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NJ Real Estate > NJ Real estate practice questions > Flashcards

NJ Real estate practice questions Flashcards

1
Q

Businesses with what number of employees must be compliant with the standards of the American with Disabilities Act?

A

more than 14 employees

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2
Q

A defect that is hidden and cannot be seen.

A

Latent Defect

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3
Q

This type of mortgage is first paid by interest only and then a lump sum payment at the end of the term. Common with a line of credit

A

Straight/ Term Mortgage

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4
Q

This type of loan is common when buying a home

A

Amorized loan

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5
Q

This type of loan consists of the same payment every month. Payments go towards both interest and balance with interest being paid for mostly in the beginning.

A

Amortized loan

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6
Q

This loan is also referred to as DIRECT REDUCTION

A

Amortized loan

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7
Q

Once periodic payments are completed by maturity date in an amortized loan, this is referred to as

A

fully amortized loan

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8
Q

This type of loan can reduce the amount of time one is paying a 30 year loan to 20-25 years

A

Bi-weekly mortgage

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9
Q

This type of loan may or may no require automatic payments

A

Bi-weekly mortgage

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10
Q

This type of mortgage is not legal in NJ. It is one in which the principal balance may not be paid before maturity.

A

Closed mortgage

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11
Q

True or false: in an open mortgage, there may or may not be a pre payment penalty

A

True

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12
Q

This type of mortgage allows the mortgagor to pay the principal at anytime before maturity

A

Open Mortgage

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13
Q

Any mortgage in which the interest rates vary is referred to as

A

Variable rate mortgage (VRM)

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14
Q

This type of. loan includes the option to convert a loan into a fixed rate mortgage during a certain time period

A

convertible arm

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15
Q

Difference between a VRM Loan and RRM loan (renegotiable rate mortgage)

A

VRM loans allow the interest rate to be adjusted up or down every 6 months to a year where a RRM is usually every 5 years.

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16
Q

Also referred to as a growing equity mortage

A

Graduated equity mortgage

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17
Q

A plan in which the borrower is required to make increased monthly payments for a stipulated number of years. This provides savings on interest payments

A

Graduated equity mortgage

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18
Q

This type of mortgage is when the lender provides lower interest rate in return for a percentage of the anticipated appreciation of the property value.

A

Shared appreciation mortgage

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19
Q

This type of mortgage is usually given the morgagor in stages

A

Construction mortgage

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20
Q

What is the advantage of a construction mortgage for a LENDER

A

It assures the lender that the money is being used for the intended purpose and also provides increased security as the principal amount increases.

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21
Q

What is the advantage for a construction mortgage for a borrower?

A

Interest is based on the outstanding principal and is not taken until needed

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22
Q

This type of loan is sometimes known as gap financing and swing loan

A

Bridge mortgage

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23
Q

When an employing broker is a business or corporation, they are referred to as

A

the broker of record

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24
Q

True or false: The requirements to become a broker sales person are the same as those to become a broker

A

True

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25
Q

What are all licensees required to carry when engaging in real estate business?

A

Pocket license ( can be physical or online)

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26
Q

This is a type of easement acquired when a person has continually without permission of the owner used the land of another for a statutory period of time.

A

Prescriptive easement

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27
Q

The privilege to use the land of another and is generally irrevocable

A

Easement in gross

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28
Q

Easement in gross are not transferable and terminate with the death of the person who acquired it. True or false ?

A

True

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29
Q

These type of easements permanently burden a property and can consist of gas pipes, telephone lines, etc

A

Commercial easements

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30
Q

A form of ownership with two or more persons with no rights or survivorship.

A

Tenancy on common

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31
Q

A type of ownership by two or more persons with disctictive rights in survivorship.

A

Joint tenancy

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32
Q

This type of ownership requires that each owner have the same fraction of ownership. Owners can sell their fraction without permission.

