Practice Exam #1 Flashcards
(110 cards)
1
Q
The law which requires that transfers of real property ownership be in writing is known as the:
(A) law of evidence.
(B) statute of liberties
(C) statute of frauds.
(D) statute of limitations.
A
(C) statute of frauds.
2
Q
In a VA loan:
(A) a down payment is required.
(B) there must be an approved appraisal.
(C) one must be a veteran to assume the loan.
(D) the maximum term is 25 years.
A
(B) there must be an approved appraisal.
VA appraisal called a CRV -
3
Q
When a land contract is entered into:
(A) legal title passes to the buyer.
(B) the seller executes the deed.
(C) the buyer cannot occupy property.
(D) the buyer acquires equitable title.
A
(D) the buyer acquires equitable title.
4
Q
A five bedroom, one bath residence is an example of what type of depreciation?
(A) Functional.
(B) Economic.
(C) Physical.
(D) All of the above.
A
(A) Functional.
5
Q
One of the following is NOT an essential requirement for a valid deed:
(A) The buyer and seller be named.
(B) Words of conveyance.
(C) Acknowledgement and recording.
(D) Competent grantor.
A
(C) Acknowledgement and recording.
6
Q
If two married brothers own property as joint t e n a n t s and one brother dies, his wife owns:
(A) a one-third life estate in half of the undivided interest her husband owned.
(B) a one-half life estate in the entire property.
(C) fee simple estate in half of the property.
(D) no interest.
A
(D) no interest.
7
Q
In a lease:
(A) the original lessee could be liable for rent payments even though he sublets the premises.
(B) a tenancy for years is one which continues indefinitely until one of the parties elects to terminate it by giving proper notice.
(C) a residential security deposit is the property of the lessor during a lease term.
(D) the tennant is the lessor.
A
(A) the original lessee could be liable for rent payments even though he sublets the premises.
8
Q
To use property for the best net return to the property is:
(A) functional value.
(B) appreciation.
(C) highest and best use.
(D) economic value.
A
(C) highest and best use.
9
Q
What is the best way to find a cloud on title?
(A) Application for title insurance.
(B) Appraisal.
(C) Warranty deed.
(D) Title search.
A
(D) Title search.
10
Q
A life estate is:
(A) a freehold interest in real estate and is considered real property.
(B) a less than freehold interest and is not considered real property.
(C) inheritable.
(D) a non-freehold estate.
A
(A) a freehold interest in real estate and is considered real property.
11
Q
Where a title search reveals that there is a broken chain of title it can best be cured by:
(A) quitclaim deed.
(B) general warranty deed.
(C) partition.
(D) welding.
A
(A) quitclaim deed.
12
Q
When the lessor sells his leased property:
(A) the lease is binding on the seller.
(B) the lease is binding on the buyer.
(C) the lease is voidable by the buyer.
(D) the lease is voidable by the seller.
A
(B) the lease is binding on the buyer.
13
Q
The phrase “principals only” excludes:
(A) disinterested buyers.
(B) real estate brokers.
(C) prospective buyers.
(D) financially weak buyers.
A
(B) real estate brokers.
14
Q
A mechanic’s lien may not be levied by:
(A) an architect.
(B) a real estate broker.
(C) a subcontractor.
(D) a plumber.
A
(B) a real estate broker.
15
Q
The covenant in a deed in which the grantor guarantees he has title is:
(A) the habendum.
(B) seizen.
(C) the conveyance.
(D) quiet enjoyment.
A
(B) seizen.
The habendum is the part of a deed or conveyance which states the estate or quantity of interest to be granted, e.g. the term of a lease.
16
Q
A judgment becomes effective when:
(A) the debt is incurred.
(B) the suit is delivered.
(C) the verdict is rendered.
(D) it is recorded
A
(D) it is recorded
17
Q
Which of the following is a private agency that buys and sells in the secondary mortgage market?
(A) FNMA.
(B) GNMA.
(C) FHLMC.
(D) HUD.
A
(A) FNMA.
18
Q
If title is indefeasible it can’t be:
(A) recorded.
(B) conveyed.
(C) voided.
(D) alienated.
A
(C) voided.
19
Q
When a broker signs a contract to manage an owner’s property, he becomes:
(A) a lessor.
(B) a trustee.
(C) a receiver.
(D) a fiduciary.
A
(D) a fiduciary.
20
Q
A blanket mortgage:
(A) covers several parcels of land.
(B) must be settled in full when one parcel is sold.
