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44 Cards in this Set
- Front
- Back
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NJ has ______ counties. |
21 |
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The system of government which gives people the right to own full and complete property rights in land subject to governmental limitations. |
Allodial system |
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All Realtors® are ______________ ____________ _________________, but not all _____________ __________________ ________________ are Realtors®. |
real estate agents |
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In order to be a Realtor®, a licensee must subscribe to... |
The National Association of Realtors® Code of Ethics |
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When money is deposited into an escrow account, and shortly after the buyer's offer is not accepted, what happens to the deposit monies? |
The money is promptly returned to the buyer |
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True or False: Failure to include a specific termination date in an exclusive listing is grounds for disciplinary action. |
TRUE! Listing agreements must have a specific date, signatures, and a set commission. |
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How long do licensees have to submit a written offer to their principal (seller)? |
24 hours |
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If the broker terminates employment of a salesperson, he must immediately... |
return the license to the State (REC) |
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What are 3 ways the REC can discipline a licensee if there is a first license law violation? |
1. impose a fine 2. revoke the license 3. suspend the license (additional answer) 4. warning / probation |
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When must a broker's record must be made available to members of the Commission? |
Immediately / Upon inspection / Without notice |
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The position of trust between a broker and his principal (seller/buyer) |
Fiduciary relationship |
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The employing broker must pay all commissions due a salesperson within how many days after receipt by the broker? |
10 business days |
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If a broker maintains an office in his home, what are the 3 requirements? |
1. the office must be separate from living quarters 2. the door must be visible from the street 3. the broker cannot have any salespersons |
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A real estate salesperson can prepare (fill in the blank |
purchase and sale agreement AKA sales contract when involved in the transaction |
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After completion of the real estate course, the applicant has _______ ________ to pass the state exam, get fingerprinted, and apply for licensure. |
One year |
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A broker may properly advertise a "free..." |
market study / market analysis / CMA |
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A salesperson may only receive commissions from his... |
employing broker. |
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True or False: One who auctions real estate does not need a real estate license. |
FALSE! A real estate license is needed in order to auction real estate. |
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What is the governing body that requires licensees to do certain things? Ex: Provide sellers with the Attorney Generals Memorandum |
The Real Estate Commission |
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In order to obtain a real estate license, you must be a resident of _____________________. |
The United States You do not need to live in NJ to have a NJ real estate license. Also, you do not need to be a citizen of the US, just a resident. |
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The legal rights attached to real property |
The bundle of rights |
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Trees, shrubs, bushes, etc that do not require annual planting are considered __________________ property. |
Real property |
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What type of property is furniture? |
Personal property |
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When a property line is changed through gradual deposits of soil, this is called... |
Accretion by alluvion |
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What are the four governmental limitations on ownership of land? |
PETE (involuntary) 1. Police power 2. Eminent domain 3. Taxation 4. Escheat |
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Which is the most important test of a fixture? |
Intention of the parties |
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A tenant may take the harvest of an annual crop, even if the harvest occurs after the tenancy has ended, because of his... |
Emblement rights |
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What happens to the mineral rights when a property is sold? |
The rights pass to the buyer |
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The tenant of a life estate cannot commit... |
Waste |
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The tenant of a life estate may not _____________________ his interest. |
Devise / will |
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When the course of a stream is suddenly changed by natural forces, it is called |
Avulsion |
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A tenancy for years may also be called a ____________________estate. |
Leasehold |
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An ownership interest in real property is known as a(n)... |
estate |
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When land returns back to the grantor (or his heirs) when the grant is over, this is called... |
Reversion |
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What is another word for personal property? |
Personalty / Chattel |
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Full and complete ownership of land is most commonly recognized as a... |
fee simple estate |
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What are the 3 types of freehold estates? |
1. Fee / fee simple / fee simple absolute estate 2. Qualified fee estate 3. Life estate |
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What are all the names of a qualified fee estate? |
Base fee Conditional fee Determinable fee Defeasible fee |
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Which type of ownership has rights of survivorship? |
Joint tenancy |
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Property owned by a tenant in common passes at death to.... |
the deceased's estate. |
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A deed which Eric has 1/3 ownership interest and Joe has 2/3 ownership interest creates |
tenancy in common (no unity of interest) |
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In NJ, condominiums are regulated by |
The Horizontal Property Act / Condominium Act |
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Who is an inter vivos trust created by? |
Trustor |
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Property purchased by an unmarried couple with full survivorship would be owned as... |
joint tenants (a joint tenancy) |
