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

1.            A home is being purchased for $275,000. The buyer agrees to an 80% loan with the seller paying $5,000 of the buyer's closing costs. What amount will the ...: 

2.            A national company desires a parcel of land which must be four times the size of its proposed building. If the building design includes 20,000 square feet ....:  

3.            A salesperson is convicted of a crime which involved activities as a real estate licensee. The Commission obtains a certified copy of the .... According to the New Jersey Real Estate license law, the commission MUST:: 

4.            The IRS allows a married couple who sell their long-time home to take a tax-free capital gain of up to:  

5.       Which of the following is a permitted free offering?:  

6.       What is the greatest ADVANTAGE of using FHA financing when purchasing a home that the buyer plans to occupy?:  

7.       A number of manufacturing plants in Hometown City recently closed. Based on the principle of supply and demand, what will happen to the market value and market price in the area?:  

8.       Which of the following statements regarding the American with Disabilities Act (ADA) is true?:  

9.       A buyer wants to purchase a home for $160,000 with a 15% down payment.

The lender charges 2 points. How much money does the buyer...:  

10.    The purchase and sales agreement provides for release of earnest money to the seller after the buyers property inspection. The seller requests the earnest money prior to inspection. The broker should:  

11.    Which of the following differentiates a bilateral contract from a unilateral contract?:  

12.    A deposit check from a buyer paid upon the submission of an offer may be held without being deposited into the brokers escrow account:: 

13.    A salesperson has the opportunity to list a 6-plex that is 100 percent rented. The salesperson does NOT need to account for any expenses. The numerical tool he should use at which the building will sell is known as:  

14.    A CORRECT statement about transaction brokers is that they::  

15.    What should buyers insert into their purchase offer to make sure they would NOT have to go through the purchase if they CANNOT obtain the necessary financing?: 

16.    Which of the following entries satisfies the requirement that an advertisement show that the broker is in the real estate brokerage business?: 

17.    A city has a transfer fee of $1.00 for each $1,000 of the sales price and the state charges $1.50 per $500 of the sales price for real estate transactions. If the buyer pays ... what would the sellers transfer tax be on the sale of a $400,000 home?a) $2,000 b)$4,000 C)$6,000 d)$8,000:

18.    Which of the following is among the typical responsibilities of a residential property manager? 

19.    What does the mortgage lender MOST often rely on when deciding how much is safe to lend on a parcel of real estate? 

20.    The clause designed to ensure that a broker will receive a commission if negotiations with a ready, willing, and able buyer are completed after the listing has expired is called:  

21.    According to the New Jersey Law Against Discrimination, which of the following classes is NOT protected?: 

22.    Under what condition may a salesperson accept a bonus offered by a seller for services rendered?: 

23.    Minors are held liable for real estate contract obligations if they: 

24.    Which of the following statements about branch offices is INCORRECT?-

25.    A salesperson's client is the lessee. Who does the salesperson represent?: 

26.    Whenever a salesperson receives cash to be held in trust, the salesperson MUST::

27.    For the borrower, the major ADVANTAGE of Private Mortgage Insurance

(PMI) for a home mortgage loan is that: 

28. A complaint must be filed with HUD within what period of time after a fair housing violation has occurred?: 

29.       A seller is interested in providing financing to the buyer of her home, but she wants to retain title until the loan balance is paid off. Which of the following would be the BEST loan option?:

30.       A licensee must provide a Consumer Information Statement in all of the following transactions EXCEPT the::

31.       Which of the following are MOST likely to be addressed by building codes?: 

32.       A major difference between freehold and nonfreehold estates is that all nonfreehold estate: 

33.       Limiting the neighborhoods in which a licensee shows houses because of a buyer's race is: 

34.       When a land owner uses his land as a security for a loan, the encumbrance created is called:

35.       A lender requested that the entire loan balance be paid immediately because the property on which the loan was made had been sold. What clause in the mortgage loan allows this?: 

36.       Which of the following statements is the BEST example of puffing?