(C) cannot be assigned.
(D) must be on contiguous lots.
A
(A) covers several parcels of land.
21
Q
The holder of a life estate can do all of the following EXCEPT:
(A) pay the taxes.
(B) commit waste.
(C) lease.
(D) mortgage.
A
(B) commit waste.
22
Q
Recording acts passed by the various states:
(A) require that all documents pertaining to real estate transfers be recorded in the public records.
(B) provide for the recording of any instrument by which an estate in land is created.
(C) provide for constructive notice.
(D) provide for recording offices in municipalities.
A
(C) provide for constructive notice.
23
Q
In estimating the value of real estate, you should consider all except:
(A) market data information.
(B) deterioration of the property.
(C) income of the property.
(D) income of the buyer.
A
(D) income of the buyer.
24
Q
If you possessed a fee simple estate, the property could be:
(A) sold.
(B) subdivided.
C) mortgaged
D) All of the above
A
D) All of the above
25
The recovery of the cost of improvements to a property over a set period of time is called:
(A) amortization.
(B) capitalization.
(C) recapture.
(D) reformation.
(C) recapture.
26
An abstract of title is best described as:
(A) a brief history of the title to a particular property.
(B) a summary of each deed in a title search.
(C) an appraisal of the lands and the improvements.
(D) a summary of all the improvements and encroachments on the property.
(A) a brief history of the title to a particular property.
27
The right of a water company to lay and maintain mains along the rear of a lot is called:
(A) an appurtenance.
(B) a right of encroachment.
C) easement in gross
D) riparian right
C) easement in gross
28
Which is correct for restrictive covenants?
(A) They may not be at variance with zoning ordinances.
(B) They restrict the use of the property.
(C) They are imposed by government.
(D) They are not encumbrances.
(B) They restrict the use of the property.
29
In a residential lease, the security deposit:
(A) can't be more than the first month's rent.
(B) belongs to the lessor for the duration of the lease.
(C) must be deposited in an insured depository.
D ) must be returned to the lessee if the property is sold.
(C) must be deposited in an insured depository.
30
When a husband and wife purchase a property jointly, and it is their intention that upon the death of either one the share of the deceased would pass to their heirs, they would elect:
A) a tenancy by the entirety
B) a joint tenancy
(C) tenancy in common.
(D) tenancy by will.
(C) tenancy in common.
31
A bonafide purchaser is a purchaser who:
(A) has put up an earnest money deposit with his offer.
(B) has qualified for a mortgage plan.
(C) has entered into the purchase in good faith
(D) has made a contingent offer.
(C) has entered into the purchase in good faith
32
A change made to an existing will is known as:
(A) an addendum.
(B) an amendment.
(C) a supplement.
(D) a codicil.
(D) a codicil.
## Footnote
A codicil is a legal document that amends or modifies an existing will. It's essentially an addendum to the original will, allowing for changes without creating a completely new document. Codicils are often used for minor alterations, such as updating beneficiary names, changing the executor, or adding or removing specific bequests.
33
The Bonanza Savings Bank makes a 30-year conventional loan at an annual interest rate of 8.5%. If it wishes to earn a yield of 9%, how many points must it charge?
(A) One.
(B) Two.
(C) Three.
D ) Four.
D ) Four.
## Footnote
RULE: 8 points increases yeild by 1%; so to raise it 1/2% from 8.5% to 9% you woul;d charge 4 points.
34
The abbreviation APR stands for:
(A) approximate percentage rate
(B) annual percentage rate
(C) annual proration
(D) adjustable percentage rate
(B) annual percentage rate
35
A mortgage given by the purchaser to the seller in partial payment of the purchase price of the property is known as:
(A) trust mortgage.
(B) purchase money mortgage.
(C) installment land contract.
(D) construction loan.
(B) purchase money mortgage.
36
The right of the government to place reasonable restrictions on the use of privately held land is known as:
(A) eminent domain.
(B) police power.
(C) condemnation.
(D) dedication.
(B) police power.
37
A lien granted in favor of a person who furnished labor or materials for an improvement to land is a:
(A) property lien.
(B) mechanic's lien.
(C) general lien.
(D) non-money encumbrance.
(B) mechanic's lien.
38
The actual act of transferring ownership of land is known as:
(A) a grant.
(B) an easement.
(C) a demise.
(D) a curtesy.
(A) a grant.
39
It may be said that homogeneity in a neighborhood:
(A) creates stability in values.
(B) increases prices.
(C) decreases values.
