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Chapters 1-8 Real Estate > Review Quiz > Flashcards

Review Quiz Flashcards

1
Q

(4) The authorized broker for a real estate company is officially called the ?

A

Broker Of Record !

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2
Q

(6) A Broker may agree to share commission with ?

A

Any Licensed Broker !

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3
Q

(10) A Broker who mixes personal money with funds in the trust account is guilty of ?

A

Commingling !

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4
Q

(11) All sales contracts prepared by licensees must ?

A

Contain the Notice to Buyer and Seller !

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5
Q

(12) Any changes to a document after the initial signing should be ?

A

Initialed by all Parties !

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6
Q

(15) Losing land by erosion is the opposite of gaining land Through?

A

Accretion !

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7
Q

(16) Personalty is also known as ?

A

Chattels !

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8
Q

(17) Real property can be changed to personal property through the process known as ?

A

Severance !

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9
Q

(18) Intent of the parties and method of attachment are two of the tests of a (n) ?

A

Fixture !

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10
Q

(21) Donna deeds her vacation cottage to her elderly uncle, with the provision that at his death, Donna will automatically become the owner again. During his lifetime, Donna owns a ?

A

Reversionary interest !

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11
Q

(22) A mortgage is a type of ?

A

Voluntary Lien !

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12
Q

(23) If a husband owns the family home in his own name, he can sell it without his wife’s signature if ?

A

They live in some other state, nut not in New Jersey!

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13
Q

(24) If a parcel of real estate has two mortgages on it, priority is given to the one first ?

A

Recorded !

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14
Q

(27) The buyer of a condominium apartment receives ?

A

An individual property tax bill !

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15
Q

(29) Either co-owner may go to court and ask that property be divided EXCEPT in the case of ?

A

Tenants by the entirety !

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16
Q

(30) The Smiths bought their home on the ocean in 1954 for $17,000. This year they decided to move to Florida, and they sold the house for $325,000. The IRS says their profit will be ?

A

Completely free from any federal tax !

17
Q

(32) A special assessment is a form of property tax used to pay for a (n) ?

A

Improvement like sidewalks in a certain area !

18
Q

(33) Jerry’s home is worth $160,000 and in his town assessments run at 60% of market value. If the tax rate is 37 mills, how much is his property tax bill?

A

$3,552

19
Q

(34) The lien with priority on a given parcel of real estate would usually be ?

A

The current year’s property taxes !

20
Q

(35) REDLINING is defined as ?

A

Denying or restricting loans in a certain neighborhood !

21
Q

(38) Although a property owner may be exempted sometimes from discrimination laws, a real estate licensees ?

A

May not participate in the transaction in any way !

22
Q

(39) Using scare tactics regarding the possible change in the makeup of a neighborhood while soliciting for listings is called ?

A

Blockbusting

23
Q

(40) Mrs. Townsend is advertising for a tenant for the other half of her home, which of these ads would violate fair housing laws ?

A

No Children

24
Q

(42) The New Jersey Law Against Discrimination adds to the protected classes under federal fair housing ?

A

Marital Status

25
Q

(43) For someone specifically retained as a buyer’s broker, seller would be in the position of ?

A

Customers

26
Q

(44) A broker’s principal is the one who ?

A

Hires the agent

27
Q

(47) The listing broker must advise a seller about the firm’s plan to ?

A

Share or not share the commission with another broker who produces the buyer.

28
Q

(49) If the buyer confide to a listing agent that “we’ll offer $250,000, but if they don’t take that we’re prepared to go higher,” the agent’s duty is to ?

A

Remind the buyers that a seller’s agent owes them no duty of confidentiality

29
Q

(50) The listing agent who tells sellers that “commission rates are standard in this community” is in violation of the

A

Sherman Antitrust Act

Chapters 1-8 Real Estate (1 decks)

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