re exam (questions well answered)
graded already passed
An owner has a freestanding cabinet that was custom built to fit an alcove of the living room. When the
owner sells the home, the cabinet will be BEST described as? - correct answer ✔✔person property
Which of the following items would be prorated at closing with credit to seller - correct answer
✔✔unearned rent collection in advanced
Seller A entered into an option contract with Buyer B. The contract allowed for a price of $200,000 which
Seller A honor for a 12 month period exclusively for Buyer B. This would be an example of a - correct
answer ✔✔Bilateral contract which both parties are obligated to perform within the time
A buyer has executed a contract to purchase real property. If it is discovered that he is only 16 tears old,
the contract is - correct answer ✔✔voidable
A buyer's gross income is $90,000 per year. She pays $300 for a car loan and $200 for her student loan.
When she applies for a mortgage the bank requires a maximum debt-to-income ratio of 36% on all debt,
and a maximum 28% dent-to-income ration for housing debt. What is the maximum monthly house
payment the bank will approve? - correct answer ✔✔2100
A real estate licensee representing a buyer may do all of the following except - correct answer
✔✔disclose the highest price the buyer is willing to pay
The market value of a property is determined by - correct answer ✔✔how much a willing seller will
accept and how much a willing buyer will pay
Which of the following statements about branch offices is INCORRECT? - correct answer ✔✔two
salespersons may be designated to share supervising responsibilities.
A manager rents a unit to a tenant who later has a car accident - correct answer ✔✔
, A salesperson is convicted of a crime which involves a real estate licensee. The commission obtains a
certified copy of judgement of conviction against the salesperson. According to the New Jersey Real
Estate License Law, the commission MUST: - correct answer ✔✔notify the salesperson employing broker
of the circumstances to the conviction
A landlord's lease prohibits tenants from altering the property in any way. A woman who uses a
wheelchair cannot maneuver over the doorstep into the apartment by herself. In addition, she cannot
access the bathroom facilities in her wheelchair. Which of the following is true? - correct answer ✔✔the
tenant is entitled to make the alteration necessary for apartment accessibility
A property is shown to prospective buyer by a cooperating agent who is a long-time friend of the listing
agent. While still in the house the buyers make a full price offer on the property. As the cooperating
agent is locking up the house, the owner return and ask how the showing went. The cooperating agent
explains that she has an offer on the property and will immediately deliver it to the listing agent. The
owner beg the cooperating agent to present the offer immediately. The cooperating agent should? -
correct answer ✔✔deliver the offer to the listing agent before it is presented to the owners.
Which of the following BEST defines a material fact in the real estate context? - correct answer ✔✔a fact
significant enough to influence an individual's decision about whether or not to purchase.
A deposit check from a buyer paid upon the submission of an offer may be held without being deposited
into the brokers escrow account: - correct answer ✔✔for no more than 5 business days after receipt of
money
The heir to a large estate will be of legal age within 30 days. He lists for sale with a broker one of the
properties held by the estate. The broker knows of a buyer for the property and sells it within 24 hours
of listing, with closing to be in 45 days. Both listing and sale contracts are - correct answer ✔✔voidable
A buyer who is purchasing a property intends to build a chain link fence in the backyard. There is a 12-
year-old deed restriction that prohibits chain link fences. The licensee finds out that there are no city
codes prohibiting chain link fences. Which of the following statement regarding this situation is true? -
correct answer ✔✔this deed restriction is more restrictive and will, therefore, take precedence
The owner of a home with no liens obtained a home equity of $75,000, secured by his home. several
months later, he borrowed $15,000 and then $13,000, each loan secured by a lien against his home. He
graded already passed
An owner has a freestanding cabinet that was custom built to fit an alcove of the living room. When the
owner sells the home, the cabinet will be BEST described as? - correct answer ✔✔person property
Which of the following items would be prorated at closing with credit to seller - correct answer
✔✔unearned rent collection in advanced
Seller A entered into an option contract with Buyer B. The contract allowed for a price of $200,000 which
Seller A honor for a 12 month period exclusively for Buyer B. This would be an example of a - correct
answer ✔✔Bilateral contract which both parties are obligated to perform within the time
A buyer has executed a contract to purchase real property. If it is discovered that he is only 16 tears old,
the contract is - correct answer ✔✔voidable
A buyer's gross income is $90,000 per year. She pays $300 for a car loan and $200 for her student loan.
When she applies for a mortgage the bank requires a maximum debt-to-income ratio of 36% on all debt,
and a maximum 28% dent-to-income ration for housing debt. What is the maximum monthly house
payment the bank will approve? - correct answer ✔✔2100
A real estate licensee representing a buyer may do all of the following except - correct answer
✔✔disclose the highest price the buyer is willing to pay
The market value of a property is determined by - correct answer ✔✔how much a willing seller will
accept and how much a willing buyer will pay
Which of the following statements about branch offices is INCORRECT? - correct answer ✔✔two
salespersons may be designated to share supervising responsibilities.
A manager rents a unit to a tenant who later has a car accident - correct answer ✔✔
, A salesperson is convicted of a crime which involves a real estate licensee. The commission obtains a
certified copy of judgement of conviction against the salesperson. According to the New Jersey Real
Estate License Law, the commission MUST: - correct answer ✔✔notify the salesperson employing broker
of the circumstances to the conviction
A landlord's lease prohibits tenants from altering the property in any way. A woman who uses a
wheelchair cannot maneuver over the doorstep into the apartment by herself. In addition, she cannot
access the bathroom facilities in her wheelchair. Which of the following is true? - correct answer ✔✔the
tenant is entitled to make the alteration necessary for apartment accessibility
A property is shown to prospective buyer by a cooperating agent who is a long-time friend of the listing
agent. While still in the house the buyers make a full price offer on the property. As the cooperating
agent is locking up the house, the owner return and ask how the showing went. The cooperating agent
explains that she has an offer on the property and will immediately deliver it to the listing agent. The
owner beg the cooperating agent to present the offer immediately. The cooperating agent should? -
correct answer ✔✔deliver the offer to the listing agent before it is presented to the owners.
Which of the following BEST defines a material fact in the real estate context? - correct answer ✔✔a fact
significant enough to influence an individual's decision about whether or not to purchase.
A deposit check from a buyer paid upon the submission of an offer may be held without being deposited
into the brokers escrow account: - correct answer ✔✔for no more than 5 business days after receipt of
money
The heir to a large estate will be of legal age within 30 days. He lists for sale with a broker one of the
properties held by the estate. The broker knows of a buyer for the property and sells it within 24 hours
of listing, with closing to be in 45 days. Both listing and sale contracts are - correct answer ✔✔voidable
A buyer who is purchasing a property intends to build a chain link fence in the backyard. There is a 12-
year-old deed restriction that prohibits chain link fences. The licensee finds out that there are no city
codes prohibiting chain link fences. Which of the following statement regarding this situation is true? -
correct answer ✔✔this deed restriction is more restrictive and will, therefore, take precedence
The owner of a home with no liens obtained a home equity of $75,000, secured by his home. several
months later, he borrowed $15,000 and then $13,000, each loan secured by a lien against his home. He