(D) has no effect on value.
(A) creates stability in values.
40
In which case would a custodian need a real estate license?
(A) He rents a condominium building for the association of owners.
(B) He rents property for more than one owner.
(C) Both A & B.
(D) Neither A nor B.
(C) Both A & B.
41
Chad L. Morgidge leases a commercial warehouse to Sollum Lee Sware for two years. Which is true?
(A) The lease must be in writing
(B) The rights of Morgidge and Sware are regulated by the New Jersey "Truth in Renting" law.
(C) The security deposit does not have to be placed in an interest-bearing account.
(D) This is called a devise.
(C) The security deposit does not have to be placed in an interest-bearing account.
42
According to the Law of Agency:
(A) a broker must always charge a commission and put the amount on the listing form.
(B) a broker may sue and collect a commission even though he has no written employment contract.
(C) principal must be competent.
(D) both principal and agent must be competent.
(C) principal must be competent.
43
A person who assumes an existing mortgage:
(A) becomes the mortgagee.
(B) becomes a co-guarantor along with the original maker.
(C) does not assume any responsibility for mortgage payments.
(D) relieves the original maker of his obligation.
(B) becomes a co-guarantor along with the original maker.
44
The word "hypothecate" means:
(A) to institute.
(B) to delay.
(C) to enter into a written agreement.
(D) to pledge without giving up possession.
(D) to pledge without giving up possession.
45
Who is legally entitled to use real estate which has been sold at a tax sale during the two-year period of redemption that follows?
(A) Mortgagee.
(B) Lien holder.
(C) Sheriff.
(D) Owner of record.
(D) Owner of record.
46
Conventional loans include:
(A) ARMs a n d VA.
(B) Fixed Rate and FHA.
(C) FHA and VA.
(D) ARMs and Fixed Rate.
(D) ARMs and Fixed Rate.
## Footnote
Adjustable Rate Mortgage & Fixed Rate.
47
4 7 . A writ which authorizes and directs the proper ofticer of the court (usually the sheriff) to carry into effect the judgment or decree of the court is known as a(n):
(A) instrument.
(B) injunction.
(C) writ of execution.
(D) lien.
(C) writ of execution.
48
If a seller prepays taxes and insurance on a property, the process used to reimburse the seller for the unused portion is called:
(A) capitalization.
(B) proration.
(C) rebate.
(D) amortization.
(B) proration.
49
A charge levied against real estate to cover the proportionate cost of a sewer installation is:
(A) an ad valorem tax.
(B) a special assessment tax.
(C) a county tax.
(D) a pollution tax.
(A) an ad valorem tax.
50
A young couple wants to buy a home. Their income is low now, but prospects are good for future earnings increases. They will apply for:
(A) an FHA 203.
(B) a conventional insured loan.
(C) an FHA 245 (Graduated Payment Mortgage)
(D) an FNMA.
(C) an FHA 245 (Graduated Payment Mortgage)
## Footnote
An FHA 203(k) loan is a mortgage program that allows you to purchase or refinance a home and include the cost of renovations into the loan.
FNMA - Fannie Mae - second mortgage market.
51
The repayment of principal and interest within a specified period of time is a characteristic of a(n):
(A) delinquent loan.
(B) amortized loan.
(C) accelerated loan.
(D) equalized loan.
(B) amortized loan.
52
Which fee would a condominium owner be least likely to be expected to pay?
(A) Recreation fee.
(B) Maintenance fee.
(C) Stock transfer fee.
(D) Hazard insurance fee.
(C) Stock transfer fee.
## Footnote
Stock transfer fee would be for a co-op.
53
Who is the final tenant on a sale and leaseback?
(A) the buyer
(B) the seller
(C) the optionor
(D) the optionee
(B) the seller
54
The physical characteristics of land include all of the following EXCEPT:
(A) scarcity.
(B) fixity.
(C) permanence.
(D) non-homogeneity
(A) scarcity.
55
The responsibility of recording a deed lies with:
(A) the state.
(B) the county.
(C) the grantor.
(D) the grantee.
(D) the grantee.
56
To the owner of the dominant property, an easement is:
(A) an encumbrance.
(B) an appurtenance.
(C) a common interest
D) an attachment
(B) an appurtenance.
## Footnote
In real estate, an appurtenance is a right, privilege, or improvement that is attached to a property and automatically transfers with the sale of the land. Essentially, it's something that benefits the property and is considered part of the whole, not just the owner.
57
Options and "first refusals":
(A) are bilateral contracts.
