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Real Esate > Test > Flashcards

Test Flashcards

1
Q

monuments are….

A

used in metes and bounds. A monument in real estate refers to a permanent object, structure, or natural object placed on or near a boundary line to serve as a reference point.

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2
Q

The primary purpose of the NJ real estate commission is to…

A

protect the general public in real estate transactions

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3
Q

Two men own a parcl of land as joint tenants. One of them died and his will stipulates that his interest will pass ot his wife and then his kids…what do his kids have?

A

estate in remaider

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4
Q

the approach that allows for up and down adjustments to different properties to arrive at value for a subject property is called the …

A

sales comparison approach

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5
Q

Tax sale certificate is directly associated with..

A

a tax lien

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6
Q

The clause in a mortgage that provides the entire balance of the mortgage loan be immediately due and payable because of the borrower defaults is

A

an acceleration clause

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7
Q

which of these is a record a broker must keep for six years…

A

copies of statements and sellers showing disbursements

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8
Q

Something of value offered by one party and accepted by another as inducement to perform is called…

A

a consideration

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9
Q

Regulation Z uses an

A

APR

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10
Q

owner in severalty dies with valid will, then…

A

property will be probated and passed to owners devisees.

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11
Q

most agency relationships are…

A

special

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12
Q

novation is…

A

one party is discharged of all responsibility and another takes his place

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13
Q

joint tenancy is…

A

unmarried, one dies, other now has ownership. the holding of an estate or property jointly by two or more parties, the share of each passing to the other or others on death.

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14
Q

law of descent is when…

A

all debts have been paid

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15
Q

sellers broker must…

A

trasmist all written offers

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16
Q

5000 is first offense violate of…

A

NJ law against discrimination

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17
Q

free hold tenant is…

A

A “freehold tenant” refers to someone who owns a property with a freehold estate, meaning they have complete ownership of the land and buildings on it with no fixed time limit, essentially owning the property outright and indefinitely; in simpler terms, a freehold tenant is a property owner with full ownership rights.

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18
Q

To avoid comingling…broker has how many days to take a commission from escrow?

A

5 days

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19
Q

how many days to convert oral agreement to written listing and deliver to clinet?

A

10 days

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20
Q

cost approach is used mostly for…

A

public building

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21
Q

Devise is…

A

leaving land to family

22
Q

how many days do you have to cancel contracts for out of state subdivided property by real estate sales disclosure act?

A

7 days

23
Q

bargain and sales deed is..

A

A bargain and sale deed is a legal document that transfers property ownership from one person to another, but it doesn’t guarantee that the seller has a clear title to the property. This means that the buyer takes on the risk of any legal issues with the property.

24
Q

unilateral contract is when…

A

one party promises to pay if another party meets certain conditions

25
Q

rent + ultilities are paid on what lease?

A

net lease

26
Q

partial release clause is…

A

large payment to mortage by contractor in development

27
Q

amortization is…

A

pay off in equal payments after 360 months

28
Q

what accurately describes the attorney review clause?

A

all parties to the sales contract are required to consult their attorneys during the review period

29
Q

which lien takes prescedence over all others?

A

purchase money mortgage taken by seller

30
Q

when investing…what is basis?

A

investors original cost for real estate

31
Q

if the owners of a property sell themselves, even though they have an exclusive agency listing with a broker, the broker will…

A

get no commission

32
Q

tax raised to pay to pay for improvements is…

A

an assessment

33
Q

what lease requires no advance notification to terminate it at the end…

A

an estate for years

34
Q

he deed that warrants only that the grantor has not impaired the title during his term is

A

the bargain and sale deed.

35
Q

in NJ, a conveyance to a marreid couple creates a…

A

tenancy by the entirety…meaning the property is owned jointly with the right of survivorship, where the surviving spouse automatically inherits the deceased spouse’s share upon death.

36
Q

A license is a…

A

temporary right

37
Q

what document is recorded in public records…

A

a deed

38
Q

in NJ, it is required that for a purchase contract to be valid, you need to have…

A

an adequet description of the property

39
Q

broker must keep copies of accounting of all monies from a terminated salesperson for how long?

A

6 years

40
Q

a loan used for temporary financing is…

A

construction loan

41
Q

supervisors of real estate offices must be physically in the office during business hours how many days a week?

A

5 days

42
Q

who is responsible for explaining to buyers the topics in the booklet “your homeloan tookit’

A

no one

43
Q

The purchaser in a real estate sales contract breaches the contract and does not go through with the purchase of the property. The contract

A
44
Q

A usage encumbrance

A

A usage encumbrance is a claim on a property that limits how the owner can use it:

45
Q

A lien is not a physical claim,

A

, it is a legal claim. It does not represent any physical possession or occupation of the property, but is a legal right that creditors have over the debtor’s property until the debt is settled.

46
Q
A
47
Q

What is it when as asset of value is offered in exchange for a loan?

A

Hypotocation

48
Q

easement appurtenance is…

A

When property rights are transferred after sale of property- appurtenance means “runs with the land “

49
Q

easement appurtenance is…

A

When property rights are transferred after sale of property- appurtenance means “runs with the land “

50
Q

Fee simple absolute

A

Highest form of land ownership

Real Esate (7 decks)

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