NJ REAL ESTATE EXAM QUESTIONS AND CORRECT ANSWERS

NJ REAL ESTATE EXAM QUESTIONS AND
CORRECT ANSWERS

AccordingA2toA2NewA2JerseyA2LicenseA2Law,A2AA2licenseeA2whoA2wantsA2toA2sellA2propert
yA2thatA2theA2licenseeA2ownsA2MUST?

a)A2listA2theA2sameA2propertyA2eithA2anotherA2licenseeA2inA2theA2sameA2office
b)A2discloseA2theA2ownershipA2interestA2inA2anyA2advertisementA2ofA2theA2property
c)A2discloseA2theA2ownershipA2interestA2inA2anyA2noticeA2submittedA2onA2theA2listingA2toA2t
heA2MLS
d)A2discloseA2inA2theA2contractA2ofA2saleA2thatA2theA2sellerA2holdsA2aA2NewA2JerseyA2RealA2
EstateA2licenseA2-A2Ans--
d.A2discloseA2inA2theA2contractA2ofA2saleA2thatA2theA2sellerA2holdsA2aA2NewA2JerseyA2RealA2
EstateA2license

WithA2respectA2toA2theA2MountA2LaurelA2requirements,A2WhichA2ofA2theA2followingA2statem
entsA2isA2correct?

a)A2ItA2isA2unlawfulA2forA2aA2landlordA2toA2refuseA2toA2rentA2toA2aA2coupleA2becauseA2theyA2
haveA2childrenA2underA2theA2ageA2ofA214
b)A2underA2certainA2circumstances,A2aA2tenantA2hasA2theA2rightA2toA2haveA2aA2repairA2mad
eA2andA2deductA2theA2costA2fromA2theA2repairA2fromA2theA2rent
c)A2lowerA2andA2moderateA2sinceA2peopleA2mayA2notA2beA2excludedA2fromA2NewA2JerseyA
2municipalitiesA2byA2zoningA2ordinances
d)A2minorityA2prospectsA2mayA2notA2beA2directedA2toA2minorityA2populatedA2communitiesA2
withoutA2beingA2offeredA2opportunitiesA2inA2otherA2areasA2inA2thatA2priceA2rangeA2-A2Ans--
c.A2lowerA2andA2moderateA2sinceA2peopleA2mayA2notA2beA2excludedA2fromA2NewA2JerseyA
2municipalitiesA2byA2zoningA2ordinances


InA2NewA2Jersey,A2theA2realtyA2transferA2feeA2appearsA2onA2theA2closingA2statementA2as:
a.A2debitA2toA2theA2seller
b.A2debitA2toA2theA2buyer
c.A2creditA2toA2theA2seller
d.A2creditA2toA2theA2buyerA2-A2Ans--a.A2debitA2toA2theA2seller

AA2residentialA2developerA2desiresA2toA2limitA2allA2constructionA2inA2aA2subdivisionA2toA2sin
gleA2familyA2housesA2ofA2atA2leastA23,000A2squareA2feet.A2WhichA2ofA2theA2followingA2isA2th
eA2BESTA2wayA2forA2theA2developerA2toA2ensureA2thisA2willA2takeA2place
a.A2haveA2anA2architecturalA2reviewA2committeeA2approveA2buildingA2plans
b.A2establishA2aA2homeownersA2association
c.A2PetitionA2forA2aA2zoningA2change
d.A2createA2deedA2restrictionsA2-A2Ans--c.A2petitionA2forA2aA2zoningA2change

,WhichA2ofA2theA2followingA2willA2NOTA2beA2consideredA2relevantA2ifA2HUDA2investigatesA2
aA2prospectiveA2homeA2buyer'sA2allegationA2ofA2discriminatoryA2treatmentA2byA2aA2license
eA2inA2aA2brokerageA2office?

a.A2RecordsA2ofA2theA2housesA2shownA2andA2propertiesA2suggestedA2toA2theA2prospective
A2buyer
b.A2WhetherA2orA2notA2theA2HUDA2EqualA2HousingA2OpportunityA2postA2isA2displayedA2inA2
theA2office
c.A2WhetherA2theA2licenseeA2believedA2sheA2wasA2actingA2inA2theA2bestA2interestsA2ofA2the
A2prospectiveA2buyer
d.A2TheA2reportsA2ofA2undercoverA2testersA2whoA2visitedA2theA2officeA2-A2Ans--
a.A2RecordsA2ofA2theA2housesA2shownA2andA2propertiesA2suggestedA2toA2theA2prospective
A2buyer


AA2licenseeA2isA2emailingA2informationA2regardingA2anA2openA2houseA2forA2oneA2ofA2herA2li
stings.A2InA2additionA2toA2complyingA2withA2state-
specificA2requirementsA2forA2advertising,A2whichA2ofA2theA2followingA2mustA2beA2includedA2
inA2theA2email?