(B) are interchangeable terms.
(C) must be written to be enforceable .
(D) cannot be enforced by the offeree.
(C) must be written to be enforceable .
58
John and Mary own and occupy a single-family house. They are entitled to deduct the following from their federal income tax:
(A) mortgage interest expense and real estate taxes.
(B) principal and interest payments on the mortgage.
(C) depreciation.
(D) All of the above.
(A) mortgage interest expense and real estate taxes.
59
Isaac died and left a 1,000-acre farm in Warren County to David. This is called a:
(A) devise.
(B) legacy.
(C) bequest.
(D) miracle.
(A) devise.
60
Which of the following is a unilateral contract?
(A) Lease.
(B) Purchase and sale agreement.
(C) Marriage contract.
(D) Option.
(D) Option.
## Footnote
All but option are TWO sided contracts.
61
The process of taking private property for public use is referred to as:
(A) condemnation.
(B) eminent domain.
(C) escheat.
(D) dedication.
(A) condemnation.
## Footnote
Eminent Domain is the right for government to take land for public use, condemnation is the PROCESS.
62
To the owner of the servient property an easement is:
(A) an encumbrance.
(B) an appurtenance.
(C) a common interest.
(D) an attachment
(A) an encumbrance.
63
Utilizing a property to its greatest economic advantage is commonly referred to as:
(A) mobilization.
(B) economic utility.
(C) highest and best use.
(D) market value.
(C) highest and best use.
64
The cost approach to value:
(A) sets the lower limit of value.
(B) sets the upper limit of value.
(C) is best applied to income-producing property.
(D) is best applied to older properties.
(B) sets the upper limit of value.
65
A house and lot are priced at $15,000 and $1,000 respectively. How much cash is needed to purchase the property if the bank will loan 80% of the cost of the house only?
(A) $5,200
(B) $12,000
(C) $4,000
(D) $13,000
(C) $4,000
## Footnote
80% of $15,000 is $12,000 - cash needed would be $3000 down payment and $1000 for land.
66
An investor bought a 75-acre plot for $1,450 per acre. Taxes and other expenses amounted to $6,842 per year. At the end of five years the property was sold for a net price of exactly twice the original cost. What was the net profit on the sale?
(A) $183,290
(B) $74,540
(C) $108,750
(D) $101,9080
(B) $74,540
67
A couple bought a duplex and plan to live in one half while renting out the other to cover costs. Expenses for one year are $1,133, t axes are $115, and the loan payments are $195 per month. What must the monthly rent be?
(A) $300
(B) $121
(C) $406
(D) $275
(A) $300
## Footnote
loan payments multiplied by 12 months, plus the annual expenses and taxes, then divided by 12 months for monthly rent cost $299.
68
The sale of a parcel of real estate owned by a corporation is authorized by:
(A) a corporate charter
B) the president of the corporation
(C) a corporate resolution.
(D) the attorney general.
(C) a corporate resolution.
69
On January 1, a seller paid $130 for a three-year insurance policy and $625 in annual property taxes. If the home was then sold the following August 1, what was the unused portion for taxes and insurance?
(A) $261.00
(B) $407.00
(C) $338.00
(D) $365.40
(D) $365.40
70
An option is an example of a(n):
(A) executory contract.
(B) anticipatory contract.
(C) executed contract.
(D) voidable contract.
(A) executory contract.
71
A $20,000 loan is being paid off at a monthly rate of $7.50 per $1,000. Taxes are $54 per year, and the three-year insurance has a $360 premium. What was the first month's payment?
(A) $161.50
(B) $167.10
(C) $164.50
(D) $263.20
(C) $164.50
71
A lot 270' x 390' sells for $45,000. Another lot in close proximity is 90' x 130'. What will the second lot sell for?
(A) $15,000
(B) $5,000
(C) $7,500
(D) $3,750
(B) $5,000
72
How many square feet are in a lot whose scale dimensions on a blueprint are 13 1/2" by 17 3/4" (scale: 1/8" = 1')?
(A) 15,336
(B) 13,536
(C) 1,534
(D) 1,354
(A) 15,336
## Footnote
1/8 = 1 foot, so 1 inch equals 8 feet.
73
A leasehold interest:
(A) lasts forever.
(B) may be created out of a fee simple interest.
(C) lasts for a lifetime.
(D) is the same as tenancy for years.
(B) may be created out of a fee simple interest.
74
A fiduciary relationship is established by a(n):
(A) option.
(B) mortgage.
