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NEW QUESTION # 38
A licensee must provide a Consumer Information Statement in all of the following transactions EXCEPT the:
- A. lease of a three-bedroom apartment for one year
- B. sublease of a studio apartment for two months
- C. sale of a three-family house in a mixed-use zone
- D. sale of a vacant one-family lot
Answer: B
Explanation:
The Consumer Information Statement (CIS) must be used in all sales of 1-4 family residential properties and all residential lease transactions of 1-4 units that are for terms longer than 125 days.
A short-term rental or sublease (two months) does not require a CIS.
Correct answer = C.
Reference: N.J.A.C. 11:5-6.9; NJ Real Estate Salesperson Study Guide, Chapter on Consumer Information Statement.
NEW QUESTION # 39
In commercial property leasing, listing agents should ensure that the owner complies with:
- A. the Americans with Disabilities Act
- B. their fiduciary responsibilities to the tenant
- C. market lease rates
- D. state and federal Fair Housing laws
Answer: A
Explanation:
In commercial leasing, the Americans with Disabilities Act (ADA) applies.
The ADA requires that public accommodations and commercial facilities be accessible to persons with disabilities.
Fair Housing laws apply mainly to residential property, not commercial.
Fiduciary duties are owed by the agent to their client, not by an owner to tenants.
Market lease rates are economic factors, not legal requirements.
Correct answer = C.
Reference: Americans with Disabilities Act (ADA, 1990); NJ Real Estate Salesperson Study Guide, Chapter on Commercial Real Estate.
NEW QUESTION # 40
A home sold for $400,000. It was appraised for $402,000, and the assessed value was $320,000. Assume in this situation, the real estate transfer tax of 1% is paid by the grantee. How much will the seller owe at closing for transfer fees?
- A. $4,020
- B. $4,000
- C. $3,200
- D. $0
Answer: D
Explanation:
In New Jersey, the Realty Transfer Fee (RTF) is typically paid by the seller, but the question specifies that the tax is paid by the grantee (buyer). When the buyer pays the transfer tax, the seller does not owe any amount at closing for transfer fees.
Additionally, the RTF is calculated based on the consideration amount (sale price), not the appraised or assessed value. But since liability is shifted to the buyer here, the seller's responsibility = $0.
Reference: New Jersey Realty Transfer Fee Statute, N.J.S.A. 46:15-7; New Jersey Real Estate Salesperson Study Guide, Chapter on Closing and Transfer Taxes.
NEW QUESTION # 41
Which action would be allowed according to the Federal Fair Housing law?
- A. 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.
- B. 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.
- C. 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.
- D. 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.
Answer: A
Explanation:
Under the Federal Fair Housing Act (Title VIII of the Civil Rights Act of 1968, as amended):
A = Blockbusting (illegal).
B = Steering based on ethnicity (illegal).
C = Redlining (illegal lending discrimination).
D = Immigration/visa status is not a protected class under Fair Housing law. A landlord may consider visa status as part of ability to fulfill lease obligations.
Thus, the only action permitted under Fair Housing is D.
Reference: Federal Fair Housing Act, 42 U.S.C. §§ 3601-3619; NJ Real Estate Salesperson Study Guide, Chapter on Fair Housing.
NEW QUESTION # 42
Two parcels of land priced at $2,100 per acre were purchased. One parcel was 5 acres in size, and the other was 1 square mile in size. How much should these two parcels have cost together?
- A. $1,354,500
- B. $914,760
- C. $1,060,500
- D. $766,000
Answer: C
NEW QUESTION # 43
Which of the following is a radioactive odorless gas which may require mitigation?
- A. formaldehyde
- B. asbestos
- C. radon
- D. carbon monoxide
Answer: C
Explanation:
Radon is a naturally occurring, colorless, tasteless, and odorless radioactive gas formed from the natural breakdown of uranium in soil and rock. It can accumulate in basements and lower levels of homes.
