Colibri Real Estate - NJ Salesperson - Readiness Assessment Guide with Q & S 2024
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Course
Colibri Real Estate
Institution
Colibri Real Estate
Colibri Real Estate - NJ Salesperson - Readiness Assessment Guide with Q & S 2024Colibri Real Estate - NJ Salesperson - Readiness Assessment Guide with Q & S 2024Colibri Real Estate - NJ Salesperson - Readiness Assessment Guide with Q & S 2024
,1. When considering land use controls, which of the following is an
example of police power?
A) Eminent domain
B) Escheat
C) Zoning ordinances
D) Deed restrictions
Answer: C) Zoning ordinances
2. A fiduciary duty requires a real estate agent to disclose which of
the following to their client?
A) Their commission rate
B) All offers received
C) Personal interest in the property
D) All of the above
Answer: D) All of the above
3. Which appraisal method estimates the value of a property by
comparing it to similar properties with known sale prices?
A) Cost approach
, B) Income approach
C) Sales comparison approach
D) Capitalization rate
Answer: C) Sales comparison approach
4. In New Jersey, what is the maximum allowable usury rate for a
mortgage loan on a primary residence?
A) 6%
B) 8%
C) 16%
D) There is no maximum rate
Answer: B) 8%
5. Which of the following best describes a 'metes and bounds'
description?
A) A legal description that defines land by its perimeter
B) A description that uses lot and block numbers
C) A description that refers to a recorded plat
D) A description that uses street names and addresses
Answer: A) A legal description that defines land by its
perimeter
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