(C) deed.
(D) power of attorney.
(D) power of attorney.
75
A legal instrument that creates a lien against personal property is called a(n):
(A) security agreement.
(B) estoppel certificate.
(C) bill of sale.
(D) note.
(A) security agreement.
## Footnote
FYI Estoppel cirtificate - In real estate, an estoppel certificate is a legally binding document used to verify the status of a lease agreement. It's essentially a statement signed by a tenant (or sometimes a seller in the case of a Homeowners Association [HOA] estoppel) that confirms the current terms and conditions of the lease or other relevant facts. This document is crucial for situations where a landlord is selling the property or refinancing, ensuring the buyer or lender has accurate information about the tenant and their lease.
76
The tenancy created when a tenant fails to vacate at the end of a lease is called a:
(A) tenancy at sufferance.
(B) tenancy at will.
(C) periodic tenancy.
(D) estate for years.
(A) tenancy at sufferance.
77
Title vested in one person is said to be in:
(A) common
(B) severalty.
(C) singularity.
(D) unity.
(B) severalty.
78
All of these are examples of involuntary alienation EXCEPT:
(A) eminent domain.
(B) adverse possession.
(C) devise.
D ) escheat.
(C) devise.
79
A bag of fertilizer contains 210 lbs. of nitrates and 90 Ibs. of moss. What percentage of the mix is nitrates?
(A) 70%
(B) 30%
(C) 20%
(D) 40%
(A) 70%
80
John Lesser owns a two-family house in Bayonne, New Jersey. He occupies one of the apartments and has a conventional mortgage. If he discriminates against a prospective tenant on account of race, it would be:
(A) a violation of the Federal Fair Housing Law.
(B) lawful because he is exempt from the law.
(C) unlawful.
(D) a violation of the New Jersey Law Against Discrimination.
(C) unlawful.
81
A broker could properly advertise:
(A) "free TV if you buy a house through our office."
(B) free market study.
(C) free appraisal.
(D) free cooking gas and electricity.
(B) free market study.
82
A New Jersey broker had been practicing for five years with a clean record, but then was charged with three violations of the license laws and brought before the Real Estate Commission. He would be subject to a maximum fine of:
(A) $1,000
(B) $25,000
(C) nothing; the REC cannot enforce money penalties without court action.
(D) $500
(B) $25,000
## Footnote
$5000 for first offense and $10,000 each for the 2nd and 3rd.
83
The Real Estate Commission is funded by:
(A) federal and state grants.
(B) license fees.
(C) the general treasury.
(D) examination fees.
(C) the general treasury.
84
Regarding the Real Estate Sales Full Disclosure Act, which of the following is not correct?
(A) A subdivision of 90 lots is usually exempt from the Act.
(B) Photographs of the subject property need not be submitted.
(C) The fee for an initial registration shall not exceed $1,000.
(D) The rescission period is 7 calendar days.
(C) The fee for an initial registration shall not exceed $1,000.
85
By statutory definition, which of the following activities, if done for compensation, does NOT constitute real estate brokerage?
(A) Soliciting for prospective buyers.
(B) Making a real estate appraisal.
(C) Auctioning real estate.
(D) Trading or exchanging real estate.
(B) Making a real estate appraisal.
86
Under the New Jersey Law Against Discrimination:
(A) complaints must be filed within 60 days of the alleged discrimination.
(B) licensees are required to provide owners with a copy of the Attorney General's memorandum on the law against discrimination.
(C) discrimination because of age is unlawful.
(D) discrimination on account of marital status is prohibited.
(D) discrimination on account of marital status is prohibited.
87
A real estate salesperson:
(A) can never be in charge of a branch office.
(B) cannot recover from the Guaranty Fund if his broker fails to pay him.
(C) cannot sue a client for compensation.
D) Al of the above statements are true.
D) Al of the above statements are true.
88
A promissory note as an earnest money deposit with an offer to purchase is acceptable with the written authorization of:
(A) the broker.
(B) the vendee (buyer)
(C) the vendor (seller)
(D) the buyer's attorney.
(C) the vendor (seller)
89
If a licensee is found guilty of a third violation of the license law, the Commission may:
(A) impose a 90-day jail sentence.
(B) direct that no real estate license ever again be issued to that person.
(C) impose a $30,000 fine for the third violation.
(D) hold the licensee in contempt of court.
(B) direct that no real estate license ever again be issued to that person.
90
The Real Estate Commission settles commission disputes between:
(A) brokers and salespersons.
