NEW JERSEY (NJ) Real Estate Practice Exam with Answers 2023

NEW JERSEY (NJ) Real Estate Practice Exam with Answers 2023 26. 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 tow rite the offer. B. Insist on a prompt closing. C. Rask for a high earnest money payment. D. Relay any reservations to the seller. Answer D 27. A broker who charges or collects an advance fee in excess of $25 for services to be rendered MUST 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. Answer B 28. Minors are held liable for real estate contract obligations if the A. Are at least 16 yrs if age. B. Have the contract notarized. C. Graduated from high school. D. Have their guardian co-sign. Answer B 29. Which of the following is a permitted free offering? A. A complimentary home warranty with every listing. B. A coupon for 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. Answer C 30. 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 engages in which of the following activates? 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.