US Real Estate New Jersey Test 3

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Author: TestGru Team (Education Specialist)

20 questions · All questions on one page

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Real Estate — New Jersey Professional (Real Estate, USA) USA — New Jersey State Real Estate License — USA

What is this test? for Real Estate Salesperson/Broker prep, USA (national + state law) — Professional (Real Estate, USA) level, USA — New Jersey.
For adults preparing for Real Estate license in the USA
Section: Real Estate — New Jersey · Education: Professional (Adult) · Part: Real Estate — New Jersey · Country: USA · Region: USA — New Jersey

Finance and real estate acumen covers markets, valuation, contracts, and budget management.

This test is designed to reinforce core concepts and help you succeed on your exams.

By solving this test of 20 questions, you can both test your knowledge and identify the topics you need to improve.

Question 1

Which agency licenses agents in New Jersey?

A) IRS

B) State Bar

C) Medical Board

D) New Jersey Real Estate Commission

Question 2

What is agency in real estate?

A) ownership

B) zoning

C) tenancy

D) broker acting for a client

Question 3

What classes are protected in housing?

A) race, color, religion, sex, handicap, family, national origin

B) income

C) politics

D) age only

Question 4

What is a listing agreement?

A) contract to sell a property

B) purchase offer

C) lease

D) deed

Question 5

What is earnest money?

A) fee

B) buyer good-faith deposit

C) commission

D) tax

Question 6

What is a fiduciary duty?

A) profit first

B) loyalty, obedience, care to client

C) secrecy from client

D) dual profit

Question 7

What is dual agency?

A) one broker representing both sides

B) buyer only

C) no representation

D) two brokers

Question 8

What is redlining?

A) appraising

B) surveying

C) mapping

D) illegal denial by neighborhood

Question 9

What is steering?

A) showing homes

B) guiding buyers by race (illegal)

C) negotiating

D) advertising

Question 10

What is a CMA?

A) comparative market analysis

B) survey

C) appraisal

D) inspection

Question 11

What is an appraisal?

A) offer

B) inspection

C) professional value opinion

D) listing

Question 12

What are the three appraisal approaches?

A) sales comparison, cost, income

B) offer, accept, record

C) show, stage, sell

D) list, sell, close

Question 13

What is PITI?

A) a deed

B) a loan type

C) a tax

D) principal, interest, taxes, insurance

Question 14

What is LTV?

A) listing traffic volume

B) land title verification

C) lease term value

D) loan-to-value ratio

Question 15

What is PMI?

A) insurance for low down payments

B) flood insurance

C) title insurance

D) property tax

Question 16

What is escrow?

A) tax

B) commission

C) down payment

D) neutral third-party holding

Question 17

What is a deed?

A) ownership transfer document

B) offer

C) lease

D) loan paper

Question 18

What is a warranty deed?

A) quitclaim

B) lease

C) guarantees clear title

D) option

Question 19

What is a quitclaim deed?

A) loan

B) transfers whatever interest exists

C) lease

D) full warranty

Question 20

What is title insurance?

A) protects against title defects

B) flood policy

C) home warranty

D) life insurance

US Real Estate New Jersey Test 3

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