NJRE New Jersey Real Estate Salesperson License Examination - Set 2 - Part 3
Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.
Question 41: A homeowner in Hoboken sells her brownstone to a buyer who wants to assume the existing mortgage. The lender invokes a clause permitting it to call the loan due in full upon transfer of the property to a new owner without lender consent. Which BEST identifies this clause?
Question 42: A borrower's mortgage contains a clause requiring the lender to execute a release or satisfaction once the underlying debt has been paid in full. The lender must record the release to remove the mortgage lien from the property's title. Which BEST identifies this clause?
Question 43: An investor planning to acquire residential property in New Jersey at a forced sale learns that the state requires the lender to obtain a court order to enforce a mortgage. Which of the following BEST describes New Jersey's foreclosure regime for residential mortgages?
Question 44: A first-time buyer in Camden seeks a federally insured loan that requires a low down payment, allows a moderate credit profile, and charges both an upfront mortgage insurance premium and an annual mortgage insurance premium. Which loan program BEST matches this description?
Question 45: An eligible veteran seeking a residential loan in Toms River qualifies for a zero-down-payment government loan that does not charge private mortgage insurance and instead charges a one-time funding fee at closing, varying by service category and down payment. Which loan BEST matches?
Question 46: A moderate-income buyer wants to purchase a single-family home in a designated rural area of New Jersey using a government-backed loan with no down payment, income limits keyed to local area median income, and an upfront and annual guarantee fee. Which loan BEST matches this profile?
Question 47: A homeowner age sixty-five in Atlantic City wants a non-recourse FHA-insured loan that lets her tap home equity for living expenses without making monthly payments, with the balance due upon sale, death, or permanent move-out. Which loan BEST matches this profile?
Question 48: A seller in Trenton agrees to take back a mortgage from the buyer to bridge the gap between the buyer's available financing and the purchase price, allowing the buyer to close without a third-party institutional second loan. Which financing structure BEST identifies this arrangement?
Question 49: A residential closing in Cherry Hill triggers federal disclosure rules requiring a Loan Estimate within three business days of application and a Closing Disclosure at least three business days before consummation. Which integrated federal disclosure regime imposes these timing rules?
Question 50: A real estate broker in Newark accepts cash from a title company in exchange for steering closings to that title company. The payment is not for any service the broker actually performs. Which federal statute and section BEST identifies the prohibition this scheme violates?
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