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NEW JERSEY REAL ESTATE EXAM 2 COMPLETE 300
QUESTIONS AND CORRECT VERIFIED ANSWERS
LATEST UPDATE JUST RELEASED THIS YEAR
Question: What does the Bulk Transfer Act refer to?
A.Personal property only
B.Real property only
C.Both real and personal property
D.Chattels and fixtures - CORRECT ANSWER✔✔C. Both real and personal property
Question: In order to convert an oral agreement into a written listing, the broker must deliver a
written memorandum of the agreement to the client within how many days?
A.1 day
B.5 days
C.10 days
D.30 days - CORRECT ANSWER✔✔B. 5 days
Question: Why did a broker enter a new listing into the Multiple Listing Service (MLS)?
A.As a common curtesy to the seller
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B.Only by doing so allows the listing broker to represent the property in question
C.It invites other brokers to produce a buyer
D.The listing broker is giving notice that only this broker may bring a buyer. - CORRECT
ANSWER✔✔C. It invited other brokers to produce a buyer
Question: What is the effect of a large old home with six bedrooms and one bathroom?
A.The home suffers from depreciation.
B.The home suffers economic obsolescence.
C.The home suffers functional obsolescence.
D.The home suffers external obsolescence - CORRECT ANSWER✔✔C. The home suffers
functional obsolescence
Question: Which of the following protects suppliers and laborers?
A.Mechanic's or construction lien
B.Encroachment
C.Easement
D.License - CORRECT ANSWER✔✔A. Mechanic's or construction lien
Question: What is the effect of a properly filed lien?
A.It attaches to the property owner, not the property.
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B.It runs with the land.
C.It includes state inheritance taxes.
D.It is physical claim against the property. - CORRECT ANSWER✔✔D. It is physical claim against
the property
Question: In New Jersey, what are options and "first refusals" considered?
A.Bilateral contracts
B.Unenforceable by the offeree
C.Can be oral agreements according to the Statute of Frauds
D.Place an obligation only on the offeror - CORRECT ANSWER✔✔D. Place an obligation only on
the offeror
Q:Two men own a parcel of land as joint tenants. One of them dies, and his will stipulates that
his interest will pass to his wife, upon her death, to his children. What type of ownership estate
do the children have?
A. Estate in reversion
B. Estate in remainder
C. Life estate
D. No estate - CORRECT ANSWER✔✔D. No Estate
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Question: What term references when something of value offered by one party and accepted
by another as inducement to perform?
A. An acknowledgment
B. Consideration
C. A boot
D. A conveyance - CORRECT ANSWER✔✔B. Consideration
Question: What type of ownership references the unities of time, title, interest and
possession?
A. General agencies
B. Universal agencies
C. Special agencies
D. Ostensible agencies - CORRECT ANSWER✔✔C. Special Agencies
Question: What must a seller's broker transmit to her principal?
A. All written offers
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NEW JERSEY REAL ESTATE EXAM 2 COMPLETE 300
QUESTIONS AND CORRECT VERIFIED ANSWERS
LATEST UPDATE JUST RELEASED THIS YEAR
Question: What does the Bulk Transfer Act refer to?
A.Personal property only
B.Real property only
C.Both real and personal property
D.Chattels and fixtures - CORRECT ANSWER✔✔C. Both real and personal property
Question: In order to convert an oral agreement into a written listing, the broker must deliver a
written memorandum of the agreement to the client within how many days?
A.1 day
B.5 days
C.10 days
D.30 days - CORRECT ANSWER✔✔B. 5 days
Question: Why did a broker enter a new listing into the Multiple Listing Service (MLS)?
A.As a common curtesy to the seller
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B.Only by doing so allows the listing broker to represent the property in question
C.It invites other brokers to produce a buyer
D.The listing broker is giving notice that only this broker may bring a buyer. - CORRECT
ANSWER✔✔C. It invited other brokers to produce a buyer
Question: What is the effect of a large old home with six bedrooms and one bathroom?
A.The home suffers from depreciation.
B.The home suffers economic obsolescence.
C.The home suffers functional obsolescence.
D.The home suffers external obsolescence - CORRECT ANSWER✔✔C. The home suffers
functional obsolescence
Question: Which of the following protects suppliers and laborers?
A.Mechanic's or construction lien
B.Encroachment
C.Easement
D.License - CORRECT ANSWER✔✔A. Mechanic's or construction lien
Question: What is the effect of a properly filed lien?
A.It attaches to the property owner, not the property.
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B.It runs with the land.
C.It includes state inheritance taxes.
D.It is physical claim against the property. - CORRECT ANSWER✔✔D. It is physical claim against
the property
Question: In New Jersey, what are options and "first refusals" considered?
A.Bilateral contracts
B.Unenforceable by the offeree
C.Can be oral agreements according to the Statute of Frauds
D.Place an obligation only on the offeror - CORRECT ANSWER✔✔D. Place an obligation only on
the offeror
Q:Two men own a parcel of land as joint tenants. One of them dies, and his will stipulates that
his interest will pass to his wife, upon her death, to his children. What type of ownership estate
do the children have?
A. Estate in reversion
B. Estate in remainder
C. Life estate
D. No estate - CORRECT ANSWER✔✔D. No Estate
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Question: What term references when something of value offered by one party and accepted
by another as inducement to perform?
A. An acknowledgment
B. Consideration
C. A boot
D. A conveyance - CORRECT ANSWER✔✔B. Consideration
Question: What type of ownership references the unities of time, title, interest and
possession?
A. General agencies
B. Universal agencies
C. Special agencies
D. Ostensible agencies - CORRECT ANSWER✔✔C. Special Agencies
Question: What must a seller's broker transmit to her principal?
A. All written offers
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