Test Flashcards
monuments are….
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.
The primary purpose of the NJ real estate commission is to…
protect the general public in real estate transactions
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?
estate in remaider
the approach that allows for up and down adjustments to different properties to arrive at value for a subject property is called the …
sales comparison approach
Tax sale certificate is directly associated with..
a tax lien
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
an acceleration clause
which of these is a record a broker must keep for six years…
copies of statements and sellers showing disbursements
Something of value offered by one party and accepted by another as inducement to perform is called…
a consideration
Regulation Z uses an
APR
owner in severalty dies with valid will, then…
property will be probated and passed to owners devisees.
most agency relationships are…
special
novation is…
one party is discharged of all responsibility and another takes his place
joint tenancy is…
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.
law of descent is when…
all debts have been paid
sellers broker must…
trasmist all written offers
5000 is first offense violate of…
NJ law against discrimination
free hold tenant is…
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.
To avoid comingling…broker has how many days to take a commission from escrow?
5 days
how many days to convert oral agreement to written listing and deliver to clinet?
10 days
cost approach is used mostly for…
public building
Devise is…
leaving land to family
how many days do you have to cancel contracts for out of state subdivided property by real estate sales disclosure act?
7 days
bargain and sales deed is..
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.
unilateral contract is when…
one party promises to pay if another party meets certain conditions
rent + ultilities are paid on what lease?
net lease
partial release clause is…
large payment to mortage by contractor in development
amortization is…
pay off in equal payments after 360 months
what accurately describes the attorney review clause?
all parties to the sales contract are required to consult their attorneys during the review period
which lien takes prescedence over all others?
purchase money mortgage taken by seller
when investing…what is basis?
investors original cost for real estate
if the owners of a property sell themselves, even though they have an exclusive agency listing with a broker, the broker will…
get no commission
tax raised to pay to pay for improvements is…
an assessment
what lease requires no advance notification to terminate it at the end…
an estate for years
he deed that warrants only that the grantor has not impaired the title during his term is
the bargain and sale deed.
in NJ, a conveyance to a marreid couple creates 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.
A license is a…
temporary right
what document is recorded in public records…
a deed
in NJ, it is required that for a purchase contract to be valid, you need to have…
an adequet description of the property
broker must keep copies of accounting of all monies from a terminated salesperson for how long?
6 years
a loan used for temporary financing is…
construction loan
supervisors of real estate offices must be physically in the office during business hours how many days a week?
5 days
who is responsible for explaining to buyers the topics in the booklet “your homeloan tookit’
no one
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 usage encumbrance
A usage encumbrance is a claim on a property that limits how the owner can use it:
A lien is not a physical claim,
, 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.
What is it when as asset of value is offered in exchange for a loan?
Hypotocation
easement appurtenance is…
When property rights are transferred after sale of property- appurtenance means “runs with the land “
easement appurtenance is…
When property rights are transferred after sale of property- appurtenance means “runs with the land “
Fee simple absolute
Highest form of land ownership
