New Jersey Real Estate State Exam Practice Questions Flashcards

New Jersey Real Estate State Exam Practice Questions Flashcards The commission will rule that someone could never again get a license after how many violations?3 Which would NOT be permitted under the Federal Fair Housing Act?A) The Harvard Club in NY rents rooms only to graduates of Harvard who belong to the clubB) The owner of a 20 unit apartment building rents to women onlyC) A convent refuses to furnish housing for a Jewish manD) All of these C - A convent refuses to furnish housing for a Jewish man Which of the following is included in the definition of real estate?A) ChattelsB) FixturesC) TreesD) Minerals in the earth D - Minerals in the earth The Guaranty Fund is funded byA) fines paid by brokers who violate license lawB) A 1% tax on real estate sales over $500kC) Fees paid at first license applicationD) Real property taxes C - Fees paid at first - license application A tenant in a small house is under a one year lease.Without consulting his landlord, the tenant installs awnings over the building's front windows to keep the sun away from some delicate hanging plants. Which of the following is TRUE?A) By law, the tenant's landlord must pay for the awnings before the rental period is overB) Because of their permanent nature, the awnings are considered to be personal propertyC) The awnings have become part of the real estate and cannot be removedD) The awnings are removeable trade fixtures C - The awnings have become part of the real estate and cannot be removed The legal relationship between a broker and seller is generally aA) Special agencyB) General agencyC) Ostensible agencyD) Universal agency A - Special agency A seller who wishes to cancel a listing agreement in NJA) Must cite a legally acceptable reasonB) May not cancel without the agent's consentC) May be held liable for money and time expended by the brokerD) May not sell the property for 6 months after C - May be held liable for money and time expended by the broker The Real Estate Commission has how many members? 8 The owner of a large farm may lease to a gas-drilling company hisA) Riparian rightsB) Subsurface rightsC) Air rightsD) Littoral rights B - Subsurface rights What is a reasonable effort for a seller's agent to determine material information about a property's physical condition?A) Ask questions while walking the property with the sellerB) Hire a home inspector prior to taking the

listingC) Suggest that the seller to sell "as is" to avoid making disclosuresD) Encourage the seller to complete a property disclosure statement D - Encourage the seller to complete a property disclosure statement "I hear they're moving in; there goes the neighborhood.Better list with me today!" is an example of Blockbusting

Real estate brokers may need special registration when selling someA) Out-of-state propertyB) Previously owned condoC) Business opportunitiesD) Real estate at an auction A - Out of state property Guiding prospective buyers to a particular area because the agent feels they belong there is considered Steering A broker-run advertisement in a local newspaperA) Must specify the complete address of the propertyB) Must be retained for six months if a qualifying word or words for attainable financing was used.C) Must spell out the full name of the MLS with no exceptionsD) May not advertise a free appraisal, although a free CMA is permitted D - May not advertise a free appraisal, although a free CMA is permitted In NJ, the buyer of residential property is entitled to find out about the presence of a convicted sex offender in the neighborhoodA) In the listing information of the propertyB) At the time the contract is signedC) After the sale of the property has closedD) Only if he or she can demonstrate a material need to know C - After the sale of the property has closed Undercover investigation to see whether fair housing practices are being followed is sometimes made byA) TestersB) EvaluatorsC) OperativesD) Conciliators A - Testers To be entitled to collect a commission on a real estate transaction, an agent mustA) Be the procuring cause of transactionB) Charge no more than the local "going rate" of the commissionC) Work a minimum number of hoursD) Sign the sales contract as a witness A - Be the procuring cause of the transaction The pre-license course must be taken over if the student does not apply for a license withinA) 6 monthsB) 1 yearC) 2 yearsD) Unlimited amount of time B - 1 year A licensed salesperson is allowed toA) Keep earnest money deposits in a special escrow accountB) Leave one broker and affiliate with anotherC) Keep a license without a sponsoring brokerD) Work for 2 brokers if each is informed and consents B - Leave one broker and affiliate with another The only defense against an accusation of illegal discrimination is proof that itA) Wasn't intentionalB) Didn't cause financial loss to anyoneC) Arose because the agent was ignorant of the lawD) It didn't occur D - It didn't occur A dual agent cannot provide advice onA) Available financingB) The right price to acceptC) Utility costsD) Hidden defects B - The right price to accept A broker wants to open a branch office in a new shopping mall in the next town. The office can be supervised byA) A salesperson with at least 2 years of experienceB) The broker by phone each dayC) A friendly broker in the next

townD) A broker-salesperson

• A broker-salesperson

Commissions usually are earned whenA) The buyer makes a purchase offerB) The seller accepts the buyers offer without conditionsC) A new mortgage has been promised