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66 Cards in this Set
- Front
- Back
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Recording provides __________________ notice |
Constructive |
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The senior citizen tax is only allowed on how many parcels of real estate? |
1 because it has to be primary residence... can only live in one house! also cannot make more than $10,000 per year |
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Functional obsolescence includes things like... |
outdated features small rooms few bathrooms compared to bedrooms NOT wear & tear or disrepair |
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Regarding the Real Estate Sales Full Disclosure Act, photos must be _____________________ of subject property. |
Submitted |
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Regarding the Real Estate Sales Full Disclosure Act, if the development is less than _________ lots, it's usually exempt from the Act. |
90 |
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Regarding the Real Estate Sales Full Disclosure Act, the initial registration fee cannot be more than $____________. |
$3,000.00 |
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Regarding the Real Estate Sales Full Disclosure Act, the right of rescission is good for _____________ __________________________ days. |
7 calendar days |
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Property owned by one person is called |
ownership in severalty |
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A power-of-attorney (document) establishes a _____________________________ relationship between the principal and the attorney-in-fact. |
Fiduciary |
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The owner of record has the right to use the property during the 2-year __________ ________________________ period. (After he stops paying property taxes) |
tax-redemption |
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A person in a position of confidence and trust with regard to property or money. |
Fiduciary |
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If a landlord sells his home, but the tenants have 6 months left on the lease, the buyers must... |
Honor the lease. The lease is binding on the buyer |
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In order for a deed to be valid, it does not need to be |
Acknowledged or recorded but, in order for it to be recorded, it must be acknowledged |
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For a VA loan, a down payment is.... |
Not required |
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When a person assumes a VA loan, he does/does not have to be a veteran. |
DOES NOT In order to originate a VA loan, the borrower must be a veteran (discharged other than dishonorably), but anyone can assume a VA loan |
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A VA mortgage requires a(n) _______________________ appraisal. |
Certified or approved (Also called certificate of reasonable value - CRV) |
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With a VA loan, the property must be the veteran's ____________________ _____________________. |
Primary Residence Veterans must live in the home to qualify for the VA loan |
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Restrictive covenants in a deed restrict... |
the use of the property. |
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Cost reproduction is an approach to |
appraising. |
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Mechanic's liens can be levied by.. |
contractors, subcontractors, electricians, plumbers, material providers, etc Basically, anyone who performed physical work on a home to improve it can file a mechanic's lien. |
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When a land contract is enter into, the buyer acquires |
equitable title. |
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When a salesperson leaves the brokerage, a broker has __________ days to give him an accounting of any pending deals. |
30 |
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Something left in a will is called a(n) |
devise |
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Which private agency buys and sells in the secondary mortgage market? |
FNMA - Fannie Mae |
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According to agency law, a broker must be |
competent (his agents don't necessarily have to be) |
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A bona fide purchaser is a purchaser who has entered into the purchase.. |
in good faith |
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The right of the government to take private lands for public purpose for just compensation. |
Eminent Domain |
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The Real Estate Commission is funded by |
the State Treasurer (or just Treasurer) |
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The right of the government to place reasonable restrictions. |
Police Power |
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A legal instrument that creates a lien against personal property. |
A security agreement |
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The process of taking private property for public purpose for just compensation. |
Condemnation |
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Title to real property can be conveyed (surprisingly) |
to a minor |
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A lien placed on a home for non-payment by an owner for labor or materials for improvements of the property. |
Mechanic's lien |
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If a corporation sells real estate, it must be approved in a ________________________ _____________________________. |
Corporate Resolution |
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To the owner of the dominant property, an easement is... |
an appurtenance (runs with the land) |
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If two brothers own property as joint tenants, and one brother dies, the heirs of the deceased brother own which portion of the property? |
None / Nothing / Nada! The surviving brother has rights of survivorship in joint tenancy, so after one dies, the other owns everything. |
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A person who assumes an existing mortgages becomes a __________________________ along with original borrower. |
Co-guarantor (like co-borrower) |
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The right of a utility company to access or maintain items on your property is through a(n)...... |
easement in gross |
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Indefeasible means... |
not voidable / unable to be defeated |
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Scarcity is not a ______________ characteristic of land. |
Physical |
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The cost approach to appraisal value sets |
the upper limit of value. |
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With commercial property, security deposits do not have to be in... |
an interest-bearing account (the law regarding security deposits only deals with residential properties) |
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Options & first-refusals contracts must be _________________________ to be enforceable. |
Written / In writing |
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A mortgage that covers several parcels of land. |
A blanket mortgage |
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All members of the Real Estate Commission are appointed by |
the governor. |
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If a licensee violates license law 3 times, the REC may |
revoke the license & never reissue it. |
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An option contract is a ________________ contract. (only binding on one party) |
Unilateral |
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The holder of a life estate cannot |
Commit waste |
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A change to a will is called a |
codicil |
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In a residential lease, the security deposit must be deposited into |
an insured depository |
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The final tenant on a Sale-leaseback |
the seller (sold it, now leases as tenant) |
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The use of property for the best net return is the principle of... |
highest and best use |
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A mortgage given to a purchaser from the seller in partial payment of the property (Seller financing) |
Purchase money mortgage |
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A real estate broker can legally prepare a(n) |
A purchase and sale agreement (fill in the blank contract) |
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Outside brokers (from other states) must file a(n) _______________________ _________________________ form to the NJ REC to obtain a NJ brokers license. |
Irrevocable consent |
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An option contract is a unilateral contract that is also a(n) ___________________ contract. |
Executory |
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Homogeneity creates |
stability in home values. |
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A promissory note as earnest money with an offer to purchase is acceptable with written authorization from... |
The Vendor (seller in a purchase & sale agreement) |
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A life estate is a ____________________ estate. |
Freehold |
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To pledge property without giving up possession. |
Hypothecate (to securitize it) |
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The grantor guarantees he has the rightful title to property in the covenant of |
Seizen. |
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The type of joint ownership where if one owner dies, the deceased's portion goes to his heirs. |
Tenancy in common (No right of survivorship) |
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With a primary residence, you can only deduct what 3 items on your income taxes? |
1. Real Estate Taxes 2. Mortgage Interest 3. Mortgage Insurance Premiums |
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Discrimination on account of race is against... |
the law! Not just one specific law, it is unlawful as a whole. |
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Under the NJ Law Against Discrimination, discrimination on account of ____________________ ______________________ is prohibited. |
marital status also race, gender, sexual orientation, familial status, etc |
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Conventional loans include |
ARMs (Adjustable rate mortgages) and Fixed rate mortgages |
