State Exam Ch 9, 10

Front 1

Chapter 9

Asbestos

Back 1

Banned, hazardous mineral, once used for installation.

Front 2

Building codes

Back 2

Standards, for construction. Regulations established by state and local government, setting forth, the structural requirements, for building.

Front 3

Building permits

Back 3

Permission for construction.

Front 4

CERCLA

Back 4

comprehensive, environmental, response, compensation, and liability Act, of 1980

Front 5

Condemnation

Back 5

Court action, by which, the government, takes property.

Front 6

Deed restrictions

Back 6

Limit, on use of property, set by seller.

Front 7

Department of Environmental Protection (DEP)

Back 7

Oversees natural resources.

Front 8

Eminent Domain

Back 8

Government's power, to take property, for public use

Front 9

Escheat

Back 9

reversion of property, to the state, when intestate owner, dies without heirs.

Front 10

Exclusionary zoning

Back 10

Local regulations, that discriminate, usually against, low-income housing.

Front 11

Lead-based paint

Back 11

Once, widely used wallcovering, containing, a now banned,

Metal.

Front 12

Master plan

Back 12

A comprehensive plan, to guide, the long-term, physical development, of a particular area.

Front 13

Non-conforming use

Back 13

Existing use, that doesn't meet, current zoning standards.

Front 14

Police power

Back 14

The government right, to impose laws, to protect The public health, safety, and Welfare.

Front 15

Radon

Back 15

Naturally occurring radioactive gas

Odorless, and colorless.

Front 16

Variance

Back 16

A use, that does not meet, zoning requirements.

Front 17

Zoning ordinance

Back 17

Municipal restrictions, on uses of, Real Estate, in various areas.

Front 18

The government's, police power, allows it to, regulate?

A. Law enforcement.

B. Fire codes.

C. Zoning.

D. All of the above.

Back 18

Answer.

D. All of the above

Front 19

The right of, escheat, allows New Jersey, to acquire land?

Back 19

When someone dies, without leaving a will, or heirs.

Front 20

A house, that was built before, 1978?

Back 20

May have the presents, of lead-based paint, and federal disclosure laws, must be complied with.

Front 21

A non-conforming use, is allowed?

Back 21

If it existed, before, the area, was zoned.

Front 22

A physician, goes before, his local zoning board, asking for permission, to open an office, in his residential neighborhood, because the area, has no medical facilities. He is, asking for, a?

Back 22

Variance.

Front 23

The building inspector, who has determined, that construction, is satisfactory, May issue, a?

Back 23

Certificate of occupancy.

Front 24

Building permit

Back 24

Permission for construction.

Front 25

Liability, under the Superfund, is?

Back 25

Strict, joint and several, and Retroactive.

Front 26

Asbestos

Back 26

Is considered, and environmental hazard, due to its, friable nature.

Front 27

The most common, source of, lead contamination, and residential property, is?

Back 27

Chipping paint.

Front 28

Buyers, and sellers, should be alerted, to the possibility, of mole, when a house, has?

Back 28

Signs of moisture.

Front 29

Regulations, on privately owned, real estate, includes?

Back 29

Planning, zoning, subdivision regulations, codes that regulate building construction and safety, Environmental protection legislation.

Front 30

Zoning ordinances, generally, divide land use, in two, five classifications

Back 30

1. Residential.

2. Commercial.

3. Institutional.

4. Recreational.

5. Industrial.

Front 31

Subdivision regulations, usually provide, for the following:

Back 31

1. Local, grading, alignment, surface, and width of Street, highways, and other right of way.

2. Installation of sewer and water mains.

3. Minimum dimensions of lots.

4. Building and setback lines.

Front 32

Underground storage tanks (UST) owners are required, to register, their tanks, to strict technical requirements, that govern:

Back 32

1. Installation.

2. Maintenance.

3. Corrosion Prevention.

4. Overspill prevention.

5. Monitoring,

6. Record keeping.

Front 33

Chapter 10

Comparative market analysis (CMA)

Back 33

comparison of prices, of recently sold homes, that are similar, in, location, style, and amenities, to the property, of, the listing seller.

Front 34

Exclusive agency listing

Back 34

Authorizes 1 broker, to handled the property, with the owner, reserving the right to sell, on his own, without paying Commission. Commission can be split, by brokers who work together, on the sale.

Front 35

Exclusive right to sell

Back 35

Authorizes one broker, to handle the property, and to receive commission, if the property is sold, by anyone, during the listing period. Broker gets paid, no matter.

Front 36

Multiple listing service (MLS)

Back 36

Organized, by a group of brokers, who cooperate, in the sale of each other's listings. Sellers, made choose, not to allow their property, into, multiple listings, if they wish.

Front 37

Open listing

Back 37

The Seller agrees, to pay a broker, a commission, only if he procures, a buyer for the property. The seller can have multiple brokers, All acting as agents. If the seller, finds a buyer, he does not have to pay a commission.

Front 38

Net listing

Back 38

Illegal listing, broker keeps everything, above the selling price.

Front 39

In New Jersey, an exclusive listing agreement, must include, a?

Back 39

Definite termination date.

Front 40

Any M. L. S. , must receive, a listing, within 48 Hours, of a signing

Back 40

Any written offer, must be transmitted, to The seller, within 24 hours.

Front 41

H. U. D., HUD

Back 41

Department of Housing and Urban Development.

Front 42

Contingency

Back 42

A future event, or circumstance, which is, possible, but cannot be predicted, with certainty.

Front 43

Information, licensees, must obtain

Back 43

1. Survey or dimensions.

2. Square footage.

3. Construction & age of building.

4. Info about neighborhood.

5. Amount of existing financing.

6. Zoning classification.

7. Exactly what, & what's not, included in the sale price.

Chapter 10