NJ Real Estate 4

Question 1

Consumer Information Statement is used for

what purpose?

Answer 1

States your relationship with client

Question 2

Land contract is another means of?

Answer 2

Sellers Financing

Question 3

IN A SELLER’S FINANCE AGREEMENT, THE SELLER AND BUYER

ARE REFERRED AS THE

Answer 3

VENDOR & VENDEE

Question 4

NAME THE TYPE OF MORTGAGE USED IN SELLER’S FINANCING

Answer 4

PURCHASE MONEY MORTGAGE

Question 5

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

Answer 5

Usury limits

Question 6

WHY IS IT ESSENTIAL FOR A THIRD PARTY TO KNOW THE USURY LIMITS THAT APPLY?

Answer 6

IF THE INTEREST EXCEEDS USURY LIMITS, THE CONTRACT WOULD BE VOID. BORROWER WOULD NOT HAVE TO PAY IT AT ALL.

Question 7

The main type of mortgage loan that shifts

interest from lender to borrower?

Answer 7

ARM

Adjustable Rate Mortgage

Question 8

Qualifying ratios are used by lenders to

determine a borrower’s……?

Answer 8

Maximum monthly payment

Question 9

WHAT ARE THE VOCABULARY TERMS THAT APPLY TO AN ARM?

Answer 9

INDEX, CAP, MARGIN, CEILING

Question 10

NJ housing and mortgage financing agency
offer favorable mortgage loan terms if you
purchase homes in

Answer 10

Urban Target Areas

Question 11

What does PITI stand for?

Answer 11

Principal, Interest, Taxes and Insurance

Question 12

The location of a particular property and

particular location is called?

Answer 12

SITUS

Question 13

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

Answer 13

In writing and signed

Question 14

Also know as Panic Peddling, means inducing homeowners to sell by making representations regarding the entry or prospective entry of minority person moving into neighborhood.
Buying or selling them cheaply and reselling at higher cost.

Answer 14

Blockbusting

Question 15

____ Is the channeling of home seekers either to or away from a area on the basis of race, religion, country of origin, or other protected class

Answer 15

Steering

Question 16

Refusing to make mortgage-loans or issue insurance policies in a specific geographic areas without regard to the economic qualifications of the applicant is known as ______.

Answer 16

Redlining

Question 17

If a stream is identified as not navigable on federal survey map, its bed is owned by owner or owners of adjoining land.

Answer 17

Riparian Rights

Question 18

_______ are estate of indeterminable length: a person may own the estate for a lifetime or forever and is recognized in New Jersey.

Answer 18

Freehold estate

Question 19

If husband dies wife is the _____ and if wife dies husband is the _____ of the estate.

Answer 19

Dower, Curtesy

Question 20

Is a claim, lien, charge or liability attached to and binding on real property; it affects or limits its use, value, or title.

Answer 20

Encumbrance

Question 21

In New Jersey, a deed is not acceptable for recording unless it states the full ______

Answer 21

Sales Price

Question 22

Which deed is most used in NJ?

Answer 22

Bargain and Sale Deed With CAGS

Covenants against Grantor

Question 23

GRANTORS OF BARGAIN & SALE CAGS ARE WILLING TO

WARRANT ____________________________.

Answer 23

WARRANTY THEIR TIME OF OWNERSHIP OF THE PROPERTY ONLY

Question 24

Which deed has the least protection

Answer 24

Quitclaim Deed

Question 25

Which deed has the most protection?

Answer 25

Warranty Deed

Question 26

A natural creation of land by loss of water on | a lake

Answer 26

Reliction

Question 27

What do you call a possible future legal | action against a parcel of real estate?

Answer 27

Lis Pendens

Question 28

A conveyance to two or more people not married | creates a ______________________.

Answer 28

Tenancy in Common, UNLESS, otherwise stated in the deed

Question 29

WHAT IS THE TERM GIVEN FOR PERSONAL PROPERTY?

Answer 29

CHATTEL

Question 30

WHAT IS ALTERNATE METHOD OF CONTROLLING ASBESTOS?

Answer 30

ENCAPSULATION