A.A2opt-outA2provision
B.A2howA2theA2recipient'sA2nameA2wasA2obtained
C.A2completeA2propertyA2address
D.A2listingA2saleA2priceA2-A2Ans--a.A2opt-outA2provision

AA2complaintA2mustA2beA2filedA2withA2HUBA2withinA2whatA2periodA2ofA2timeA2afterA2fairA2ho
usingA2violationA2hasA2occurred
a.A21A2month
b.A21A2year
c.A210A2years
d.A2indefinitelyA2-A2Ans--b.A21A2year

WhichA2ofA2theA2followingA2bestA2definesA2aA2materialA2factA2inA2realA2estateA2context?
a.A2aA2propertyA2deficiencyA2thatA2mustA2beA2recordedA2atA2theA2timeA2ofA2sale
b.A2aA2representationA2madeA2onA2aA2licensee'sA2markingA2sheetA2thatA2hasA2beenA2verifi
edA2byA2theA2licensee
c.A2aA2factA2significantA2enoughA2toA2influenceA2anA2individualsA2decisionA2aboutA2whether
A2orA2notA2toA2purchase
d.A2aA2latentA2deficiencyA2ofA2aA2propertyA2thatA2mayA2beA2disclosedA2toA2aA2prospectiveA2
buyerA2onlyA2ifA2anA2offerA2isA2madeA2-A2Ans--
c.A2aA2factA2significantA2enoughA2toA2influenceA2anA2individualsA2decisionA2aboutA2whether
A2orA2notA2toA2purchase


AA2lenderA2whoseA2mortgagorA2hasA2defaultedA2mayA2beA2offeredA2aA2deedA2inA2lieuA2ofA2f
oreciosure,A2heA2accepts,A2whichA2ofA2theA2followingA2willA2beA2TRUE?
A.A2BecauseA2itA2isA2voluntaryA2itA2willA2notA2beA2anA2adverseA2itemA2onA2theA2buyer'sA2cre
dit

,B.A2TheA2lenderA2willA2takeA2theA2titleA2subjectA2toA2anyA2juniorA2liens
C.A2TheA2lenderA2willA2usuallyA2retainA2hisA2rightsA2underA2mortgageA2insuranceA2orA2VAA2
guarantee.
DA2TheA2loanA2willA2stillA2beA2assumableA2-A2Ans--
c.A2TheA2lenderA2willA2usuallyA2retainA2hisA2rightsA2underA2mortgageA2insuranceA2orA2VAA2
guarantee.

AccordingA2toA2NewA2JerseyA2RealA2EstateA2LicensingA2Law,A2whatA2isA2theA2maintenanc
eA2requirementA2forA2allA2recordsA2ofA2realA2estateA2transactions?
a.A210A2days
b.A21A2year
c.A26A2months
d.A26A2yearsA2-A2Ans--d.A26A2years

StandardA2titleA2insuranceA2wouldA2protectA2aA2buyer
a.A2whenA2theA2sellerA2hasA2forgedA2hisA2exA2wife'sA2signatureA2onA2theA2deed
b.A2AfterA2theA2HOAA2hasA2placedA2aA2lienA2onA2theA2propertyA2forA2theA2previousA2owners
A2unpaidA2dues
c.A2inA2aA2purchaseA2whereA2theA2buyerA2hadA2knowledgeA2ofA2aA2shedA2violatingA2setbac
kA2requirements
d.A2ForA2theA2purchaseA2ofA2aA2propertyA2boughtA2sightA2unseenA2whereA2theA2buyerA2dis
coversA2aA2tenantA2livingA2atA2theA2propertyA2-A2Ans--
a.A2whenA2theA2sellerA2hasA2forgedA2hisA2exA2wife'sA2signatureA2onA2theA2deed

aA2lowA2loanA2toA2valueA2ratioA2indicatesA2a

a.A2highA2equity
b.A2lowA2equityA2-A2Ans--a.A2highA2equity

WhichA2ofA2theA2followingA2isA2notA2aA2legalA2testA2forA2aA2fixture?
A)A2intentionA2ofA2partyA2doingA2attaching
B)A2methodA2ofA2attachment
C)A2adaptationA2ofA2itemA2toA2useA2ofA2property
D)A2CostA2ofA2replacementA2ofA2itemA2-A2Ans--d.A2CostA2ofA2replacementA2ofA2item

