NJ REAL ESTATE ACTUAL EXAM QUESTIONS WITH CORRECT ANSWERS

NJ REAL ESTATE ACTUAL EXAM QUESTIONS WITH CORRECT ANSWERS A contract of sale prepared by a licensee MUST include an attorney review clause if it pertains to which of the following types of properties? a. any commercial real estate b. an apartment building c. a six family dwelling unit d. a single family residential vacant lot - Answer-d. a single family residential vacant lot A seller is interested in providing financing to the buyer of her homes, but she wants to retain title until the loan balance is paid off. Which of the following would be the best loan option? a. asset integrated mortgage b wraparound mortgage c. contract for deed d. subordination of deed - Answer-c. contract for deed A neighborhood grocery store no longer complies with the law because a new zoning ordinance is adopted so that the property is zoned for residential use. Nevertheless, the owner is allowed to continue to operate the grocery store. This is: a. a variance b. nonconforming use c. spot zoning d. a conditional permit - Answer-b. nonconforming use A secretary in a real estate office who does NOT have a real estate license may: a. review the consumer information statement with a prospective buyer b. perform bookkeeping function concerning escrowed funds c. sign escrow checks with the written authorization of the broker d. disclose the current status of a commercial listing - Answer-b. perform bookkeeping function concerning escrowed funds The listing broker may be due a commission, even when no sale occurred, if the: a. potential buyers is unable to obtain financing b. seller decides he no longer wants to sell c. seller refused buyers reasonable offers d. broker located a buyer who made an offer that met all of the sellers terms - Answer-d. broker located a buyer who made an offer that met all of the sellers terms