NJ RE Practice Exam Complete Test.
1. Seller A entered into an option contract with Buy- a unilateral contract in
which only er B. The contract allowed for a price of $200,000 seller A
has made a promise to which Seller A honor for a 12 month period
exclu- perform.
sively for Buyer B. This would be an example of a
2. The purchased price for a new home was Assessed value: 220,000 *
$230,000. The buyer put down 20%, and the 0.2%
bal- ance was a mortgage for 80%of the = 440 *look at what property
purchase price. The appraised value at tax they gave you first
the time of closing was $220,000. What
will the buyer pay for one year's property
taxes, if her rate is 0.2%?
3. Which of the following actions is NOT
Firing a new salesperson
prohibited by the New Jersey Real Estate
who did not achieve
Commission rules?
specific sales goals
4. Bill pays his property tax bill of $980 for the calen- *18 days in between
June: 980 *
dar years . He signs a purchase and sale 3/365 = 8.054
contract on June 28th and closes on July July: 980 * 15/360 = 40.273 Taxes
15 how much is the taxes during the cost in total: $48.33
month (365)?
5. A home is being purchased for $275,000. The buy- 275,000 * 20% =
55,000 down
er agrees to an 80% loan with the seller the
paying
$5,000 of the buyer's closing costs. What
amount will the buyer have to meet his
down payment?
6. In order to collect a commission, which of
1/
35
, NJ RE Practice Exam Complete Test.
ayment
broker or one of his licensees
following is a REQUIREMENT for a broker with an must be the procuring
cause for
open listing? the sale.
7. The seller has entered into an exclusive the seller is under no
right to sell agreement with Terry Hill. obligation to accept the otter
Ms. Hill presents or make a counter otter.
2/
35
, NJ RE Practice Exam Complete Test.
the seller with an offer to purchase which is
20% less than the list price. Which of the
following?
Must go through with the
8. A seller is offering his property for sale in pur-
as-is
condition. A buyer enters into a contract with the chase because the
house is be-
seller and has the home inspected. The inspection ing sold as is.
reveals a latent defect known to, but not
disclosed by the seller. The buyer
9. A lender requested that the entire loan balance be Alienation
Clause
paid immediately because the property on
which the loan was made had been sold.
What clause in the mortgage loan allows
this?
10. A buyer informs a listing salesperson now before it's
that the buyer plans to subdivide the too late! We
property and then list it with the have homes
salesperson as soon as the offer is with attractive
accepted. The salesperson makes no financing and
mention of the seller and the buyer's offer good schools."
is then accepted. The salesperson's These flyers
conducted is in violation of the New Jersey would be
License Law because the salesperson failed viewed by the
to? courts as?
11. Latino families were beginning to move
into a neighborhood that had previously
been all white. A local broker passed out
flyers to homeown- ers that said, "sell
3/
35
, NJ RE Practice Exam Complete Test.
Disclose to the seller a potential conflict of interest
Blockbusting
12. Which of the following statements about airborne It is inexpensively
detected and
radon is TRUE mitigated
4/
35
1. Seller A entered into an option contract with Buy- a unilateral contract in
which only er B. The contract allowed for a price of $200,000 seller A
has made a promise to which Seller A honor for a 12 month period
exclu- perform.
sively for Buyer B. This would be an example of a
2. The purchased price for a new home was Assessed value: 220,000 *
$230,000. The buyer put down 20%, and the 0.2%
bal- ance was a mortgage for 80%of the = 440 *look at what property
purchase price. The appraised value at tax they gave you first
the time of closing was $220,000. What
will the buyer pay for one year's property
taxes, if her rate is 0.2%?
3. Which of the following actions is NOT
Firing a new salesperson
prohibited by the New Jersey Real Estate
who did not achieve
Commission rules?
specific sales goals
4. Bill pays his property tax bill of $980 for the calen- *18 days in between
June: 980 *
dar years . He signs a purchase and sale 3/365 = 8.054
contract on June 28th and closes on July July: 980 * 15/360 = 40.273 Taxes
15 how much is the taxes during the cost in total: $48.33
month (365)?
5. A home is being purchased for $275,000. The buy- 275,000 * 20% =
55,000 down
er agrees to an 80% loan with the seller the
paying
$5,000 of the buyer's closing costs. What
amount will the buyer have to meet his
down payment?
6. In order to collect a commission, which of
1/
35
, NJ RE Practice Exam Complete Test.
ayment
broker or one of his licensees
following is a REQUIREMENT for a broker with an must be the procuring
cause for
open listing? the sale.
7. The seller has entered into an exclusive the seller is under no
right to sell agreement with Terry Hill. obligation to accept the otter
Ms. Hill presents or make a counter otter.
2/
35
, NJ RE Practice Exam Complete Test.
the seller with an offer to purchase which is
20% less than the list price. Which of the
following?
Must go through with the
8. A seller is offering his property for sale in pur-
as-is
condition. A buyer enters into a contract with the chase because the
house is be-
seller and has the home inspected. The inspection ing sold as is.
reveals a latent defect known to, but not
disclosed by the seller. The buyer
9. A lender requested that the entire loan balance be Alienation
Clause
paid immediately because the property on
which the loan was made had been sold.
What clause in the mortgage loan allows
this?
10. A buyer informs a listing salesperson now before it's
that the buyer plans to subdivide the too late! We
property and then list it with the have homes
salesperson as soon as the offer is with attractive
accepted. The salesperson makes no financing and
mention of the seller and the buyer's offer good schools."
is then accepted. The salesperson's These flyers
conducted is in violation of the New Jersey would be
License Law because the salesperson failed viewed by the
to? courts as?
11. Latino families were beginning to move
into a neighborhood that had previously
been all white. A local broker passed out
flyers to homeown- ers that said, "sell
3/
35
, NJ RE Practice Exam Complete Test.
Disclose to the seller a potential conflict of interest
Blockbusting
12. Which of the following statements about airborne It is inexpensively
detected and
radon is TRUE mitigated
4/
35
