New Jersey Real Estate 150 Exam Questions with 100% Correct Answers | Verified | Updated 2024|53 Pages

1. A real estate licensee has a buyer agency agreement. What is the seller in this situation? A. a customer B. a client C. a fiduciary D. an agent - ️️A. There's an important distinction between client and customer. Unless there is a specific agreement to the contrary, licensees represent only one side in a transaction. In this case, it's the buyer who is the client and it's the licensee's obligation to negotiate a deal that's in that person's best interests, not the one that's "fairest" to both parties. 2. An optionor and an optionee make a contract for an option on a commercial piece of property. If the optionee decides to exercise his option, when must he perform? A. He must exercise his option within 6 months under state law. B. He must exercise his option under the terms of the option contract. C. He must exercise his option when the optionor demands it. D. He can exercise his option whenever he wants. - ️️B. Options are generally concerned with only two things: time and price. Whatever the parties agree to in those regards defines the terms of the option and the obligations of the parties. 3. When can a landlord evict a disabled blind or disabled tenant from the premises? A. If the tenant gets a dog and the apartment policy does not allow pets B. If the tenant insists on a handicapped parking place C. If the tenant makes modifications to his unit at his expense D. If the tenant has loud parties and makes too much noise - ️️D. The law requires "reasonable accommodation"--for example, allowing a guide dog for a blind person even if there's a "no pets" policy. However, that does not mean that all rules are suspended. Noise, safety, and "use of premises policies" may still be enforced.