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11 3 2017  Elite Advantage Real Estate Academy  New Jersey Real Estate PSI Exam Review  Elite Advantage Real Estate Academ...
11 3 2017  NJ State Law Duties and Powers of the Real Estate Commission     Licensing Requirements     Statutory rule requ...
11 3 2017  3a. Examination of Records                      NJREC may investigate complaints against licensees or investiga...
11 3 2017  4b. Penalties Under the Licensing Statute         or may be imprisoned for not more than 1 year  or both. Any r...
11 3 2017  II. Licensing requirements  6. Activities requiring a license To collect a commission, one must be licensed at ...
11 3 2017  7a. Broker License Qualifications  7. Types of Licenses               Broker   Broker-of-Record      Salesperso...
11 3 2017  7d. Realtor   - Realtor Associate    8. Mobile Homes Licensees permitted to handle the sale or resale of mobile...
11 3 2017  III. Statutory rule requirements governing the activities of licensees                              Advertising...
11 3 2017  10b. Advertising     General  I       Home warranty ads must state whether inspection is required, mandatory or...
11 3 2017  11b. Broker-Salesperson  12. Payment of commissions  Fulfilled all the requirements of a broker yet chooses to ...
11 3 2017  14. Agency Special agency generally created by a written employment contract       Agency           Conflicts  ...
11 3 2017  14c. Broker   Buyer Principal  14d. Broker as Disclosed Dual Agent Broker cannot give first loyalty to two prin...
11 3 2017  16. Conflicts of Interest  17. Disclosure of Agency  Strictly comply with the laws of agency and the principles...
11 3 2017  19. Content and handling of documents     Duplicate original to signers for listing  19a. Regulation of Documen...
11 3 2017  20b. Trust Account - Commingling  21. Listings and content of listing agreements  May not mix operating funds o...
11 3 2017  21c. Responsibility for Investigation                   NJREC requires licensee to ascertain all pertinent info...
11 3 2017  22b. Places of Business - Branch Office Must be under the DIRECT Supervision of the Broker of Broker-Salesperso...
11 3 2017  25a. Off-Site Conditions  25b. Megan   s Law Statement  The Supreme Court of NJ has held that conditions beyond...
11 3 2017  26b. Licensing Information      License fees     Salesperson   178  and B S   288     Branch office  150     Co...
11 3 2017  28a. Exceptions  28b. Enforcement      The exception to New Jersey   s law applies to rentals, allowing        ...
11 3 2017  NJ State Law Duties and Powers of the Real Estate Commission     Licensing Requirements     Statutory rule requ...
11 3 2017  1a. Real property and personal property  1. Elements of real and personal property  Improvements broaden the de...
11 3 2017  2a. Property description and legal description  Land can be described in three methods      Metes and Bounds   ...
11 3 2017  4. Forms of Ownership  3b. Fee Determinable  Title to a parcel of real estate may held by one person or there m...
11 3 2017  4c. Water Words                              5. Condominium Ownership  Riparian     river or stream Littoral   ...
11 3 2017  7. Zoning - Land Use Controls Ownership rights are subject to public and private land-use controls      zoning ...
11 3 2017  9a. The taxation process  9. Taxation - Real Estate Taxes  Tax assessor lists all property values as of October...
11 3 2017  10. Public controls     police power  11. Encumbrances 1.  The government has rights OVER the property owner   ...
11 3 2017  III. Transfer alienation of title to real property          14a. Transfer alienation of title    right to own, ...
11 3 2017  15a. Types of Deeds  15b. Warranty Deed  Full covenant and warranty deed     Bargain and sale deed with covenan...
11 3 2017  16. Defects in title      Forms of title evidence  1. 2. 3. 4.       16a. Notice     Constructive Actual      A...
11 3 2017  Assessing and explaining property valuation and the appraisal process  110 Things You Need to Know      Princip...
11 3 2017  3. Investing in Real Estate           Total income  direct cash flow, indirect benefits of depreciation or appr...
11 3 2017  4b. Cash Flow  4c. Annual Net Operating Income     Operating  Object of income property is to generate income c...
11 3 2017  5b. Value versus Price  6. Influences on Property Value  Value     estimate based on pertinent data     Market ...
11 3 2017  6c. Real Estate is an Inefficient Market                      Real estate is immobile Each parcel is unique Mar...
11 3 2017  8. Depreciation               Loss of value due to any cause, or any condition that adversely effects the value...
11 3 2017  8c. Functional Obsolescence Physical or design features that are no longer desirable Curable     Outmoded fixtu...
11 3 2017  9a. Situations Requiring Appraisals                                      Estate purposes     fair division of h...
