Review Quiz Flashcards
(4) The authorized broker for a real estate company is officially called the ?
Broker Of Record !
(6) A Broker may agree to share commission with ?
Any Licensed Broker !
(10) A Broker who mixes personal money with funds in the trust account is guilty of ?
Commingling !
(11) All sales contracts prepared by licensees must ?
Contain the Notice to Buyer and Seller !
(12) Any changes to a document after the initial signing should be ?
Initialed by all Parties !
(15) Losing land by erosion is the opposite of gaining land Through?
Accretion !
(16) Personalty is also known as ?
Chattels !
(17) Real property can be changed to personal property through the process known as ?
Severance !
(18) Intent of the parties and method of attachment are two of the tests of a (n) ?
Fixture !
(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 ?
Reversionary interest !
(22) A mortgage is a type of ?
Voluntary Lien !
(23) If a husband owns the family home in his own name, he can sell it without his wife’s signature if ?
They live in some other state, nut not in New Jersey!
(24) If a parcel of real estate has two mortgages on it, priority is given to the one first ?
Recorded !
(27) The buyer of a condominium apartment receives ?
An individual property tax bill !
(29) Either co-owner may go to court and ask that property be divided EXCEPT in the case of ?
Tenants by the entirety !
(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 ?
Completely free from any federal tax !
(32) A special assessment is a form of property tax used to pay for a (n) ?
Improvement like sidewalks in a certain area !
(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?
$3,552
(34) The lien with priority on a given parcel of real estate would usually be ?
The current year’s property taxes !
(35) REDLINING is defined as ?
Denying or restricting loans in a certain neighborhood !
(38) Although a property owner may be exempted sometimes from discrimination laws, a real estate licensees ?
May not participate in the transaction in any way !
(39) Using scare tactics regarding the possible change in the makeup of a neighborhood while soliciting for listings is called ?
Blockbusting
(40) Mrs. Townsend is advertising for a tenant for the other half of her home, which of these ads would violate fair housing laws ?
No Children
(42) The New Jersey Law Against Discrimination adds to the protected classes under federal fair housing ?
Marital Status
(43) For someone specifically retained as a buyer’s broker, seller would be in the position of ?
Customers
(44) A broker’s principal is the one who ?
Hires the agent
(47) The listing broker must advise a seller about the firm’s plan to ?
Share or not share the commission with another broker who produces the buyer.
(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 ?
Remind the buyers that a seller’s agent owes them no duty of confidentiality
(50) The listing agent who tells sellers that “commission rates are standard in this community” is in violation of the
Sherman Antitrust Act