RealA2estateA2taxesA2thatA2areA2paidA2inA2advancedA2areA2proratedA2onA2theA2closingA2stat
ementA2as.
a.A2noA2entryA2toA2buyer;A2aA2creditA2toA2seller.
b.A2noA2entryA2toA2buyer;A2aA2debitA2toA2seller.
c.A2aA2creditA2toA2buyer;A2aA2debitA2toA2seller.
d.A2aA2debitA2toA2buyer;A2aA2creditA2toA2seller.A2-A2Ans--
d.A2aA2debitA2toA2buyer;A2aA2creditA2toA2seller.

WhichA2ofA2theA2followingA2statementsA2aboutA2branchA2officesA2isA2INCORRECT?

, a.A2TheA2nameA2ofA2theA2branchA2officeA2supervisorA2mistA2beA2recordedA2withA2theA2com
mission
b.A2aA2licensedA2broker-
salespersonA2mustA2superviseA2theA2officeA2onA2aA2fullA2timeA2basis

c.A2twoA2salespersonsA2mayA2beA2designatedA2toA2shareA2supervisingA2responsibilities

d.A2theA2employingA2brokerA2isA2ultimatelyA2responsibleA2forA2allA2licenseesA2employerA2at
A2theA2officeA2-A2Ans--
c.A2twoA2salespersonsA2mayA2beA2designatedA2toA2shareA2supervisingA2responsibilities

AA2licenseeA2mayA2useA2theA2termA2REALTORA2orA2REALTORA2ASSOCIATEA2onlyA2ifA2t
heA2licenseeA2is
a.A2dulyA2licensedA2byA2theA2stateA2realA2estateA2commission
b.A2aA2memberA2ofA2theA2nationalA2associationA2ofA2REALTORS
c.A2anA2ownerA2andA2aA2managerA2ofA2aA2realA2estateA2company
d.A2aA2memberA2ofA2aA2nationalA2franchiseA2-A2Ans--
b.A2aA2memberA2ofA2theA2nationalA2associationA2ofA2REALTORS

AccordingA2toA2NewA2JerseyA2RealA2EstateA2LicensingA2Law,A2whatA2isA2theA2maintenanc
eA2requirementA2forA2allA2recordsA2ofA2realA2estateA2transactions?
a.A2b.A2FilesA2mustA2beA2keptA2onA2aA2publicA2onlineA2databaseA2indefinitely
b.A2FilesA2mustA2beA2keptA2onA2aA2publicA2onlineA2databaseA2forA2upA2toA210A2years
c.A2FilesA2mustA2beA2keptA2onA2premisesA2andA2availableA2toA2theA2publicA2atA2anyA2time.
d.A2keptA2onA2fileA2forA26A2monthsA2-A2Ans--
c.A2FilesA2mustA2beA2keptA2onA2premisesA2andA2availableA2toA2theA2publicA2atA2anyA2time.

AA2contractA2ofA2saleA2preparedA2byA2aA2licenseeA2MUSTA2includeA2anA2attorneyA2reviewA
2clauseA2ifA2itA2pertainsA2toA2whichA2ofA2theA2followingA2typesA2ofA2properties?
a.A2anyA2commercialA2realA2estate
b.A2anA2apartmentA2building
c.A2aA2sixA2familyA2dwellingA2unit
d.A2aA2singleA2familyA2residentialA2vacantA2lotA2-A2Ans--
d.A2aA2singleA2familyA2residentialA2vacantA2lot

AA2sellerA2isA2interestedA2inA2providingA2financingA2toA2theA2buyerA2ofA2herA2homes,A2butA2
sheA2wantsA2toA2retainA2titleA2untilA2theA2loanA2balanceA2isA2paidA2off.A2WhichA2ofA2theA2foll
owingA2wouldA2beA2theA2bestA2loanA2option?
a.A2assetA2integratedA2mortgage
bA2wraparoundA2mortgage
c.A2contractA2forA2deed
d.A2subordinationA2ofA2deedA2-A2Ans--c.A2contractA2forA2deed

AA2neighborhoodA2groceryA2storeA2noA2longerA2compliesA2withA2theA2lawA2becauseA2aA2ne
wA2zoningA2ordinanceA2isA2adoptedA2soA2thatA2theA2propertyA2isA2zonedA2forA2residentialA2