The New Jersey Department of Environmental Protection (NJDEP) identifies radon as a serious environmental hazard. Testing and mitigation systems (such as sub-slab ventilation) are required in certain areas of New Jersey where radon levels are high.
Asbestos is a fibrous mineral linked to lung disease but is not radioactive.
Formaldehyde is a chemical used in building materials but is not radioactive.
Carbon monoxide is a deadly, odorless gas from combustion, but again not radioactive.
Therefore, the correct answer is A (radon).
Reference: NJ Real Estate Salesperson Pre-Licensure Course Guide, Chapter on Environmental Issues; NJDEP Radon Awareness Statutes.
NEW QUESTION # 44
Limiting the neighborhoods in which a licensee shows houses because of a buyer's race is:
- A. blockbusting
- B. redlining
- C. steering
- D. puffing
Answer: C
Explanation:
Steering = Directing or discouraging buyers from certain neighborhoods based on race, religion, or other protected classes. This violates the Federal Fair Housing Act.
Blockbusting = Inducing owners to sell by suggesting a protected class moving into the neighborhood will lower values.
Redlining = Refusing loans or insurance in certain neighborhoods.
Puffing = Exaggerated sales talk, not discriminatory.
Therefore, the action described = steering.
Reference: Federal Fair Housing Act (1968, as amended); NJ Real Estate Salesperson Study Guide, Chapter on Fair Housing Practices.
NEW QUESTION # 45
Written offers to purchase real estate in New Jersey must be presented to sellers within:
- A. 3 days
- B. 48 hours
- C. 5 days
- D. 24 hours
Answer: D
Explanation:
According to N.J.A.C. 11:5-6.9, every written offer must be presented to the seller by the licensee immediately, but never later than 24 hours after receipt.
This ensures timely communication and protects the client's interests.
Delays beyond 24 hours would violate the rules.
Reference: NJREC Rules and Regulations, N.J.A.C. 11:5-6.9; NJ Real Estate Salesperson Study Guide, Chapter on Offers and Contract Presentation.
NEW QUESTION # 46
A licensee listed a house for $187,500, and a dual agency does not exist. A buyer is willing to offer $184,000.
The licensee explains that the seller will take no less than $186,500. The buyer agrees to offer $186,500. Did the licensee act properly?
- A. No, the licensee should not have disclosed that the seller would accept less than the listing price.
- B. No, the licensee should have accepted the first offer and persuaded the seller to accept it.
- C. Yes, because the licensee persuaded the buyer to raise the price $2,500.
- D. Yes, to ensure acceptance of an offer, the licensee needed to disclose the lowest price the seller would accept.
Answer: A
Explanation:
Under fiduciary duties of a seller's agent in New Jersey:
A licensee must act in the best interest of their client (the seller).
The agent cannot disclose the seller's bottom line or confidential financial information without the seller's explicit consent.
Disclosing "the seller will take no less than $186,500" violated confidentiality and the duty of loyalty.
Thus, the licensee acted improperly.
Reference: NJREC Rules and Regulations; NJ Real Estate Salesperson Study Guide, Chapter on Agency Duties and Disclosure.
NEW QUESTION # 47
A tenant has a commercial lease that requires that the tenant pay taxes, insurance, maintenance, and parking lot repairs. What kind of lease does the tenant have?
- A. ground
- B. gross
- C. percentage
- D. net
Answer: D
Explanation:
A net lease requires the tenant to pay some or all operating expenses, including taxes, insurance, maintenance, and sometimes repairs. Commercial leases often use this form (single, double, or triple net).
A gross lease means the landlord pays all expenses.
A ground lease is long-term land rental.
A percentage lease ties rent partly to sales volume.
This is a net lease.
Reference: NJ Real Estate Salesperson Study Guide, Chapter on Leases and Property Management.
