Real Estate Quiz

Question 1

The New Jersey Real Estate Commission has_________ members

Answer 1

Eight

Question 2

All copies of contracts for sale and listing agreements must be kept for _________ years

Answer 2

Six

Question 3

A real estate agent working for a buyer or seller is a _________ agent

Answer 3

Special

Question 4

Dual agency is legal with a buyerås or sellerås __________ informed consent.

Answer 4

Written

Question 5

The Civil Rights Act of 1866 says that you may not discriminate based on _________

Answer 5

Race

Question 6

Real property is transferred by _________

Answer 6

Deed

Question 7

A trade fixture is _________ property that has been permanently attached to land or a building

Answer 7

Personal

Question 8

A leasehold estate is classified as _________ property

Answer 8

Personal

Question 9

Unity of time, title, interest and possession create a _______ _________

Answer 9

Joint Tenancy

Question 10

A tax for an improvement that is only levied on those who benefit from the improvement is a _________ _________

Answer 10

Special Assessment

Question 11

A request for use (often due to hardship) that does not meet zoning requirements is a _________

Answer 11

Variance

Question 12

A written agreement between owner and agent giving the agent the right to collect a commission if the property is sold by anyone during the term of the agreement is an ___________________ listing

Answer 12

Exclusive Right-to-Sell

Question 13

A new offer made to an offer that was received is a _______________

Answer 13

Counteroffer

Question 14

In a land contract’s financing is provided by the _______________

Answer 14

Seller

Question 15

A lease of property under which a landlord pays all property charges regularly incurred through ownership (such as repairs, taxes and insurance) is called a ___________________ lease

Answer 15

Gross

Question 16

The buyer who borrows money and signs a bond on the property to attest to his or her obligation to pay the debt is called the _______________

Answer 16

Mortgagor

Question 17

The Amendatory Clause in an FHA loan provides that the buyer is not obligated to complete the purchase, if the property does not ___________________ for the sales price

Answer 17

Appraise

Question 18

A “funding fee” is required for a ___________ loan

Answer 18

VA

Question 19

The government owned corporation that sells securities to help provide funds for FHA and VA loans is known as _______________

Answer 19

Ginnie Mae

Question 20

The report stating and supporting the estimated value of real estate is a/an ___________________

Answer 20

Appraisal

Question 21

Original cost of property, plus the value of any improvements put on by the seller, minus depreciation, is called the _______ ____

Answer 21

Adjusted Basis

Question 22

A plat of subdivision is really a ______ of subdivision.

Answer 22

Map

Question 23

The deed that provides the greatest protection is called the __________ deed

Answer 23

Warrenty

Question 24

In cases where a decedent dies intestate without heirs capable of inheriting, the property owned by the decedent reverts to the state in a process known as ____________

Answer 24

Escheat

Question 25

The condensed history of title to a parcel of land is called the __________ of title

Answer 25

Abstract