A

Joint tenancy

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33
Q

When a person buys a fraction of ownership from a joint tenant , that person becomes a ______ with the current owners

A

Tenant in common

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34
Q

This type of ownership says that when one owner dies, his interests go to his heirs

A

Tenant in common

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35
Q

Type of ownership reserved for married couples. Interest automatically
Vests in surviving spouse in the event of death. They can not sell their interest without permission

A

Tenancy by entirety

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36
Q

The transferring of title from one person to another is

A

Conveyance , alienation

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37
Q

Is alienatom voluntary of involuntary ?

A

Can be both

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38
Q

Common type of deed used today which warrants the grantor has not encumbered the property while they held it

A

CVG bargain and sale covenant vs grantor deed

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39
Q

This type of deed only transfers title and does not make an warrenkes whatsoever of condition

A

Bargain and sale deed

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40
Q

This type of deed RELEASES all rights. Not usually used as a deed of convergence.

A

Quitclaim deed

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41
Q

What type of deed is a sheriffs deed ?

A

Bargain and sale deed without covenants

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42
Q

Legal remedy available to owners that disagree on what to do with property

A

Portion action

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43
Q

9 components of a deed

A
  1. Competenet grantor
  2. Ready identifiable grantee.
  3. Consideration paid
  4. Granting clause
  5. Habadeum clause
  6. Property description
  7. Exceptions
  8. Signature of grantor
  9. Delivery and acceptance.
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44
Q

Who’s signature is required on a deed ?

A

Grantor

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45
Q

Gradual wearing away of land by water wind or general weather conditions. Land lost through this can not be reclaimed

A

Erosion

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46
Q

Sudden and noticeable shifting of land from

One property to another caused by flood, earthquake, etc. land can be recruited during a prescribed period.

A

Avulsion

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47
Q

When a body of water permanently recedes it exposes dry land. This land becomes property of the property owner

A

Relocation / dereliction

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48
Q

Owner of a property gains land acquired by accreation- true or false ?

A

True

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49
Q

What language must a deed be written in ?

A

English or accompanied by a translation into English

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50
Q

What requirements of eligibility for a recording ?

A

Must be in English. Must bear signature with name printed beneath signature line. Must state consideration paid for property. Must include a reference to lot and block. Must be acknowledged by a formal witness.

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51
Q

Who usually pays the recording fee ?

A

Grantor (not required. But general)

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52
Q

Issued by title company or attorney ,, this expresses the condition of the title based on examination of public records

A

Certificate of title

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53
Q

Produced by a title search , this is a condensed history of the title. It is a summary of all conveyances in order as well as liens , encumbrances affecting the property.

A

Abstract of title

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54
Q

Does the abstract of title gaurentee there are no clouds r defects affecting the property?

A

No

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55
Q

This evidence of title simply exposes all items regarding the title that are recorded in public record. No guarantees of the title itself

A

Abstract of title

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56
Q

Public records analyzed to determine the quality of a title is referred to as a

A

Title search

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57
Q

Title insurance protects who ?

A

The insured - can be the owner through owners policy and or mortgageee through lender policy (loan policy)

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58
Q

Written statement under oath that the grantor is the owner and has not impaired condition of title since the last date the title was formally
Examined.

A

Affidavit of title

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59
Q

A search of title up to date proper ro closer to reveal any newly recorded items

A

Continuation / run down search

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60
Q

Are torrents title systems used in NJ

A

NO

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61
Q

4 types of encumbrances that affect physical condition of propert

A
  1. Easement
  2. Party wall
  3. Restrictive covenant
  4. Enroachment
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62
Q

These are usually found in deeds and limit the use of land. It can be for a stipulated period or indefinite amount of time. A free of encumbrance on a property.

A

Restrictive covenant

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63
Q

A type of encumbrance in which a building or some portion of a building , fence, driveway or any other improvement illegally intrudes onto another persons land.

A

Encroachment

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64
Q

A bill of sale would be used to transfer

A

Personal property

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65
Q

Sometimes referred to chattel or personality, this is any property that is usually moveable or not permanently attached to the property.

A

Personal property

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66
Q

Refers to any property that is tangible and posses physical quality.

