Nj re school practice exam questions and answers with
complete solution
Regulation Z requires the disclosure of which of following?
A. Respa
B. APR
C. NAR
D. CMA
B. APR
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 and, upon her death, to hiss children. What type of
estate do the children have?
A. Estate in reversion
B. Estate in remainder
C. Life estate
D. No estate
D. no estate
Something of value offered by one part and accepted by another as inducement to
perform is called
A. Acknowledgment
B. Boot
C. Conveyance
D. Consideration
D. Consideration
The unities of time, title, interest and possession are directly connected with
A. Tenancy in common
B. Remainder interest
C. Communalproperty
D. Joint tenancy
D. Joint tenancy
A sellers broker must transmit to her principal
A. Copies of all advertisements on the property
B. All offers that are reasonable
C. All written offers that are reasonable
D. All written offer
D. All written offers
If the owners of a property sell it themselves, even though they have an exclusive
agency listing with a broker, they owe the broker
A. The full commission
,B. One-half the commission
C. A commission that must be settled through arbitration
D. No commission
D. No commission
Which of the following does NOT hold a leasehold estate?
A. Tenant for years
B. Life tenant
C. Tenant at will
D. Tenant at sufferance
D. Tenant at sufferance
A loan used for temporary financing is a
A. VA loan
B. FHA 203(b) loan
C. Construction loan
D. Land contract
C. Construction loan
In a sale-leaseback agreement, the
A. Grantor becomes the landlord
B. Grantee becomes the tenant
C. Grantor becomes the lessee
D. Grantor becomes the assignee
C. Grantor becomes the lessee
A man and a woman are not married but own property together. The man dies in an
accident and the woman now owns the property in severalty. The man and the woman
must have held title in
A. Tenancy by the entirety
B. Tenancy in common
C. Life tenancy
D. Joint tenancy
D. Joint tenancy
When a lease provides that the lessee shall be responsible for all expenses, it is known
as
A. Gross lease
B. Percentage lease
C. Net lease
D. Index lease
C. Net lease
The lease that requires no advance notification to terminate it at the end of its term is
called
A. periodic tenancy
, B. month to month
C. Estate for years
D. Year to year
C. Estate for years
The cost approach would most likely be used for which of the following?
A. Single family house
B. Apartment building
C. Public building
D. Office building
C. Public building
Which of the following liens takes precedence over all others?
A. Judgement against the seller
B. Purchase money mortgage taken by the seller
C. Delinquent special assessment charge
D. First mortgage recorded by a bank
C. Delinquent special assessment charge
If an owner in severalty dies testate, the property will be
A. Probated and passed on to the owners heirs according to the law of descent
B. Probated and passed on to the owner's devisees
C. Automatically vested in the other tenant
D. Automatically subject to the law os escheat
B. Probated and passed on to the owners devisees
The smallest unit of measure in the rectangular survey system is known as a
A. Township
B. Section
C. Benchmark
D. Monument
B. Section
In a blanket mortgage, what clause gives the developer the right to sell an individual lot
without having to pay off the entire principal amount?
A. prepayment clause
B. Defeasance clause
C. Partial release clause
D. Subordination clause
C. Partial release clause
A woman gives a parcel of land to a man with an express condition in the deed that if
the man builds an office building on the land, the parcel will revert to the woman. This is
an example of a
A. Deed restriction
B. Fee simple determinable
complete solution
Regulation Z requires the disclosure of which of following?
A. Respa
B. APR
C. NAR
D. CMA
B. APR
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 and, upon her death, to hiss children. What type of
estate do the children have?
A. Estate in reversion
B. Estate in remainder
C. Life estate
D. No estate
D. no estate
Something of value offered by one part and accepted by another as inducement to
perform is called
A. Acknowledgment
B. Boot
C. Conveyance
D. Consideration
D. Consideration
The unities of time, title, interest and possession are directly connected with
A. Tenancy in common
B. Remainder interest
C. Communalproperty
D. Joint tenancy
D. Joint tenancy
A sellers broker must transmit to her principal
A. Copies of all advertisements on the property
B. All offers that are reasonable
C. All written offers that are reasonable
D. All written offer
D. All written offers
If the owners of a property sell it themselves, even though they have an exclusive
agency listing with a broker, they owe the broker
A. The full commission
,B. One-half the commission
C. A commission that must be settled through arbitration
D. No commission
D. No commission
Which of the following does NOT hold a leasehold estate?
A. Tenant for years
B. Life tenant
C. Tenant at will
D. Tenant at sufferance
D. Tenant at sufferance
A loan used for temporary financing is a
A. VA loan
B. FHA 203(b) loan
C. Construction loan
D. Land contract
C. Construction loan
In a sale-leaseback agreement, the
A. Grantor becomes the landlord
B. Grantee becomes the tenant
C. Grantor becomes the lessee
D. Grantor becomes the assignee
C. Grantor becomes the lessee
A man and a woman are not married but own property together. The man dies in an
accident and the woman now owns the property in severalty. The man and the woman
must have held title in
A. Tenancy by the entirety
B. Tenancy in common
C. Life tenancy
D. Joint tenancy
D. Joint tenancy
When a lease provides that the lessee shall be responsible for all expenses, it is known
as
A. Gross lease
B. Percentage lease
C. Net lease
D. Index lease
C. Net lease
The lease that requires no advance notification to terminate it at the end of its term is
called
A. periodic tenancy
, B. month to month
C. Estate for years
D. Year to year
C. Estate for years
The cost approach would most likely be used for which of the following?
A. Single family house
B. Apartment building
C. Public building
D. Office building
C. Public building
Which of the following liens takes precedence over all others?
A. Judgement against the seller
B. Purchase money mortgage taken by the seller
C. Delinquent special assessment charge
D. First mortgage recorded by a bank
C. Delinquent special assessment charge
If an owner in severalty dies testate, the property will be
A. Probated and passed on to the owners heirs according to the law of descent
B. Probated and passed on to the owner's devisees
C. Automatically vested in the other tenant
D. Automatically subject to the law os escheat
B. Probated and passed on to the owners devisees
The smallest unit of measure in the rectangular survey system is known as a
A. Township
B. Section
C. Benchmark
D. Monument
B. Section
In a blanket mortgage, what clause gives the developer the right to sell an individual lot
without having to pay off the entire principal amount?
A. prepayment clause
B. Defeasance clause
C. Partial release clause
D. Subordination clause
C. Partial release clause
A woman gives a parcel of land to a man with an express condition in the deed that if
the man builds an office building on the land, the parcel will revert to the woman. This is
an example of a
A. Deed restriction
B. Fee simple determinable