11 3 2017  10b. Most Reliable Approach The sales comparison approach is used in almost every appraisal. It is considered t...
11 3 2017  11c. Building Valuation Options     Reproduction  Cost     cost to construct exact duplicate of subject at curr...
11 3 2017  12a. Using the Income Approach                           Estimate annual Gross Rental Income Deduct vacancy and...
11 3 2017  Assessing and explaining property valuation and the appraisal process types, and estimates of property value   ...
11 3 2017  2. Types of contracts  2a. Express or Implied Contracts  Express or Implied     Unilateral or Bilateral     Exe...
11 3 2017  3. Assignment and Novation  4. Agency employment contracts  Withdrawing from a contract without termination    ...
11 3 2017  6. Buyer Brokerage Agreements  5. Listing Agreements       Establish the rights of the broker as the agent     ...
11 3 2017  8a. Offer and Acceptance  8b. Parts of a Sales Contract  Buyer finds    the    house Offer to purchase is drawn...
11 3 2017  9. Contingencies  9a. Other Contingencies  FHA and VA loans If house does not appraise for the sale price, the ...
11 3 2017  11. Fiduciary Responsibilities  11a. Accounting      Accounting           Care     Obedience     Loyalty     Di...
11 3 2017  11d. Loyalty Must place a principal   s interest above those of all others  including the licensee   s   Agent ...
11 3 2017  15. Hazardous Substances  14. Building Codes       Enacted to specify construction standards when repairing or ...
11 3 2017  16b. CERCLA - Liability Regulations Liability under the Superfund is considered  Strict The owner is responsibl...
11 3 2017  17b. Civil Rights Act of 1866  18. Federal Fair Housing Act of 1968 Title VIII of the Civil Rights Act of 1968 ...
11 3 2017  18c. Exemptions  18d. Exemptions  Sale or rental of single family house if      Owner  does not own more than 3...
11 3 2017  19b. Enforcement - Penalties First Offense     Up to  10,000     Second Offense     Up to  25,000 within 5 year...
11 3 2017  20a. Price Fixing                      20b. Allocation of Customers and Markets  Occurs when brokers conspire t...
11 3 2017  Financing the transaction and settlement     Financing  components     Lender requirements and obligations     ...
11 3 2017  1b. Provisions of the Note or Bond Promissory Note or Bond      Executed by the buyer  maker or payor      Stat...
11 3 2017  3b. Nonconforming Loans          Loans that do not meet  higher  uniform underwriting standards  Fannie Mae    ...
11 3 2017  4d. Freddie Mac  4c. Ginnie Mae  Federal Home Loan Mortgage Corporation  FHLMA      Secondary market for member...
11 3 2017  7a. Fixed Rate Loans  7. Financing concepts                   Amortize means    to kill off slowly over time   ...
11 3 2017  7d. Calculating Monthly Interest  8. Financing terminology   100 K at 7 , monthly payment of  665.31           ...
11 3 2017  10a. Imputed Interest  10b. Prepayment of a Mortgage  IRS concern about    artificially low interest rates,    ...
11 3 2017  11a. Regulation Z  Advertising      Regulation Z provides strict regulation on advertising that includes financ...
11 3 2017  12a. Requirements to    Close    Lender   s interest in closing     Homeowner   s insurance     Local state req...
11 3 2017  14a. RESPA Requirements  14b. RESPA Transaction Coverage                        Buyer and seller in residential...
11 3 2017  17. Closing Statement - Expenses                                              Broker   s commission Attorney   ...
11 3 2017  19a. Items Credited to Buyer                                      Unpaid principal balance of outstanding mortg...
11 3 2017  Leases, rents and property management  110 Things You Need to Know 12 things about leases, rents and property m...
11 3 2017                               3. Estate for Years  4. Periodic Estate  Continues for a definite period of time H...
11 3 2017  4c. Tenancy at Sufferance  5. Types of Leases      Arises  when a tenant who lawfully comes in to the premises ...
11 3 2017  6b. Lease Provisions     NJ All offers, contracts or leases to contain the business relationship of broker     ...
11 3 2017  8. Termination of Lease      8a. Notice of Termination  Written leases with a definite period of time      Auto...
11 3 2017  9a. Truth-in-Renting      9b. Rental Referral Services  Disclosure of Owners and Managers      Landlord  requir...
11 3 2017  10a. Causes for Eviction  10b. Constructive Eviction          Nonpayment  of rent     Disorderly conduct  3 day...
11 3 2017  12b. Property Manager  12. The Management Agreement          Secure  suitable tenants     Collect rents     Car...