NJ Real Estate Exam Questions & Answers Solved 100%

Which of the following is a permitted free offering? o- A. A complimentary home warranty with every listing B. A coupon for a discounted commission on listing services C. A free dinner for attendees at a homebuyers' evening seminar D. Free use of a local moving van for all listings - AC. A Free dinner for attendees at a homebuyers' evening seminar Depreciation usually applies to . A. the building only. B. the land only. C. both the land and the building. D. income obtained from the building. - AA. the building only. Under New Jersey Real Estate Commission rules, a licensee's obligations to the public include all of the following responsibilities EXCEPT: A. accepting any reasonable commission offered by a seller in the course of negotiating a listing agreement B. dealing honestly with all parties C. disclosing material defects in a property to a prospective purchaser D. protecting and promoting the interests of the licensee's principal when acting as an agent - AA. accepting any reasonable commission offered by a seller in the course of negotiating a listing agreement The broker has noticed that a great number of people who are buying in the neighborhood where his listing is located speak Russian. He also noticed a Russian grocery store right by the neighborhood that was attractive. He decides to stop the advertising the property and started adverting the property on two different Russian internet sites. This is: 1. Acceptable because it is not print media 2. Unacceptable due to its discriminatory nature 3. Acceptable if the advertisement includes no preferential language 4. The only appropriate way to market property in this neighborhood 3You and 2 others 9 Comments Seen by 37 Love Comment - A3. Acceptable if the advertisement includes no preferential language Which of the following are most likely to be addressed by building code? A.deed restrictions B.construction standards C.permissible uses of structures D.restrictive covenant - AB.construction standards A seller places his property on the market for sale at a certain price. A buyer sees the property and makes a written offer to purchase that is 90% of the asking price. The seller 2 rejects that offer, but states that he will accept an offer of 95% of the original asking price. The buyer rejects that counteroffer. The original offer is A. rescinded. B. null and void. C. irrevocable. D. binding. - AB. null and void. A property was listed with a broker, but the owners advertising the property found a buyer and negotiated the sale themselves. After the closing, the owners paid a full commission %- to the broker. The broker MUST have had A. an open listing. B. an exclusive agency listing. C. anet listing. D. an exclusive right to sell. - AD. an exclusive right to sell. 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 an example of A. variance. B. nonconforming use. C. spot zoning. D. a conditional-use permit. - AB. nonconforming use. A lender whose mortgagor has defaulted may be offered a deed in lieu of foreclosure. If he accepts, which of the following will be TRUE? 2 A. Because it is voluntary, it will not be an adverse item on the buyer's credit. B. The lender will take the title subject to any junior liens. C. The lender will usually retain his rights under mortgage insurance or VA guarantee. D. The loan will still be assumable. - AC. The lender will usually retain his rights under mortgage insurance or VA guarantee. Which of the following property valuation estimates or reports would have to be prepared by a licensed or certified appraiser? o- A. a broker's price opinion B. a comparative market analysis C. reconciliation report for an FHA loan D. value analysis for a non-residential property valued below $250,000 - AC. reconciliation report for an FHA loan The answer is C sometimes they trick you and say a government-funded loan Which disclosure is the most commonly required in a residential real estate sale? 2 A. radon B. lead-based paint C. neighborhood composition D. seller's property disclosure - AB. lead-based paint An individual Is hired by the homeowners' association of KLM Condominiums. The individual is not required to be a real estate licensee in New Jersey UNLESS the individual o engages in which of the following activities? A. Collecting the monthly association membership fees B. Negotiating a contract with a security service C. Retaining a landscaping service D. Soliciting tenants for vacant rental units - AD. Soliciting tenants for vacant rental units Minors are held liable for real estate contract obligations if they 2 A. are at least 16 years of age. B. have the contract notarized. C. graduated from high school. D. have their guardian co-sign. - AD. have their guardian co-sign. A broker who charges or collects an advance fee in excess of $25 for services to be rendered MUST: 2. A. deduct the amount collected from the commission or settlement B. give the principal receipts for all expenditures C. furnish within ninety days of its collection an accounting of how the money was used D. retain the difference between the amount of money collected and the amount spent - AC. furnish within ninety days of its collection an accounting of how the money was used A seller's agent is contacted by a potential buyer whose financial status is questionable. When asked to write an offer, the agent should * A. refuse to write the offer. B. insist on a prompt closing. C. ask for a high earnest money payment. D. relay any reservations to the seller. - AD. relay any reservations to the seller. New Jersey Real Estate Commission regulations require a licensee to terminate membership in a real estate board or multiple listing service whenever the organization: # A. suggests uniform commission rates among all member brokers B. lobbies against legislation that the licensee personally favors C. charges dues that the licensee feels are excessive D. advocates rules, practices, and/or standards with which the licensee does not agree - AD. advocates rules, practices, and/or standards with which the licensee does not agree Which of the following statements about branch offices is INCORRECT? 2 A. The name of the branch office supervisor must be recorded with the commission. B. A licensed broker-salesperson must supervise the office on a full-time basis. C. Two salespersons may be designated to share supervising responsibilities. D. The employing broker is ultimately responsible for all licensees employed at the branch office. - AC. Two salespersons may be designated to share supervising responsibilities. In a jurisdiction where a seller's property condition disclosure is required, the licensee is responsible for o- A. completing the property condition disclosure. B. ensuring that the seller complete the property condition disclosure before closing. C. ensuring that the buyer receives the property disclosure before the contract Is finalized. D. checking the disclosure for accuracy and ensuring that the buyer receives it before closing. - AD. checking the disclosure for accuracy and ensuring that the buyer receives it before closing.