonya gave the client a receipt for the funds and turned the check over to her broker, Terry, for deposit. Broker Terry immediately deposited the check in his business account. What illegal act has occurred?

A

Terry commingled funds

20
Q

Is representing more than one party in the same transaction a license law violation?

A

Yes, if undisclosed

21
Q

When an agency agreement is established through the actions of the involved parties, this means of creation is called

A

implied authority

22
Q

Which of the following is NOT an example of price-fixing?

Two brokers discussing what commission rate each charges

Two brokers agreeing to pay a set referral rate

Two brokers setting the same commission percentage to charge all clients

A broker telling a client the commission rate being charged is the standard rate

A

Two brokers discussing what commission rate each charges

23
Q

When may licensees inform buyers that a list of sex offenders living in the area is available at the county prosecutor’s office?

A

After the sale is final

24
Q

What is the very first disclosure licensees are required to provide customers?

A

Customer Information Statement

25
Q

Making an untrue statement of fact, without knowing the truth, is considered

A

unintentional misrepresentation

Real Estate Course (31 decks)

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