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35 Cards in this Set
- Front
- Back
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True or False: You can be deeded fee simple title on a condominium unit. |
TRUE |
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When must you include a contract provision informing prospective buyers of your interest in the property? |
When you are a licensee selling your own real estate |
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Collecting a commission as a real estate broker in a transaction when at the same time representing either party in in a different transaction for a consideration (ex: lawyer, executor) is called... |
dual capacity |
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Which law requires that contracts be in writing? |
Statute of Frauds |
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Brokers' real estate ads in NJ must include the name of... |
the brokerage (for advertising of property... the municipality must be included) |
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True or False: A person selling real estate pursuant to a court order does not need a real estate license. |
TRUE - Administrator would be acting as an owner would and does not need a real estate license |
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Alice purchased a two-bedroom condominium. What type of freehold interest does she most likely have? |
Fee simple / fee / fee simple absolute |
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Does an auctioneer of real estate need a real estate license? |
YES |
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The code obligatory upon members of the National Association of Realtors®. |
The Code of Ethics |
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What can the REC do if there is a first license law offense? |
Suspend / Revoke / Probation / Fines |
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True or False: A NJ Broker must be a resident of NJ. |
FALSE - he need only be a resident of the US |
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Is a salesperson allowed to prepare an agreement of sale for a real estate deal that was made directly between a buyer and a seller? |
NO - this would be practicing law... we, as licensees, do not practice law without a license to practice law |
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Can an unlicensed assistant attend a home inspection? |
NO - An unlicensed assistant may only work on office duties that do not pertain directly to real estate sales. |
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A broker must keep permanent records of how he handled other people's funds for... |
6 years |
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If the principal broker's license is revoked, what happens to the licenses of his sales associates? |
The licenses are automatically suspended |
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After a partition between two tenants in common, the tenancy is now |
owned in severalty |
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What are all the terms for real estate? |
Real property / Realty |
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The opposite of separate funds is |
commingling |
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True or False: A seller can pay no commission if he sells the home himself during an exclusive right to sell. |
FALSE - An exclusive right to sell protects the broker! |
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When is the broker's commission earned? |
Meeting of the minds / When a ready, willing, able buyer is brought at the terms of the seller |
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An oral listing cannot be |
enforced (it's unenforceable) |
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When land is returned to the grantor, or his heirs, after completion of the grant, this is called a |
Reversion |
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In an exclusive agency, if the owner finds a buyer, the broker gets... |
no commission / nothing |
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In a listing contract, what happens if the principal dies? |
The listing contract is terminated. |
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What are the 3 types of listings that we practice in NJ? |
Open Listing / Exclusive Agency Listing / Exclusive Right to Sell |
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The declaration made by a person to an official that he freely and voluntarily executed a deed is called a(n) |
acknowledgement |
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Al, Bev, and Claire own property as joint tenants. Claire dies, and Bev sells her interest in the property to Diane. The property is now owned... |
Al and Diane as tenants in common |
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The loss of one's real estate by the gradual wearing away of soil through the operation of natural causes is: |
Erosion |
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When two owners have concurrent, unequal interests in the same property, they hold the property as... |
tenants in common |
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A corporation cannot hold title to real property in NJ with another joint because of its... |
perpetual existence |
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A joint tenant may NOT sell... |
the PROPERTY, but he can sell his INTEREST |
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Dan and Brian hold title to property together. Dan owns 1/4, and Brian owns 3/4. The title would most likely be held as... |
tenants in common |
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As a fee simple estate owner, what are some of your rights? |
You can: sell the property, subdivide, lease, mortgage the property, etc |
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True or False: A real estate broker's office can be located in his home. |
TRUE - subject to restrictions |
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What are the 3 types of freehold estates? |
fee simple estate / qualified fee estate / life estate |
