Real Estate Quiz Flashcards
The New Jersey Real Estate Commission has_________ members
Eight
All copies of contracts for sale and listing agreements must be kept for _________ years
Six
A real estate agent working for a buyer or seller is a _________ agent
Special
Dual agency is legal with a buyerås or sellerås __________ informed consent.
Written
The Civil Rights Act of 1866 says that you may not discriminate based on _________
Race
Real property is transferred by _________
Deed
A trade fixture is _________ property that has been permanently attached to land or a building
Personal
A leasehold estate is classified as _________ property
Personal
Unity of time, title, interest and possession create a _______ _________
Joint Tenancy
A tax for an improvement that is only levied on those who benefit from the improvement is a _________ _________
Special Assessment
A request for use (often due to hardship) that does not meet zoning requirements is a _________
Variance
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
Exclusive Right-to-Sell
A new offer made to an offer that was received is a _______________
Counteroffer
In a land contract’s financing is provided by the _______________
Seller
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
Gross
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 _______________
Mortgagor
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
Appraise
A “funding fee” is required for a ___________ loan
VA
The government owned corporation that sells securities to help provide funds for FHA and VA loans is known as _______________
Ginnie Mae
The report stating and supporting the estimated value of real estate is a/an ___________________
Appraisal
Original cost of property, plus the value of any improvements put on by the seller, minus depreciation, is called the _______ ____
Adjusted Basis
A plat of subdivision is really a ______ of subdivision.
Map
The deed that provides the greatest protection is called the __________ deed
Warrenty
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 ____________
Escheat