NEW QUESTION # 48
A salesperson is convicted of a crime which involved activities as a real estate licensee. The Commission obtains a certified copy of the judgment of conviction against the salesperson. According to the New Jersey Real Estate License Law, the Commission MUST:
- A. suspend the salesperson's license
- B. determine, at its discretion, what disciplinary action to take against the salesperson
- C. revoke the salesperson's license
- D. notify the salesperson's employing broker of the circumstances pertaining to the conviction
Answer: B
Explanation:
Under N.J.S.A. 45:15-17, the New Jersey Real Estate Commission (NJREC) has discretionary authority to determine appropriate disciplinary action when a licensee is convicted of a crime related to their licensed activities.
The Commission may choose to suspend, revoke, or otherwise discipline the licensee depending on circumstances.
It is not automatic that the license must be revoked or suspended; the Commission evaluates the case.
Correct answer = C.
Reference: NJ Real Estate Licensing Law, N.J.S.A. 45:15-17; NJ Real Estate Salesperson Study Guide, Chapter on Disciplinary Actions.
NEW QUESTION # 49
A prospective buyer calls a licensed New Jersey salesperson to inquire about a property listed with that salesperson's brokerage. During the first substantive discussion about the property's price and terms, the salesperson must
- A. provide the CIS at closing when all agency relationships are finalized.
- B. immediately provide the Consumer Information Statement (CIS).
- C. wait until the buyer is ready to make an offer before presenting the CIS.
- D. only provide the CIS if the buyer asks for agency representation.
Answer: B
Explanation:
Under New Jersey Real Estate Commission (NJREC) Regulations, licensed brokers and salespersons are required to provide the Consumer Information Statement (CIS) to clients and customers at the first substantive discussion about the price, terms, or motivation regarding a specific property.
The purpose of the CIS is to disclose to the consumer the various types of business relationships available in New Jersey (seller's agent, buyer's agent, disclosed dual agent, and transaction broker) and to clarify how the licensee intends to work with them.
Important rules from N.J.A.C. 11:5-6.9:
* The CIS must be given before any confidential information is disclosed or before an offer is written
, whichever occurs first.
* A "first substantive contact" means when a buyer or seller begins discussing financial or personal motivation about the transaction.
* Failing to provide the CIS at the proper time is considered a violation of agency disclosure requirements and can subject the licensee to disciplinary action by NJREC.
Therefore, the correct answer is A, because the CIS must be provided immediately at the first substantive discussion.
Reference: New Jersey Real Estate Commission, Rules and Regulations, N.J.A.C. 11:5-6.9 (Agency Disclosure / Consumer Information Statement); New Jersey Real Estate Salesperson Pre-Licensure Course Study Guide, Chapter on Agency and Business Relationships.
NEW QUESTION # 50
The primary intent of the statute of frauds is to:
- A. protect the rights of buyers who are disabled.
- B. protect licensees from fraudulent activity.
- C. enforce oral agreements beyond 1 year.
- D. reduce real estate contracts to writing.
Answer: D
Explanation:
The Statute of Frauds (as adopted in New Jersey) requires that certain contracts be in writing to be enforceable, including:
Contracts for the sale of real estate.
Leases longer than 3 years.
Certain other long-term agreements.
Its purpose is to prevent fraud and misunderstandings by requiring written evidence of important contracts.
Reference: N.J.S.A. 25:1-13; NJ Real Estate Salesperson Study Guide, Chapter on Contracts.
NEW QUESTION # 51
The Multiple Listing Service (MLS) board members decided that the population of each area of the city would be best served by the brokerages who have offices actually located within those areas. The board established boundaries dividing the city into six districts and voted to limit listings for each district to only those brokerages with offices within the district. Brokerages who tried to advertise beyond their own district would be prohibited from listing properties in the MLS. This action violates what Real Estate Law?
- A. Civil Rights Act
- B. Diversity Jurisdiction
- C. Sherman Anti-trust Act
- D. Housing and Community Development Act of 1974
Answer: C
Explanation:
Restricting brokers to certain areas and dividing territories constitutes market allocation, which is a violation of the Sherman Antitrust Act.
Antitrust laws prohibit price-fixing, group boycotts, and territorial/market allocation among competitors.