(B) brokers a n d their clients.
(C) Both A and B.
(D) Neither A nor B.
(D) Neither A nor B.
91
The person who files a complaint under the Federal Fair Housing Act is:
(A) the respondent.
(B) the complainant.
(C) HUD.
(D) the Attorney General.
(B) the complainant.
92
All places of business maintained by a real estate broker must:
(A) be open to the public during usual business hours.
(B) be independent of living quarters.
(C) state "Licensed Real Estate Broker" on the exterior.
(D) All of the above.
(D) All of the above.
93
In New Jersey there is a right of redemption in connection with:
(A) mortgage foreclosure.
(B) tax sale.
(C) executed judgment.
(D) conveyance by deed.
94
Functional obsolescence would least likely include:
(A) poor architecture.
(B) poor design.
(C) an outdated kitchen.
(D) rotting wood.
(D) rotting wood.
95
In estimating the value of a church, the appraiser would use:
(A) the market data approach.
(B) the cost approach.
(C) the capitalization approach.
D) the "before and after" approach.
(B) the cost approach.
96
The most important factor influencing value is:
(A) floor plan.
(B) age.
(C) location.
(D) tax basis.
(C) location.
97
All of the following are types of depreciation except:
(A) straight-line.
(B) sum-of-the-years digits.
(C) cost reproduction.
(D) double-declining balance.
(C) cost reproduction.
98
With regard to the senior citizen tax reduction, which of the following is not true?
(A) The senior citizen must occupy the property to qualify.
(B) The senior citizen is not eligible if his or her income exceeds $10,000 per year.
(C) application for same is made at the local level.
(D) the reduction is allowed on any New Jersey real estate owned by the senior citizen.
(D) the reduction is allowed on any New Jersey real estate owned by the senior citizen.
99
A one-year temporary broker's license may be issued:
(A) in the event of the death of a broker.
(B) if a broker's license is suspended.
(C) to the widow of a broker who has held a salesperson's license for one year.
(D) in the event a broker's license is revoked.
(A) in the event of the death of a broker.
100
The primary purpose of the license laws is to:
(A) protect the public in real estate transactions.
(B) increase revenues to the state.
(C) limit the number of licensees.
(D) protect brokers and salespersons.
(A) protect the public in real estate transactions.
101
Sally, a licensed salesperson, resigned from the ABC Agency. Her broker must give her an accounting of earned, but unpaid commissions within what period of time?
(A) ten days.
(B) 30 days.
(C) Immediately upon termination of employment.
(D) The broker does not have to account because Sally is not entitled to compensation after she leaves his employment
(B) 30 days.
102
Ben Broker had a lease signed by a landlord and tenant. He must provide all parties with copies of the lease within what period of time?
(A) Immediately.
(B) Ten days.
(C) 30 days.
(D) Five business days.
(A) Immediately.
103
A New York broker wishes to obtain a nonresident broker's license in New Jersey. He must:
(A) file a surety bond with the Commission.
(B) pass the New Jersey broker's exam, make application and pay the fee.
(C) file an "irrevocable consent" form with the New Jersey Real Estate Commission.
(D) receive a waiver from the New York REC.
(C) file an "irrevocable consent" form with the New Jersey Real Estate Commission.
104
All members of the New Jersey Real Estate Commission are:
(A) appointed by the secretary-director of the Real Estate Commission.
(B) appointed by the governor.
(C) required to be brokers for 10 years.
(D) responsible for promulgating real estate laws.
(B) appointed by the governor.
105
FHA mortgage insurance is paid by the:
(A) seller.
(B) borrower.
(C) lender.
(D) broker.
(B) borrower.
106
A real estate broker can legally prepare:
(A) a deed.
(B) an abstract of title.
(C) a purchase and sale agreement.
(D) None of the above.
(C) a purchase and sale agreement.
107
Title to real property may be conveyed:
(A) to a minor.
(B) by a minor.
(C) by bill of sale.
(D) by demise.
(A) to a minor.
108
For services performed in connection with a real estate transaction, the New Jersey broker who handled the transaction may give part of his or her commission to which of the following?
(A) A New Jersey attorney.
(B) The seller.
(C) A salesperson employed by another broker.
(D) A licensed broker of another state for the referral.
(D) A licensed broker of another state for the referral.
109
To be licensed as a broker in New Jersey you must:
(A) be a resident of New Jersey.
(B) be a citizen of the United States.
(C) be of legal age.
(D) Al of the above.
(C) be of legal age.
