Nj Real Estate Exam 2023 With 100% Correct Answers

Title {Ans: Ownership}Mineral Rights {Ans: subsurface rights}Guaranty Fund {Ans: Reimburses people defrauded or badly served by licensees in real estate transactions}Assessed Value {Ans: Value used for tax purposes}Horizontal Properties Act {Ans: regulates the creation of condominiums}Condominium {Ans: Fee simple ownership of living unit}Referral Fee {Ans: Money paid another broker for sending a client or customer}Voidable Contract {Ans: contract that is binding, but one party may disaffirm it}Private Mortgage Insurance {Ans: Protection for the lender on a low-down-payment mortgage loan}Dual Agency {Ans: Brokers taking both parties as principals}Agent {Ans: One authorized to act for another}Tenancy in Severalty {Ans: Real estate ownership by only one}Reverse Descrimination {Ans: "Benign" discrimination intended to correct past wrongs}Customer {Ans: Third party in a transaction, not the principal}Condemnation {Ans: Court action by which government takes property}Real estate Investment Syndicate {Ans: Group pooling resources to buy real estate}Contract {Ans: Agreement between two parties to perform some legal act(s)}Functional Obsolescence {Ans: Loss of value due to worn or outmoded features}Homeowner's Association {Ans: All owners in one condominium complex}Unenforceable Contract {Ans: Seemingly valid contract but neither party can sue to