NJ Law Flashcards
*NJ Law
Requires the mortgagee to record the
____________________ document and may charge
the mortgagor.
Satisfaction/Discharge of mortgage
*NJ Law
A change of occupancy requires the building have
____________ on each level and ____________ of
each bedroom.
Smoke detectors
&
Within 10 feet
*NJ Law
The ____________________ regulates 22% of the
state’s land area known as the “Pine Barrens”.
NJ Pinelands Protection Act
*NJ Law
A conveyance to two or more people not married
creates a ______________________.
Tenancy in Common,
UNLESS,
otherwise stated in the deed.
*NJ Law
The Statute of Frauds requires that contracts for the
sale of real estate must be ______________
to be enforceable in court.
In writing and signed
*NJ Law
What law protects buyers from high interest rates
from third parties?
Usury limits
New JERSEY REAL ESTATE license law is known as
Title 45
New Jersey Real Estate Commission has how many members and who appoints them?
eight members and appointed by the governor
New Jersey regulations require licensees to present to all sellers, buyers, landlords and tenants on the sale or rental of all one-to-four family residential properties or vacant one-family lots?
Consumer Information Statement (CIS)
In New Jersey, all contracts and leases on residential real estate that are prepared by licensee must include a statement of which law?
Megan’s Law Statement
At the time a property is listed a homeowner must be given a copy of the
Attorney General memorandum on discrimination
When someone has used another person land for a certain period of time as defined by state law, an easement by Prescription may be claimed and take the land but must use minimum of how many years?
30 years
In New Jersey, the creation of condominiums is regulated by which state laws?
Horizontal Properties Act and Condominium Act
Landlord who desires to convert rental apartment into condominiums must obtain approval of planned conversion by the state for how long?
3 years and two months
The New Jersey Timeshare law apply to all timeshares sold in _______ and ________.
New Jersey and outside New Jersey but sold in state
In New Jersey, homeowners _____ and _____ ( who meet certain income and residency requirements) may take annual deductions of up to $250 from property taxes.
Least 65 or disabled
______ states contract for sale or lease must be signed in writing in order to be enforceable.
New Jersey Statute of Frauds
In New Jersey mortgages, a _______ ensures that when the debt is repaid, the mortgagee has no further claim.
Defeasance Clause
In New Jersey, sellers may charge no more than _____ on first mortgage; however charge as much as 30% when they are selling their primary residence.
16%
Under New Jersey Law an institutional lender my not impose _______ or _______ if a mortgage is payed off earlier than was originally planned.
Prepayment fee or plenty
New Jersey ________ and ______ offers below market-interest loans, with low or no down payment, to qualified buyers who purchase homes in Urban target areas.
New jersey Housing and Mortgage Finance Agency (NJHMFA)
In New Jersey, as soon as a second lot is sold off a large parcel, the development is classed as a
Subdivision
The New Jersey _______ regulates development in marshes and other wetlands under the Freshwater Wetland Protection Act.
Department Of Environmental
The Highlands Water Protection and Planning Act protects the ?
New Jersey drinking water
