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| Section | Weight | Objectives |
|---|---|---|
| National Portion (80 questions) | 73% | - Property Transfer and Disclosure
|
| New Jersey State Portion (30 questions) | 27% | - New Jersey License Law
|
In many states, usury laws:
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A seller has listed a home with a broker for $112,000. The seller is leaving for a 45-day cruise midway through the listing period and authorizes the broker through a limited power of attorney to accept any offer of all cash at a price of $108,000 or more pending his return. The broker receives an offer for $110,000 all cash.
The broker
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A home sold for $400,000. It was appraised for $402,000, and the assessed value was $320,000. Assume in this situation, the real estate transfer tax of 1% is paid by the grantee. How much will the seller owe at closing for transfer fees?
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A buyer wants to purchase a home for $400,000 with a 15% down payment. The lender charges 1.5 points.
How much money does the buyer need up front to make the purchase?
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If an owner wants to list a property for sale "as is," the listing agent should:
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