[Q34-Q58] New-Jersey-Real-Estate-Salesperson Actual Questions - Instant Download Tests Free Updated Today!

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New-Jersey-Real-Estate-Salesperson Actual Questions – Instant Download Tests Free Updated Today!

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NR. 34 Which action would be allowed according to the Federal Fair Housing law?

A broker informs a potential seller that there is an influx of immigrants snatching up rentals in the neighborhood, so this would be a good time to sell.

Broker A meets a new Hispanic buyer client. Broker B just sold a handful of condos to other Hispanic buyers in the Kentwood neighborhood, so broker A suggests the new buyer might be comfortable in that neighborhood.

A lender receives notice that a loan application submitted on behalf of a client has been denied. The lender knew the borrower was well qualified, but is told that area is off limits for new loans because of its crime rate.

A landlord receives a rental application from a prospective tenant, who came from Russia a few years ago to attend the local university. The lender denies the rental application after asking for the prospective tenant’s visa and determines that it expires in 3 months.

NR. 35 A small broker committee in the local county has set up a new marketing idea. They will give every seller the same commission rate and it will not be negotiable. This will allow the consumers to know exactly what it will cost to list a property. This marketing plan is an example of:

apostille

price-fixing

market allocation

consumer protection

NO.36 A broker may legally refuse to accept a listing:

at any time, for any legitimate reason.

only if the owner’s instructions are illegal.

only if the seller cannot give clear title to the property.

under no circumstances; all owners are entitled to professional representation in the sale of their property.

NO.37 An appraisal made by a certified appraiser is required:

before real property can transfer from one owner to another.

when heirs receive property.

when the buyer is using an FHA loan to purchase.

before any property settlement in a divorce.

NO.38 Rules for Truth in Lending and RESPA call for disclosure documents to borrowers. How can a managing broker best prepare associated licensees to manage these disclosures?

The buyer’s broker can provide samples so that when the licensee and the borrower prepare the forms they are following a good example.

Because the lender has primary responsibility to provide these forms, the broker and licensees should be aware of the items required for the lender to comply.

The managing broker should train licensees to advise borrowers to accept the Loan Estimate right away.

Because the listing broker will be primarily responsible for completing the Loan Estimate to send to the lender, the broker should train associated licensees to collect all the necessary information in a timely fashion.

NO.39 A landlord may require that a disabled tenant

pay double the usual $500 security deposit.

pay an additional fee for using the swimming pool to cover the added insurance cost.

remove the wheelchair ramp from the apartment upon vacating the unit.

not install grab bars in the tile shower if drilling holes in the tile is required.

NO.40 A buyer wants to purchase a home for $400,000 with a 15% down payment. The lender charges 1.5 points.
How much money does the buyer need up front to make the purchase?

$60,000

$66,000

$60,900

$65,100

NO.41 A licensed broker may establish a commission rate at a predetermined amount that reflects the broker’s general office policy provided the broker:

has the percentage or fixed amount printed on all listing agreement forms

advises the New Jersey Consumer Affairs Division that the broker will not negotiate this commission rate

advertises the commission rate at least once per month

negotiates all commissions with sellers

NO.42 If a salesperson or broker-salesperson maintains a webpage that is not linked to the webpage of their broker, the licensee’s webpage must display the name of the broker as well as the

broker’s telephone number.

broker’s email address.

address of the broker’s main office.

address of the branch office from which the licensee operates.

NO.43 In many states, usury laws:

determine the possible legal use of land.

provide a right to use property belonging to another.

impose a tax on a purchaser of personal property for resale or use.

establish a maximum rate of interest allowed for loans.

NO.44 Which of the following differentiates a bilateral contract from a unilateral contract?

number of parties involved

performance obligations of the parties

relative value of the object of the contract

type of property specified in the contract

NO.45 An intoxicated buyer made an offer on a house. The owners accepted the offer. This contract is

illegal.

void.

unilateral.

voidable.

NO.46 Which of the following statements would most likely be considered mere “puffing”?

This area is expected to increase in value by 25% within the next year.

This lot has the most beautiful view of the lake.

Children from this neighborhood have the highest SAT scores.

The utility costs in this home are lower than in any other home in the neighborhood.

NO.47 To avoid triggering full disclosure under TILA when advertising financing availability on a listed property, which of the following statements must a real estate licensee avoid using?

assumable loan

owner willing to finance

FHA and VA financing available

buy for less than $650 per month

NO.48 A licensee must provide a Consumer Information Statement in all of the following transactions EXCEPT the:

sale of a vacant one-family lot

sale of a three-family house in a mixed-use zone

sublease of a studio apartment for two months

lease of a three-bedroom apartment for one year

NO.49 A licensee faxes a list of available properties to prospective buyers. Which of the following is true?

The fax must contain an opt-out provision for future communications.

The licensee must include only a phone number to reply.

The licensee’s company’s name does not need to be listed.

The licensee must mail an identical list to all parties.

NO.50 Which of the following actions is NOT a cause for suspension or revocation of a New Jersey real estate license?

failing to provide a client with a copy of the signed exclusive listing contract

delivering a consumer information statement to a seller after having made a listing presentation

payment of a referral fee by a licensed New Jersey broker to a broker licensed in another state

collecting a commission as a broker from both parties to a transaction while representing both parties as their agent

NO.51 A salesperson is selling a leased commercial property. What will happen to the lease after the sale is consummated?

The lease is assigned to the new owner.

The lease expires and the tenant must move.

The tenant and the new owner must negotiate a new lease.

The new owner has the option of canceling the lease or accepting the lease.

NO.52 Broker P is the sole proprietor of XYZ Realty. P employs five salespersons, all of whom have been practicing real estate for at least two years. Under the license law, if P should die, which of the following actions can be taken?

All sales contracts can be declared null and void and all salespersons will lose their licenses until establishing employment with another broker.

The Real Estate Commission can direct an experienced broker with another firm to conclude all pending business.

The most experienced salesperson can act as broker for a maximum of six months until a permanent replacement broker is licensed.

A salesperson holding a real estate license for at least three years can apply for a temporary broker’s license in order to continue the firm’s activity.

NO.53 A married couple is planning to purchase a house that costs $86,000. If they obtain a 60% loan and the lender charges a 2.5% loan origination fee and 0.5 discount points, what is the cost of these expenses?

$1,290

$1,548

$2,150

$2,580

NO.54 A broker who charges or collects an advance fee in excess of $25 for services to be rendered MUST:

deduct the amount collected from the commission or settlement

give the principal receipts for all expenditures

furnish within ninety days of its collection an accounting of how the money was used

retain the difference between the amount of money collected and the amount spent

NO.55 A property that contains a 2,500-square-foot house has a land value of $45,000. The house suffers from
$7,000 of physical depreciation and $2,500 of functional obsolescence. If the replacement cost of the house is
$75 per square foot, what is the value of the property?

$178,000

$187,500

$223,000

$232,500

NO.56 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 statements regarding this situation is true?

City code always takes priority over deed restrictions.

This city code takes priority because deed restrictions expire 10 years after a subdivision is developed.

Deed restrictions always take priority over city codes.

This deed restriction is more restrictive and will, therefore, take precedence.

NO.57 A tenant has an option to purchase leased property. The price that the tenant will pay for the property is determined by the:

terms specified in the option.

agreement, when the option is exercised.

property’s market value at the time of exercising the option.

tenant, when the option is exercised.

NO.58 A purchase money note need NOT contain the:

rate of interest.

time and method of payment.