A

Corporal property

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67
Q

Refers to property real or personal of an intangible nature

A

Incorporeal property

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68
Q

Land, building, furnaces are all examples of ______ property

A

Corporeal

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69
Q

Rights under a lease, mortgage or easement are all ______ property

A

Incorporeal

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70
Q

Leaving personal property by will

A

Bequeath

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71
Q

Leaving real property by will

A

Devise

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72
Q

Harvesting a crop after tenancy has ended the ability to harvest crop after tenancy has ended

A

Emblement

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73
Q

What are essentials of a valid contract (5)

A 
Mutual agreement 
 Competent parties 
Consideration 
Lawful objective 
Property description 
Signatures
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74
Q

When the offeror revokes an offer before accepted by the other party.

A

Revocation

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75
Q

True or falSe : oral offers and accepting are binding

A

False - statue of frauds requires things to be in writing to be enforceable

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76
Q

When parties have the ability and mental capacity to understand implications of entering a contest to

A

Contractual ability

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77
Q

Emotional value such as “love and affection.” Which usually only has value to person receiving t

A

Good consideration.

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78
Q

Which parties must sign a CONTRACT

A

ALl parties in the contract

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79
Q

When there is a breach of contract and one party becomes injured , what can they do ?

A

Sue for specific performance or money damages

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80
Q

When a person in a contract is compelled by court to carry out the terms of the agreement

A

Specific performance

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81
Q

Court decision in which an injured parry is entitled to monetary payment for losses incurred by the default of another party

A

Money damages/ compensatory damages

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82
Q

A dollar amount specified in a contract that is predetermined on the event a party defaults on a contract

A

Liquidated damages

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83
Q

A term used to describe like going back in time to before a contract existed returning each party back to their position before entering the contract.

A

Rescission

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84
Q

What does the kick out clause refer to ?

A

It refers to when a buyer needs to seek a buyer for their own property creating a contenfjncg on a property they have put an offer in for and are under contract. The seller has the right to continue to market the property and if a second buyer comes they must give the first buyer a certain amount of
Days to show they will be able to execute the contract. If not, the buyer can cancel contract.

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85
Q

Who usually pays for the inspection of a house ?

A

The buyer. The inspector should be working in the best interest of the buyer

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86
Q

Requires that the contract of sale shall include provision requiring as a condition of the sale the testing of well water supply for at least the minimal parameters

A

Private well testing act

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87
Q

Are questionable items such as personal property included in the sale ?

A

No.must be stated in contract

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88
Q

Where is an attorney review clause needed ?

A

1-4 family dwellings
Vacant one family building lots
Residential lease for one year or more

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89
Q

Meghans law refers to

A

Register sex offenders

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90
Q

What does opinion 26 refer to ?

A

Attorneys in real estate contracts

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91
Q

Is it required that a broker obtain writing acknowledgment of the client stating they received opinion 26 notice ?

A

No, but it is advised

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92
Q

Who inquires at closing about weather the buyer and seller received the opinion 26 starker

A

Title officer

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93
Q

Brief instrument sometimes used to submit a written offer and secure a written acceptance until a detailed sales agreement can be drawn up

A

Binder or order form or letter of intent

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94
Q

This rule reduces the possibility of fraudulent claim but does not disallow such evidence to prove fraud or to clarify ambiguous written in contact

A

Parol of evidence rule

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95
Q

Parol is Latin for

A

Oral

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96
Q

Et al is Latina for

A

And others

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97
Q

ET ux is Latin for

A

And wife

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98
Q

Et vir

A

And husband

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99
Q

Prima facie is Latin for

A

True, valid , suffice t

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100
Q

Pledging of property without giving up possession

A

Hypothecation

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101
Q

This clause is when the loan is repaid and the lenders interest in the property no longer exist.

A

Defeasance clause

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102
Q

Parties to a promissory note are

A

Obligor: borrower

Obligee lender

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103
Q

True or false : trust deeds are used in nj.

A

False

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104
Q

When is a subordination clause used

A

Mortgage for purchase of vacant land

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105
Q

Clause which operates to transfer mortgage lien interest from mortgagor to morrgagee

A

Granting clause

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106
Q

Due on sale clause

A

Alienation clause

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107
Q

Explain acceleration and alienation clause

A

When a borrower defaults on one of their promises to a mortgage (failure to pay, maintain property Etc) the entire mortgage is due immediately. This is the first step in foreclosure. The alienation clause is a form of the acceleration clause in that if the borrower tries to sell the property without ther he lenders consent , the full balance becomes due and payable.

