NJ Real Estate Exam Latest 2023 Graded A+

At least that goes month to month is known as - correct answer an state from period to period
Madison Davidson negotiate it for a $30,000 loan with $200 monthly payments, plus 9% interest. in this
case what is the monthly interest in the first month - correct answer $225
1st you take $30000 in multiply it by 9% for the total annual interest paid or $2700. Divide that by 12
months for the total of $225 per month entries payment
Typically a listing broker is usually considered to be? - correct answer a fiduciary (agent) of the seller.
A section - correct answer []A square normally 1 mile on a side.
[]The Land Ordinance of 1785 divided townships in the United States into 36 sections.
An owner of a 12 unit apartment building lived in one of the apartments. The owner refused to rent to a
person because of his national origin. Based on Federal Fair Housing Laws, does the prospective tenant
have a valid complaint? - correct answer Yes because it was a 12 unit apartment building
Several legal steps must sometimes be taken before a creditor can have his outstanding debt satisfied
through the sale of the debtor's property. Which of the following is not one of the stepsin the process -
correct answer Writ of persecution
Property owner of Livia does not like how much she pays in property taxes what may she object to( and
have a chance of winning)? - correct answer The assess value of her property
A point, line, orsurface from which elevations are major is known as the - correct answer Datum
A loan company was loan applicants a particular insurance company, which in turn paid the loan
company a referral fee. This is: - correct answer illegal,since the Real Estate Procedures Act prohibits
kickbacks
A property was assessed at 25% of value with a text rate of $12 per hundred. If the taxes totalled $11400
what was the value? - correct answer $380,000
Divide the total taxes ($11400) by the rate per hundred ($12) for a total of 950. Multiply that by $100 for
the total of $95000, which is 25% of the value. Then divideby $95000 by 25% to obtain a 100% value of
$38,000
If a borrower must pay $6000 for points on a $150,000 loan how many points is the lender charging for
this loan? - correct answer 4 points
$6,000÷$150,000=.04 or 4 point
A 3 year straight note was obtained at 10% per year interest pay first two years was $42,000. The loan on
the house was 75% of the value. What was the total value of the property? - correct answer $280,000
-if 2yrs=$42,000 then 1yr=$21,000.
-At 10% the principal balance is $210,000
-since the loan is for 75% of the home divide $210,000 by 0.75%=$280,000
A brokerage was paid a commission of 6% of the 1st $120000 of the sales price and 4% of everything
over a $120,000 what would the sell price be if the total commission was $9000? - correct answer
$165,000
@6% commission was $7,200 (0.06×$120,000).
sub %9,000 from total commission...leaving $1,800. Since rate was at 4%, divide by $1,800, yielding
$45,000. Then add $120,000; totalling $165,000
Broker Aubrey has a listing agreement with the seller Scarlett. one of Aubrey's salesperson commits a
license law by violation while interacting with Scarlett. Aubrey - correct answer Could be responsible due
to vicarious liability