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
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C. A free dinner for attendees at a homebuyers' evening seminar
D. Free use of a local moving van for all listings - ✔✔ C. 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. - ✔✔ A. 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 - ✔✔ A. 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
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Comment - ✔✔ 3. 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 - ✔✔ B.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A. rescinded.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. - ✔✔ B. 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. - ✔✔ D. 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. - ✔✔ B. 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. - ✔✔ C. 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 - ✔✔ C. 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 - ✔✔ B. 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 - ✔✔ D. 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. - ✔✔ D. 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 - ✔✔ C. 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. - ✔✔ D. 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 - ✔✔ D. 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. - ✔✔ C. 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. - ✔✔ D. checking the disclosure for accuracy and ensuring that the buyer receives it before closing.
insurance value differs from market value in that o-
A. the value is only attributable to the replacement value of the structure.
B. includes the land and structure values.
C. fair market value is not insurable.
D. it includes only the land value. - ✔✔ A. the value is only attributable to the replacement value of the structure.
In New Jersey, the Private Well Testing Act (PWTA) requires: oe
A. the buyer to order the test
B. the selling broker to recommend sources of remediation
C. the buyer and seller to certify receipt of test results before title transfer
D. the seller to remediate if the well fails the test - ✔✔ C. the buyer and seller to certify receipt of test results before title transfer
A candidate passes the prelicensure course examination on November 8. The candidate must apply for the license within:
A. six months from completing the prelicensure course
B. one year from passing the state licensing examination
C. one year from completing the prelicensure course
D. two years from passing the state licensing examination - ✔✔ c
A real estate broker has a fiduciary responsibility to her client and her responsibilities include investigating financial references, ordering and examining credit reports, and °-
familiarity with the ADA Title ill. This broker is most likely working for the client as
A. an affiliate.
B. an escrow officer.
C. a property manager.
D. a designated broker. - ✔✔ B. an escrow officer.
In estimating the value of a 50-unit apartment complex, which of the following approaches would yield the most accurate estimate? io.
A. cost
B. income
C. market data
D. gross rent multiplier - ✔✔ D. gross rent multiplier
A seller wants $120,000 for his home and still owes $20,000 on his original loan at 7%. The current interest rate is 12% A buyer can pay $60,000 down and wants to carry a mortgage that includes the seller's $20,000 existing mortgage and the remaining $40,000 for a total of $60,000 at an interest rate of 10%. What kind of mortgage loan is this
A Blanket
B Equity
C Wraparound
D Buydown - ✔✔ C Wraparound
A sellers property disclosure form states that there are no known material defects with the property, but the listing licensee is aware of asbestos wrapped duct pipes in the basement. The licensee should
A disclose the existence of asbestos to all potential buyers
B Ask the sellers permission to disclose and abide by the seller's wishes
C suggest the buyers have a home inspection and leave discovery up to the inspector
D suggest to the seller that he wrap the pipes to contain potential airborne contamination - ✔✔ A disclose the existence of asbestos to all potential buyers
This was on the test all 3 times
In estimating the value of a 50-unit apartment complex, which of the following approaches would yield the most accurate estimate?
A cost
B income
C Market Data
D Gross rent multiplier - ✔✔ D Gross rent multiplier
Once an offer to purchase is presented to a seller, the
A buyer is bound to the terms contained therein until the delivery of its acceptance
B property is unavailable to any other prospects
C offer may be withdrawn at any time prior to the delivery of its acceptance
D Seller may not consider any other outstanding offers - ✔✔ C offer may be withdrawn at any time prior to the delivery of its acceptance
The IRS allows a married couple who sell their long time home to take a tax free capital gain of up to
A $125,000
B $ 250,000
C $500,000
D any amount - ✔✔ c. $500,000
0 - ✔✔ 0
A seller's agent is contacted by a potential buyer whose financial status is questionable. When asked to write an offer, the agent should
1. refuse to write an offer
2. insists on a prompt closing
3. ask for a high earnest money payment
4. relay any reservations to the seller - ✔✔ . relay any reservations to the seller
A correct statement about a transaction broker is that they:
a) present both the buyer and seller.
B)represent neither the buyer nor the seller.
C)are required to disclose confidential information.
D) may conduct transactions without an active real estate license. - ✔✔ B)represent neither the buyer nor the seller [Show Less]