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108
Q

What is the purpose of the alienation clause

A

Prevent assumption or mortgage or Anytning scheming

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109
Q

Why is the alienation clause a popular method for lenders

A

They get rid of old low interest mortgages

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110
Q

This clause would be used to make the loan be more attractive to the lender

A

Equity participation clause

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111
Q

This type of mortgage requires an appraisal and the government is not involved

A

Conventional

112
Q

Charging more than the legal amount of interest

A

Usury

113
Q

As the loan to value ration increases , and lenders risk ______

A

Increases

114
Q

Proportion the loan bears to the appraised value of property or sales price , whichever is lower

A

Loan to value ratio

115
Q

Percent the VA gaurentees in loan amount

A

25 percent with maximum of 36k

116
Q

Are VA mortgages assumable ?

A

Yes even by non veterans but the veteran is still held to promissory note unless release

117
Q

True / false : there can be no prepayment penalties on VA loans

A

True

118
Q

What is the VA option clause

A

Clause added to a VA sales
Contract. States if CRV does not come
Through for at least the purchase price the applicant shall not lose earnest money deposit and does not need to complete the contract

119
Q

Insured loans

A

FHA

120
Q

What are the criteria for a propert to be eligible for FHA loan

A

Minimum property requirements

Minimum propert standards

121
Q

What is the most

Popular type of FHA loan

A

Fixed rate known as 203 b plan

122
Q

Insures a percentage of the appraised value or acquisition. Price , wh ever is less

A

Mutual mortgage insurance MMI

123
Q

What is the up front mortgage insurance premium

A

1.75 percent of the loan

124
Q

Can the upfront mortgage insurance premium be financed into the mortgage ?

A

Yes

125
Q

What is MIP and how is it paid

A

Mortgage insurance premium paid monthly

126
Q

Are interest rates and points negotiable on FHA loans

A

Yes

127
Q

Who applies for a conditional commitment through an approved lending institution

A

A seller

128
Q

Sets fourth an appraised value and the amount of insurance

A

Conditional commitment

129
Q

The amendatory clause is specific to

A

FHA Loans

130
Q

States that a borrower shall not forfeit any earnest deposit money and does. Not need to complete repurchase should the conditional
Commitment not come through for at least the purchase price

A

Amendatory clause

131
Q

These loans gaurentee up to 100 percent or financing in rural areas.

A

USDA rural development home loans

132
Q

How are USDA similar to home loans

A

Borrower must agree to occupy the home and pay upfront fee and mortgage insurance.

133
Q

Provides funding for affordable home Owenership and housing opportunities for NJ residents

A

NJHMFA NJ HOUSINF AND MORTGAGE FINANCE AGENCY

134
Q

What is the difference between PMI and FHA

A

PMI insurances only a portion of the loan FHA insured the entire loan

135
Q

Mortgage insurance through private insurance companies. It is the private decors answer to FHA insurance

A

PMI

136
Q

When can a borrower initiate cancellation of PMI

A

When LTV falls below 80 percent

137
Q

When does PMI automatically cancel

A

When LTV falls below 78 percent

138
Q

What is lender PMI

A

it is a higher interest rate insurance which can sometimes provide lower monthly payments.

139
Q

How does lender PMI differ from regular PMI

A

It can not be cancelled. It is tax deductible. Overtime the borrower pays MORE through lender PMI

140
Q

Percentage charged by a lender

A

Nominal rate

141
Q

Actual rate charged after considering effect of points,

A

Effective rate

142
Q

Charges imposed by the lender such as an application fee and increase of effective rate is

A

Annual percentage rate (APR) or APY

143
Q

True or falSe: points often make money more readily available to the public when certain economic factors would otherwise make money right

A

True

144
Q

More points up front may at times be used to buy down a loan

A

True

145
Q

When would a uniform residential loan application be used

A

Conventional 1-4 family mortgage loan

146
Q

Front ratios consists of

A

Totally monthly housing expensive

147
Q

What percentage is acceptable for front ratios ?

