Real Estate Basics
What is the definition of real estate?
What is land plus anything permanently attached to it
What type of property is used for people to live in?
What is residential property?*
What is residential property?*
Property that can be moved or taken with you is called what?
What is personal property?*
What is the minimum age to get a real estate license in New Jersey?
What is 18 years old?*
What is the entry-level real estate license called?
What is a salesperson license?*
Name two examples of items that are considered part of real estate.
What are buildings, trees, fences, or other permanent fixtures?*
Name the property type used for offices, retail stores, and restaurants.
What is commercial property?*
Name two examples of personal property you might find in a home.
What are furniture, appliances, or decorations?*
How many hours of pre-licensing education are required in New Jersey?
What is 75 hours?*
Which license allows you to own a real estate agency?
What is a broker license?*
If you buy a house, what components are included in your real estate purchase?
What are the land, foundation, walls, and roof?*
What do we call undeveloped property with future potential?
What is land?*
Built-in cabinets are an example of which type of property?
What is real property?*
What educational requirement must you meet before getting licensed?
What is a high school diploma or equivalent?*
How many hours of education does a referral agent need?
What is 30 hours?*
True or False: A swimming pool built into the ground is considered real estate.
What is true?*
Manufacturing facilities and warehouses are examples of which property type?
What is industrial property?*
Why are light fixtures typically considered real property?
What is because they are permanently attached to the electrical system of the building?*
What must you do after completing your pre-licensing course?
What is pass the state licensing examination?*
What additional requirements does a broker license have beyond the basic salesperson requirements?
What are 150 hours of education and 3 years of experience?*
Explain why a built-in dishwasher is considered real estate while a portable dishwasher is not.
What is because the built-in dishwasher is permanently attached to the property and cannot be easily moved?*
Give three specific examples of residential properties.
What are houses, condos, and apartments?*
A homeowner plants a garden with flowers and vegetables. Which parts are real property and which are personal property?
What is landscaping (permanent plantings) are real property, while potted plants and garden tools are personal property?*
List all four basic requirements to obtain a New Jersey real estate license.
What are be at least 18 years old, have a high school diploma or equivalent, complete 75 hours of pre-licensing education, and pass the state exam?*
Compare a salesperson license and a broker-salesperson license.
What if a salesperson works under broker supervision while a broker-salesperson has additional education and experience but still works under a broker?*