Correct answer = C.
Reference: Sherman Antitrust Act (1890); NJ Real Estate Salesperson Study Guide, Chapter on Antitrust Laws.
NEW QUESTION # 52
A salesperson is selling a leased commercial property. What will happen to the lease after the sale is consummated?
- A. The lease is assigned to the new owner.
- B. The tenant and the new owner must negotiate a new lease.
- C. The new owner has the option of canceling the lease or accepting the lease.
- D. The lease expires and the tenant must move.
Answer: A
Explanation:
In New Jersey, under landlord-tenant law, a lease is considered a contract that runs with the land. When a property is sold while a lease is in effect, the new owner automatically assumes the rights and responsibilities of the landlord under the existing lease.
The tenant does not need to renegotiate and cannot be forced to vacate until the lease term expires, unless both parties agree otherwise. This transfer is known as an assignment of lease to the new owner.
Therefore, the correct answer is A.
Reference: NJ Real Estate Salesperson Pre-Licensure Course Guide, Chapter on Leases; NJ Landlord-Tenant Law principles.
NEW QUESTION # 53
In advertisements of individual salespersons, which of the following is permitted?
- A. Placing the real estate office sign on a personal residence.
- B. Linking a personal real estate webpage to the salesperson's broker's website.
- C. Having the broker's name appear in smaller print than the salesperson's name in a newspaper ad.
- D. Including reference to a home office.
Answer: B
Explanation:
The New Jersey Real Estate Commission advertising rules (N.J.A.C. 11:5-6.4) state that:
All ads must clearly indicate the name of the employing broker.
A salesperson's name may appear, but not more prominently than the broker's name.
Ads cannot suggest that a salesperson is operating independently.
Linking a salesperson's personal webpage to their broker's official website is permissible, provided the broker's name is prominently displayed and supervision is maintained.
Therefore, the only correct permitted action is D.
Reference: NJREC Rules and Regulations, N.J.A.C. 11:5-6.4 (Advertising Rules).
NEW QUESTION # 54
Which of the following actions is NOT a cause for suspension or revocation of a New Jersey real estate license?
- A. delivering a consumer information statement to a seller after having made a listing presentation
- B. failing to provide a client with a copy of the signed exclusive listing contract
- C. payment of a referral fee by a licensed New Jersey broker to a broker licensed in another state
- D. collecting a commission as a broker from both parties to a transaction while representing both parties as their agent
Answer: C
Explanation:
The New Jersey Real Estate Licensing Law (N.J.S.A. 45:15-17) lists specific causes for suspension or revocation, including:
Failing to provide a signed document copy to a client.
Failure to properly deliver a Consumer Information Statement before discussing motivation or making a presentation.
Collecting compensation from both parties without full disclosure and written consent.
However, paying a referral fee to an out-of-state broker is expressly permitted, provided the other broker is properly licensed in their jurisdiction. This is not grounds for discipline.
Reference: NJ Real Estate Licensing Law, N.J.S.A. 45:15-17; NJREC Rules on Referral Fees.
NEW QUESTION # 55
A purchase money note need NOT contain the:
- A. loan-to-value ratio.
- B. time and method of payment.
- C. rate of interest.
- D. principal amount of the loan.
Answer: A
Explanation:
A promissory note (purchase money note) is the borrower's written promise to repay a loan. It must include:
The principal amount of the loan.
The interest rate.
The time and method of repayment.
The loan-to-value ratio (LTV) is a lender's underwriting guideline but is not a required element of the promissory note.
Correct answer = C.
Reference: NJ Real Estate Salesperson Study Guide, Chapter on Financing Instruments (Promissory Notes & Mortgages)
NEW QUESTION # 56
Which of the following is a permitted free offering?