A

28 percent or less

148
Q

Total monthly obligations is known as

A

Back ratio

149
Q

What percentage of back ratio is usually acceptable

A

36 percent or less

150
Q

This act requires a creditors to mail or deliver the loan applicant no later than the third business day after the creditor received application for credit

A

Equal credit opportunity act

151
Q

This act requires a lender that denies a loan application to tell the applicant whether the denial was based on information contained by credit report

A

Fair credit reporting act

152
Q

When a lender must do their due diligence to make sure a borrower has income , employment etc

A

Ability to repay rule

153
Q

Easiest way for a lender to meet the ability to repay rule

A

Qualified mortgages

154
Q

This is something filed with a county clerk in order to discharge a mortgage

A

Satisfaction . Discharge of mortgage

155
Q

Something a mortgage attempts to do when they have equity in a property in order to avoid foreclosure

A

Distress sale

156
Q

Is strict foreclosure used in nj ?

A

No

157
Q

Process by which lender obtains a court approved deadline for borrower to pay outstanding balance. Generally only takes place when debt is greater than value of property

A

Strict foreclosure

158
Q

What type of foreclosures are used in nj

A

Foreclosure by sale (not requiring court order)

159
Q

New Jersey used judicial foreclosure , what does this mean

A

The court only supervises

160
Q

This notifies future lien holders that there is legal action involving a property

A

Lis pedens (litigaton pending)

161
Q

Is equitable right of redemption or statutory right of redemption used in nj

A

Equitable rifht of redemption

162
Q

When must a lender request a deficiency judgement

A

Within three months

163
Q

When the foreclosure sale does not generate enough money to satisfy the loan , the lender may _______

A

Obtain deficiency judgment

164
Q

What is unique about what happens when a lender obtains a Deficiency judgement

A

It restablishes the borrowers right of redemption. They have 6 months to pay all costs to redeem property

165
Q

What type

Of loan is one in which the borrower does not sign a promissory note

A

Non-recourse loan.

166
Q

What clause is found in a non recourse loan which waived the lenders right of defiency judgement

A

Exculpatory clause

167
Q

Voluntary conveyance by the mortgage instead of going through foreclosure process

A

Deed in lieu of foreclosure

168
Q

What is a complication of deed on lui of foreclosure

A

It would not foreclosure on junior liens

169
Q

These types of properties are often referred to as bank owned and considered distressed property sales

A

REO properties

170
Q

Another word for short sale is

A

Distressed sale

171
Q

Market made up of lenders who directly loan money to borrowers

A

Primary mortgage market

172
Q

Savings and loan institutions, saving banks, credit unions , mortgage bank companies and others are all

A

Primary mortgage market

173
Q

Can lenders in primary market sell their loans ?

A

Yes , replenishes available funds

174
Q

This consists of buying and selling existing mortgages

A

Secondary mortgage market.

175
Q

Which mortgage market does Fannie Mae, Freddie Mac and ginnie Mae work in

A

Secondary mortgage market

176
Q

This is an association part of the secondary mortgage market that does not lend money directly to homeowners. It is a private shareholder owned company and is operated under direct federal control.

A

Federal national mortgage association Fannie Mae)

177
Q

Issues mortgage backed securitieS in exchange for pools of mortgage s

A

Fannie Mae

178
Q

Highly liquid investment and are traded through security dealers

A

Fannie Mae

179
Q

A private company serving public purpose. Does not recieve federal funds

A

Freddie Mac federal home loan mortgage corporation

180
Q

Designed to increase the supply of funds that mortgage lenders can make available to homebuyers and multi family investments

A

Freddie Mac

181
Q

Buys mortgages from lenders packages them into securities and sells securities to investors

A

Freddie Mac

182
Q

Supports the convention mortgage market

A

Fannie Mae

183
Q

Supports the market for FHA, VA. RD and pih loans

A

Ginnie Mae

184
Q

____me is the government and _____\ Mae is private

A

Ginnie, Fannie

185
Q

Allow mortgage lenders to obtain. A better price for their mortgage oran in the secondary market. Lenders can use proceeds to make new loans

A

Ginnie Mae gaurentee

186
Q

Name 4 places legal description is used

A

Leases listing agreements deeds and mortgages

187
Q

When would a survey normally be done

A

After a propertY is sold

188
Q

This determines the properties exact location and defines the property boundaries and shape.

