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

NEW JERSEY (NJ) Real Estate Final Exam with Answers 2023 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: Refuse to release the earnest money 11. Which of the following differentiates a bilateral contract from a unilateral contract?: Performance obligations of the parties 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:: For no more than five business days after receipt of the money 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: Gross rent multiplier (GRM) 14. A CORRECT statement about transaction brokers is that they:: Represent neither the buyer nor the seller 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?: Contingency 16. Which of the following entries satisfies the requirement that an advertisement show that the broker is in the real estate brokerage business?: J. Jones, Real Estate Agency 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?: Selecting tenants to provide a diverse environment 19. What does the mortgage lender MOST often rely on when deciding how much is safe to lend on a parcel of real estate?: Appraisal report 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: An extension or "tail" clause 21. According to the New Jersey Law Against Discrimination, which of the following classes is NOT protected?: Convicted felons 22. Under what condition may a salesperson accept a bonus offered by a seller for services rendered?: The seller pays the bonus to the broker, who passes it on to the salesperson 23. Minors are held liable for real estate contract obligations if they: Have their guardian co- sign 24. Which of the following statements about branch offices is INCORRECT?- : Two salespersons may be designated to share supervising responsibilities 25. A salesperson's client is the lessee. Who does the salesperson represent?: Tenant 26. Whenever a salesperson receives cash to be held in trust, the salesperson MUST:: Give a written receipt signed by the salesperson to the prospective purchaser and immediately deliver the funds to the salespersons broker 27. For the borrower, the major ADVANTAGE of Private Mortgage Insurance (PMI) for a home mortgage loan is that: A smaller down payment is required 28. A complaint must be filed with HUD within what period of time after a fair housing violation has occurred?: 1 year 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?: Contract for deed 30. A licensee must provide a Consumer Information Statement in all of the following transactions EXCEPT the:: Sublease of a studio apartment for two months 31. Which of the following are MOST likely to be addressed by building codes?: Construction standards 32. A major difference between freehold and nonfreehold estates is that all nonfreehold estate: Are estates for a fixed term 33. Limiting the neighborhoods in which a licensee shows houses because of a buyer's race is: Steering 34. When a land owner uses his land as a security for a loan, the encumbrance created is called: A mortgage or deed of trust lien 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?: Alienation clause 36. Which of the following statements is the BEST example of puffing?: This is the best buy you'll find all year 37. Latino families were beginning to move into a neighborhood that had previously been all white. A local broker out flyers to homeowners that said, "sell now before it's too late! We have beautiful new homes with attractive financing and good schools." these flyers would likely be viewed by the courts as: Blockbusting 38. In New Jersey, the Private Well Testing Act (PWTA) requires:: The buyer and seller to certify receipts of test results before title transfer 39. Which of the following types of deeds provides the purchaser of real estate the GREATEST protection?: General warranty deed 40. 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 noted that an attractive feature of the neighborhood seems to be the large Russian grocery store. He decides to stop advertising the property in the city newspaper and instead advertise the property on two different Russian internet sites this is: Acceptable if the advertisement includes no preferential language 41. A real estate licensee representing a buyer may do all of the following EXCEPT: Disclose the highest price the buyer is willing to pay 42. 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: Disclose the existence of asbestos to all potential buyers 43. After receiving a written offer, a seller revises the offered purchase price and initials the change. The salesperson who prepared the offer then takes the only copy of the revised document to the buyers. The licensee has violated the New Jersey Real Estate License Law by failing to:: Request that the seller sign an addendum reflecting the revision 44. In a mortgage/trust deed form of loan, the terms of payment and interest rate would be found on the: Promissory note 45. A house that was listed for $164,000 sold for $124,000. The state where the sale occurred charges a transfer fee which is computed at the rate of $3 per