Finance
A NJ commercial mortgage for an office building typically has a loan term of:
A30 years fully amortizing
B5–10 year term with a 25–30 year amortization and a balloon payment at maturity✓ Correct
C1–2 year bridge only
DIndefinite with no term
Explanation
Commercial real estate mortgages in NJ typically feature a 5–10 year loan term (the period before maturity) with payments based on a 25–30 year amortization schedule, requiring a balloon payment of the remaining balance at the end of the term.
Related New Jersey Finance Questions
- A NJ commercial real estate investor purchases a property using a 1031 exchange. A key requirement for the exchange is that:
- The NJ ANCHOR (Affordable NJ Communities for Homeowners and Renters) program provides property tax relief to eligible homeowners based on:
- A NJ borrower obtains a 30-year fixed mortgage for $320,000 at 6.5%. The monthly payment (P&I) is approximately $2,023. After the first payment, the loan balance is approximately:
- In NJ, which government-sponsored enterprise (GSE) secondary mortgage market entity buys and guarantees conforming conventional mortgages?
- In NJ, 'seller financing' with a purchase money mortgage typically has what lien priority relative to other liens placed at the same time?
- The NJ HomeSeeker program assists first-time homebuyers with:
- A due-on-sale (alienation) clause in a mortgage requires:
- A NJ property owner who refinances to take out equity for home improvements is using a:
Practice More New Jersey Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Jersey Quiz →