A

Survey

189
Q

What are things a survey may reveal about a propert ?

A

All enroachments by or on subject property

190
Q

What are the primary methods of property description? Name 4

A

Street address. Lot and block. Monuments. Metes and bounds.

191
Q

Although not the best way to describe a property location, this may be the easiest way. Usually used to support a more reliable property description

A

Street address

192
Q

Tract of land that divides property into smaller lots

A

Subdivision

193
Q

Measurement across the front of a property. Corner properties may have 2

A

Front footage

194
Q

Measures along the lines opposite of frontage

A

Back footage

195
Q

When the boundaries of the property are outlined using both natural and man made markers.

A

Monuments

196
Q

The most accurate of all legal descriptions

A

Metes and bounds.

197
Q

Point of beginning is related to which property description method ?

A

Meters and bounds

198
Q

Which property description method is not used in NJ

A

Rectangular survey system / government survey system

199
Q

What approache should not be used for vacant land

A

Cost approach

200
Q

Summation approach is the same as

A

Coat approach

201
Q

What approach is used for vacant land

A

Sales comparisons

202
Q

This method estimates costs of labor and all

Materials and installation

A

Quantative survey method

203
Q

Estimating each component of the busing in place such foundation floors walls roof etc

A

Unit In place method

204
Q

The three methods for computing reproduction. Or replacement cost are

A

Square foot method
Unit in place
Quantative survey method

205
Q

Total amount of depreciation

A

Accrued depreciation

206
Q

Amount of income a property would normally produce if it was always occupied

A

Annual gross income

207
Q

Properties are usually not always occupied or there may be collections. Problems. What is the name of the income that takes this into consideration

A

Effective gross income

208
Q

How is annual net income calculated

A

Effective gross income minus the annual operating expenses

209
Q

Net income being converted into current market value

A

Capitalization

210
Q

How do you calculate cap rate

A

Net operating income divided by sales price.
Example : NOI=18,000 sale price =180000
Cap rate = 10 percent

211
Q

An approach for valuing income property which is considered i formal and less accurate than other approaches.

A

Gross rent multiplier

212
Q

An informal appraisal made

By real estate agents

A

CMA

213
Q

A BPO is equivalent to a

A

CMA

214
Q

BPO means

A

Broker price opinion

215
Q

The value of property will be reduced by influence of surrounded poorly maiinted properties

A

Regression

216
Q

Surrounding properties in good

Condition will increase the value of property

A

Progression

217
Q

Government regulations such as zoning , taxes building codes and rent control will effect value

A

Political forces

218
Q

Factors such as population and average house hold size may affect value

A

Social forces.

219
Q

Properties maximum value set by cost of an putting an equal property

A

Substitution.

220
Q

Ad valorem

Means

A

According to value

221
Q

Two forms of real estate taxes

A

General tax and special assessments

222
Q

When are tax bills usually received by property owners

A

May or June

223
Q

This is a charge for the benefit If the general public

A

Special assessment

224
Q

How does the town determine who pays for special assessment

A

Front footage and benefit received

225
Q

Special assessment a are usually financed

A

True

226
Q

True or false : taxes on real property will automatically become a lien on the property in the year they are assess

A

True

227
Q

Who wins at a tax foreclosure

A

Person willing to accept

LEAST amount of interest (no greater than 18 percent

228
Q

What is given to a person who wins at a tax auction

A

Tax lien certificate

229
Q

What is the purpose of the tax lien certificate

A

Puts a lien on the property. Owner has 2 years to pay taxes before the person who posses tax lien can foreclosure

230
Q

A legal proceeding only available to municipalities

A

Rem proceeding

231
Q

How long does a fax sale need to be advertise for

A

4 weeks

232
Q

Does failure to send notice to owner about tax sale invalidate the process ?

