REAL ESTATE 2

Question 1

How often do hotels and multiple dwelling units need to be inspected

Answer 1

Once every 5 years

Question 2

Who enforces the Hotel and Multiple dwelling law

Answer 2

Burea of Housing inspection within NJ community affairs

Question 3

What type of homes require fire extinguishers

Answer 3

1-2 family dwellings UPON CHANGE OF OCCUPANCY

Question 4

True or false- seasonal units do not apply to the provision of a new fire extinguisher at the change of occupancy

Answer 4

true

Question 5

fire extinguishers must be within how many feet of the kitchen? above ground?

Answer 5

10 ft - 5 ft above ground max

Question 6

Where are CO detectors required

Answer 6

single family home, multiple dwelling or hotel near sleeping areas

Question 7

Who is responsible for telling a buyer before purchasing a home about air safety

Answer 7

seller, broker, agent

if agent does not disclose this info they are subject to a fine, suspension and revocation of license.

Question 8

complete set of technical standards for construction with a uniform method of admin an enforcement

Answer 8

UCC- Uniform Construction code

Question 9

enforcement of construction codes is through

Answer 9

construction permits and certificate of occupancy

Question 10

When is an agent exempt from the responsibility of the lead paint disclosure

Answer 10

buyers agent who receives all their compensation from the buyer

Question 11

a toxic metal which is especially harmful to pregnant women and children

Answer 11

lead base paint

Question 12

radioactive gas that is produced as a result of the decay of uranium in the ground

Answer 12

Radon

Question 13

who can a person who has tested or treated a property for randon disclose that information to

Answer 13

the DEP or property owner unless property owner waives that right of confidentiality

Question 14

When must a seller disclose information about randon to a buyer

Answer 14

at the time the contract of sale is entered into

Question 15

How many days does a purchaser have for lead base paint testing

Answer 15

10 days of mutually agreed upon

Question 16

What is a target house

Answer 16

any house constructed prior to 1978

Question 17

A fungus which occurs naturally in the enviornment

Answer 17

mold

Question 18

areas where water covers soil

Answer 18

wetlands

Question 19

regulates activities in abnd around fresh water by preventing random unnecessary alteration or disturbances of these ares

Answer 19

NJ Fresh water wetland protection act

Question 20

this act was passed in order to bring many municipalities under single regulatory body

Answer 20

pinelands protection act

Question 21

is stock on hand included in a deal for a business

Answer 21

yes buy bill of sale

Question 22

business personal property is referred to as

Answer 22

chattel

Question 23

cash registers, typewriters, etc are considered

Answer 23

chattel

Question 24

covenant not to compete is related to

Answer 24

good will

Question 25

if a business owner is selling their business and the business is leased, how is the transfer accomplished

Answer 25

by assignment

Question 26

how are individual rights of a business such as patents copyrights and tradermarks transferred

Answer 26

by assignement

Question 27

Is a broker ever allowed to take his commission from the escrow account?

Answer 27

Yes- but must be taken out within 5 business days

Question 28

When a broker is authorized to take their commission from escrow and fails to do so within the time frame, what would failure to do so be called

Answer 28

commingling

Question 29

When does money received by a broker from a purchaser as earnest money need to be depsoited into escrow? what is the exception

Answer 29

within 5 business days. unless the offer is withdrawn or rejected before the 5 days- in that case the broker can give the money back the same way it was received

Question 30

what if a person who makes an offer to purchase and give the broker an earnest money deposit has the offer declined but requests the money be kept in the event they put an offer on a another property, what must the broker do?

Answer 30

Put the money in escrow within 5 days

Question 31

A form of commingling in which one intentionally takes or uses someones elses property for their own use

Answer 31

conversion

Question 32

How long must brokers maintain records of money and property recieved by others

Answer 32

6 years

Question 33

When can credit card charge be accepted

Answer 33

Short term rentals (less than 25 days)

Question 34

Who is allowed to provide a rebate

Answer 34

ONLY REAL ESTATE BROKER

Question 35

Are broker sales person allowed to provide rebates

Answer 35

no

Question 36

Who is legally allowed to be provided a rebate

Answer 36

a purchaser of residential property only

Question 37

True or false: Fair housing act does not apply to marital status

Answer 37

true

Question 38

Rule of thumb method for homed price

Answer 38

Gross rent multiplier