NJ Law

Question 1

*NJ Law
Requires the mortgagee to record the
____________________ document and may charge
the mortgagor.

Answer 1

Satisfaction/Discharge of mortgage

Question 2

*NJ Law
A change of occupancy requires the building have
____________ on each level and ____________ of
each bedroom.

Answer 2

Smoke detectors
&
Within 10 feet

Question 3

*NJ Law
The ____________________ regulates 22% of the
state’s land area known as the “Pine Barrens”.

Answer 3

NJ Pinelands Protection Act

Question 4

*NJ Law
A conveyance to two or more people not married
creates a ______________________.

Answer 4

Tenancy in Common,
UNLESS,
otherwise stated in the deed.

Question 5

*NJ Law
The Statute of Frauds requires that contracts for the
sale of real estate must be ______________
to be enforceable in court.

Answer 5

In writing and signed

Question 6

*NJ Law
What law protects buyers from high interest rates
from third parties?

Answer 6

Usury limits

Question 7

New JERSEY REAL ESTATE license law is known as

Answer 7

Title 45

Question 8

New Jersey Real Estate Commission has how many members and who appoints them?

Answer 8

eight members and appointed by the governor

Question 9

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?

Answer 9

Consumer Information Statement (CIS)

Question 10

In New Jersey, all contracts and leases on residential real estate that are prepared by licensee must include a statement of which law?

Answer 10

Megan’s Law Statement

Question 11

At the time a property is listed a homeowner must be given a copy of the

Answer 11

Attorney General memorandum on discrimination

Question 12

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?

Answer 12

30 years

Question 13

In New Jersey, the creation of condominiums is regulated by which state laws?

Answer 13

Horizontal Properties Act and Condominium Act

Question 14

Landlord who desires to convert rental apartment into condominiums must obtain approval of planned conversion by the state for how long?

Answer 14

3 years and two months

Question 15

The New Jersey Timeshare law apply to all timeshares sold in _______ and ________.

Answer 15

New Jersey and outside New Jersey but sold in state

Question 16

In New Jersey, homeowners _____ and _____ ( who meet certain income and residency requirements) may take annual deductions of up to $250 from property taxes.

Answer 16

Least 65 or disabled

Question 17

______ states contract for sale or lease must be signed in writing in order to be enforceable.

Answer 17

New Jersey Statute of Frauds

Question 18

In New Jersey mortgages, a _______ ensures that when the debt is repaid, the mortgagee has no further claim.

Answer 18

Defeasance Clause

Question 19

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.

Answer 19

16%

Question 20

Under New Jersey Law an institutional lender my not impose _______ or _______ if a mortgage is payed off earlier than was originally planned.

Answer 20

Prepayment fee or plenty

Question 21

New Jersey ________ and ______ offers below market-interest loans, with low or no down payment, to qualified buyers who purchase homes in Urban target areas.

Answer 21

New jersey Housing and Mortgage Finance Agency (NJHMFA)

Question 22

In New Jersey, as soon as a second lot is sold off a large parcel, the development is classed as a

Answer 22

Subdivision

Question 23

The New Jersey _______ regulates development in marshes and other wetlands under the Freshwater Wetland Protection Act.

Answer 23

Department Of Environmental

Question 24

The Highlands Water Protection and Planning Act protects the ?

Answer 24

New Jersey drinking water

Question 25

In New Jersey it is the duty of the _____ to investigate the title of the property to be conveyed.

Answer 25

Purchaser