A

No

233
Q

A list of the assessed values of all land and buildings within a municipality available to the public to review and compare

A

Assessment role

234
Q

Used to calculate real estate taxes

A

Mill

235
Q

One mill is equal to

A

1/10th Of one cent or 1 dollar per 1000 dollars

236
Q

Qualified homes under federal tax law are

A

Main home and one other residence

237
Q

True or false : are points tax deductibile

A

True

238
Q

True or false : points paid on a second home are tax deductible

A

False - can only be paid over the life of the loan

239
Q

In order for real estate property taxes to be deductible or federal income tax is

A

If the tax is on assed

Value and tax charges a uniform rate on all property in jurisdiction.

240
Q

True or false : special assessments are tax dedu

A

False

241
Q

True or false : special assessments increase benefit of

Propert

A

True

242
Q

Can land depreciate ?

A

No

243
Q

4 qualifications for for something to be depreciable

A

It must be property you own
Must be business or income producing
It must have useful life
It must be expected to last more than 1 year

244
Q

What type of assets is real propert

A

Capital assets

245
Q

Propert sold for more than original price

A

Capital gain

246
Q

Property sold for less than original price

A

Capital loss

247
Q

Are Costa to repair your home and keep it in good conditioned considered when determining the original basis of your propert

A

No. An improvement would be considered

248
Q

This is determined by how the home was acquired

A

Basis

249
Q

Adjusted basis is

A

Results after all adjustments are made

250
Q

What amount is taxable gain

A

Anything over the original basis

251
Q

How much capital gain can a tax payer exclude from taxable income ? Married couples how often can this exclusion be made ?

A

250k
500k
Every 2 years

252
Q

Does a seller provide a 1099 form ?

A

No - whoever closes the transaction. Usually settlement agent or attorney

253
Q

The amount a property is rented for

A

Contract rent

254
Q

The potential amount a propert could be rented for

A

Economic rent

255
Q

Useable area

A

Privately

Owners area

256
Q

Rentable area

A

Common space areas

257
Q

Rent roll

A

All the rental units including who is renting and amount being paid

258
Q

A list of rental unite along with a brief description and statement of proposed rental rates made by owner or property manager

A

Rent schedule

259
Q

Who is the only person who can order evictions

A

Judge

260
Q

When someone enters a unit and attempts to remove the tenant from the unit without court judgement

A

Self help eviction. Illegal in NJ

261
Q

True or false : nj licensees can not prepare leases for commercial property

A

True

262
Q

What happens when a property that is being leased is taken by the condemnation clause

A

The lessees interest come first. Rent will be decreased usually

263
Q

How many members are on a governing body municipality

A

7-9

264
Q

What are the 7-9 members on a municipality called

A

Planning board

265
Q

Plan of growth in and development

A

Master plan

266
Q

Who carries out a zoning ordinance

A

Building inspector

267
Q

How are zoning ordinances enforced

A

In order to occupy a building , a zoning inspector must provide a permit (certificate of eligibility)

268
Q

When zoning is a positive tool to direct growth and positive use for the public

A

Directive zoning

269
Q

When zoning is a preventative tool (safe)

A

Restrictive / preventative

270
Q

This type of zoning restricts certain persons from becoming residents or a township

A

Exclusionary zoning

271
Q

True or false - regional contribution agreements Re no longer allowed

A

True

272
Q

Variation in a zoning ordinance for a small area of land permitting a ISthat is inharmonious with the immediate surrounding area

A

Spot zoning

273
Q

Providing a small convient store in a residential area is an example of _____ zoning

A

Spot zoning

274
Q

Land main tes with shrubs trees etc and seperates land of different occupancy

A

Buffer zone

275
Q

Permitted use in a particular zone for a specific purpose

A

Conditional use

276
Q

Distance from the street or curb

A

Setback line

277
Q

Distance between street curb or boundary of the lot beyond which no building can extend

A

Building line

NJ Real Estate (1 decks)

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