New Jersey Real Estate Salesperson Exam Dumps (V8.02): Your Way to Achieve New Jersey Real Estate Salesperson License

1. Last year, an apartment building had a net operating income of $174,000.

If a potential buyer is looking for a capitalization rate of 8%, how much should the buyer be willing to pay for the building?

2. What is the difference between a license to use property and an easement?

3. A buyer is looking in several different cities for land to purchase for a shopping center. The buyer has decided to hire several real estate licensees, each representing the buyer in that licensee's city.

Which type of agreement would protect the buyer from owing multiple commissions?

4. Which of the following can hold escrow accounts?

5. In advertisements of individual salespersons, which of the following is permitted?

6. 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:

7. A contract of sale prepared by a licensee MUST include an attorney review clause if it pertains to which of the following types of properties?

8. As required by the New Jersey Real Estate Sales Full Disclosure Act, before signing any contract for the purchase or lease of a property registered with the New Jersey Real Estate Commission, the purchaser or lessee MUST be provided with a copy of the:

9. A seller sold a property for $375,000, with the closing on July 1st, in a jurisdiction where the buyer pays for the day of closing. The seller had a mortgage balance at the time of closing of $301,000, and had recently paid invoices of $400 for the second quarter's water and electricity, $1,200 for new appliances, and roofing repairs of $700.

Based only on these items, how much will the seller receive at closing?

10. 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?

11. The following statement was found in a real estate sales contract: "In the event of a default by the purchaser, the forfeiture of the earnest money to the seller will be the only compensation to which the seller will be entitled."

This statement most likely describes a:

12. 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?

13. Are electronic signatures enforceable on a real estate contract?

14. The Freshwater Wetlands Protection Act of 1987 is a New Jersey law that:

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

16. A broker maintains a real estate agency and terminated two salespersons.

In this situation, the broker is REQUIRED to take all the following actions with regard to these two salespersons EXCEPT:

17. New Jersey Real Estate Commission regulations require a licensee to terminate membership in a real estate board or multiple listing service whenever the organization:

18. A salesperson is selling a leased commercial property.

What will happen to the lease after the sale is consummated?

19. In a jurisdiction where the common law of agency applies, a broker has listed a home and then presented to the seller an offer from another client of the broker. The offer has been accepted.

The broker has what type of agency relationship with the parties?

20. A broker who charges or collects an advance fee in excess of $25 for services to be rendered MUST:

21. An applicant for a real estate salesperson's license must apply for the issuance of the license within:

22. 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?

23. 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?

24. 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?

25. A real estate broker’s maintained place of business MUST conspicuously display on the exterior the broker’s name and the word(s):

26. When MUST a listing broker provide a copy of a fully executed written listing agreement to the owner?

27. Written offers to purchase real estate in New Jersey must be presented to sellers within:

28. The primary intent of the statute of frauds is to:

29. 1.A salesperson working with buyers secures an offer on a property. The offer calls for an initial deposit of $1,000 to be held in escrow. The salesperson instructs the buyer to issue a personal check in that amount payable to the salesperson. This action is

30. 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:

31. Which of the following actions is NOT a cause for suspension or revocation of a New Jersey real estate license?

32. A property was listed for $110,000. It sold for $106,000. A 6.5% fee was split equally between the listing and selling real estate firms. The listing licensee received 55% of the listing office share.

How much did the listing licensee receive?

33. 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?

34. A buyer’s agent is NOT permitted to tell a buyer that:

35. 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

36. A buyer and broker enter into a 3-month exclusive buyer agency agreement. With regard to the broker's right to be compensated and to work with other clients, this means that during the term of this agreement, the broker

37. A landlord may require that a disabled tenant

38. The best way to research the previous owners of the property would be to research the:

39. According to the Real Estate Licensing Law, a real estate licensee can provide a rebate of the commission to a buyer

40. A licensee must provide disclosure of licensed status when acting as a principal if

41. A public utility company is installing power lines across several counties. Will the utility company be more likely to be granted an easement appurtenant or an easement in gross?

42. A private integrated club refused to rent one of its condos to a minority family. The club explained that it did not rent the condos to the public since the condos were for members only.

Is the club in violation of the federal Fair Housing Act, and if so, how?

43. Which of the following is a radioactive odorless gas which may require mitigation?

44. 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?

45. A ranch house with a double garage is being valued. The house next door, which is similar except that it lacks a garage and has an outside deck, was sold last month for $138,000. Experience in that area shows that a two-car garage is probably worth $10,000 to buyers, while in general, they will pay only $500 extra for a deck.

The ranch house is most likely to sell for around: