Important Real Estate Licensing New Jersey Real Estate Salesperson Exam Questions

Answer: A

Explanation:

The chain of title is the recorded history of property ownership from one owner to the next. It is the most reliable way to determine prior ownership.

Lien records show financial claims but not ownership sequence.

An abstract of title summarizes the chain of title and liens but is not the original source.

Grantor indexes are tools used in researching title but do not themselves provide the full sequence.

Thus, the best method is the chain of title.

Answer: A

Explanation:

Standard title insurance protects against defects in title that existed before closing, such as forged documents, undisclosed heirs, or improperly executed deeds.

It does not cover issues arising after closing (like new HOA liens).

It does not protect against defects the buyer already knew about.

It also does not insure physical possession or condition of property.

Thus, the correct answer is A.

Answer: A

Explanation:

Under the federal Telephone Consumer Protection Act (TCPA) and Junk Fax Prevention Act:

Any unsolicited fax must include a clear opt-out provision allowing the recipient to request no further communications.

The fax must also identify the sender, including company name.

There is no requirement to mail identical lists.

Correct answer = A.

Answer: D

Explanation:

Under IRS Section 121 Exclusion (Home Sale Exclusion Rule):

Married couples filing jointly can exclude up to $500,000 of capital gains.

They must have owned and occupied the property as their primary residence for 2 of the past 5 years.

Age 65 requirement is obsolete (repealed).

They don't need to reinvest in another home.

The exclusion can be used once every 2 years.

Correct answer = D.

Answer: A

Explanation:

An easement in gross benefits a utility company or individual, not a dominant parcel of land.

It attaches to the utility provider, not another property.

Appurtenant easements benefit adjoining landowners.

By necessity arises when a parcel is landlocked.

By prescription arises through long-term adverse use.

This utility easement is an easement in gross = A.