Exam (elaborations)
NJ Real Estate Exam | Questions With Solutions (100% Correct)
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- NJ Real Estate
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- NJ Real Estate
NJ Real Estate Exam | Questions With Solutions (100% Correct)
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NJ Real Estate Exam | Questions WithSolutions (100% Correct)
If a broker is expecting to receive 6% commission on a sale of $250,000 house,
what will the commission be?
a) $750
b) $1,500
c) $7,500
d) $15,000 Correct Ans - d
A lot measuring 240' by 400' is selling for $400 a front foot. What is the price?
a) $1,600
b) $16,000
c) $72,000
d) $96,000 Correct Ans - d
If the frontage of a half acre lot is 100 feet, how deep is it?
a) 154 ft
b) 218 ft
c) 248 ft
d) 436 ft Correct Ans - b
An acre is how many Sqft? Correct Ans - 43,560
Which fact or facts is (are) TRUE concerning the DVA loan?
a) a DVA loan cannot be assumed
b) DVA loans made after March
1,1998 are freely assumable
c) the veteran must be careful how she/he uses up eligibility
d) the DVA fixes the rate of interest charged by the lender Correct Ans -
d
, Selling price: $325,000, 20% down and 2 points plus $2,000 closing fees. What
is the total cash required to close?
a) 71,500
b) 72,200
c) 73,500
d) 75,600 Correct Ans - b
Which of the following is NOT characteristic of a DVA loan?
a) loan is guaranteed
b) owner occupied
c) loan is insured
d) little or no down payment Correct Ans - c
If a lender charges 2 points on a $60,000 loan, how much does the lender get?
a) 120
b) 1,200
c) 2,400
d) none of the above Correct Ans - b
A broker establishes a company policy of charging no less than 6%
commission, is this legal? Correct Ans - YES
Money in a trust account, Broker must?
a) keep accurate records
b) may withdraw commission amount Correct Ans - a
One who has the right to sign the name of a principal to a contract of sale is:
a) an attorney in fact
b) broker with a listing
c) a special agent
d) an attorney at law Correct Ans - a
A deed made and delivered but NOT recorded is:
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