- A. A complimentary home warranty with every listing
- B. A free dinner for attendees at a homebuyers' evening seminar
- C. Free use of a local moving van for all listings
- D. A coupon for discounted commission on listing services
Answer: B
Explanation:
According to NJREC rules on inducements (N.J.A.C. 11:5-6.4):
Free offers to the general public (e.g., a dinner seminar or educational event) are permissible because they are not conditioned upon listing or buying.
Inducements like "home warranty with every listing," "discounted commissions," or "moving vans for clients only" are contingent on brokerage activity and are prohibited.
Thus, the permitted free offering is C.
Reference: NJREC Rules and Regulations, N.J.A.C. 11:5-6.4; NJ Real Estate Salesperson Study Guide, Chapter on Advertising and Inducements.
NEW QUESTION # 57
A buyer made an offer to purchase a home using a VA loan, but the property's appraised value was determined to be less than the contract price. If the buyer really wants the property, which of the following choices is the buyer's best option?
- A. Make up the difference between the contract price and appraised value in cash.
- B. Seek an FHA lender who will automatically make up the difference between the contract price and the appraised value.
- C. Do nothing, because the seller must sell the property at the appraised value.
- D. Hire an appraiser and see if a second appraisal yields a higher appraised value.
Answer: A
Explanation:
VA loans include an escape clause: buyers cannot be forced to purchase a home for more than its appraised value. However, if the buyer still wants the property, they can:
Pay the contract price, but must cover any amount above the VA appraised value in cash, since the VA will only guarantee the appraised portion.
Sellers are not forced to lower their price to the appraisal amount.
An FHA loan will not automatically cover the shortfall.
Thus, the best option is B.
Reference: U.S. Department of Veterans Affairs Loan Guaranty Program; NJ Real Estate Salesperson Study Guide, Chapter on VA and FHA Financing.
NEW QUESTION # 58
Under the New Jersey Real Estate Licensing Law, which of the following is an unlicensed assistant or secretary NOT permitted to do?
- A. Place signs on properties
- B. Type contracts for approval
- C. Make telephone calls to request rent payments
- D. Follow up on loan applications with lenders
Answer: C
Explanation:
Per NJREC rules, unlicensed assistants may:
Perform clerical tasks (typing, filing, placing signs).
Follow up on routine administrative matters with lenders or clients.
They may NOT:
Engage in any activity requiring a license, including solicitation of business, discussing terms, or making calls to request rent payments.
Correct answer = B.
Reference: NJREC Rules, N.J.A.C. 11:5-3.2; NJ Real Estate Salesperson Study Guide, Chapter on Licensing and Activities Requiring a License.
NEW QUESTION # 59
A broker is offering a $100 gift certificate at a jewelry store to all sellers who list with the broker during a specified time period. According to the New Jersey Real Estate License Law, such a promotion is prohibited because it:
- A. offers compensation for brokerage activity to unlicensed persons
- B. discriminates against sellers who do not list with the broker during the specified time period
- C. discriminates against sellers whose religion prohibits the wearing of jewelry
- D. makes the receipt of the free offering contingent upon sellers listing their properties with the broker
Answer: D
Explanation:
According to NJ Real Estate Commission rules, brokers and salespersons may not:
Offer prizes, gifts, or inducements that are contingent on entering into a listing agreement.
This is considered an improper inducement under N.J.A.C. 11:5-6.4.
Therefore, the prohibition is because the gift certificate is conditioned on the seller listing with the broker.
Reference: NJREC Rules and Regulations, N.J.A.C. 11:5-6.4 (Advertising and Inducements).
NEW QUESTION # 60
Which of the following is least likely to be considered in establishing the value of a property by the sales comparison approach?
- A. the date of sale
- B. the square footage of the building
- C. the size of the lot
- D. the capitalization rate
Answer: D
Explanation:
The sales comparison approach relies on comparing recently sold similar properties, adjusting for differences (e.g., lot size, square footage, date of sale).
The capitalization rate is used in the income approach, not the sales comparison approach.
Correct answer = B.
Reference: NJ Real Estate Salesperson Study Guide, Chapter on Appraisal Methods.
NEW QUESTION # 61
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