nj real estate exam questions WITH ANSWERS Flashcards

nj real estate exam questions WITH ANSWERS Flashcards An individual Is hired by the homeowners' association of KLM Condominiums. The individual is not required to be a real estate licensee in New Jersey UNLESS the individual oengages in which of the following activities?A. Collecting the monthly association membership feesB. Negotiating a contract with a security serviceC. Retaining a landscaping serviceD. Soliciting tenants for vacant rental units

• Soliciting tenants for vacant rental units
• are conciliation report for an FHA loan The purchase price for a new home was $230,000. The

buyer put down 20%, and the balance was a mortgage for 80% of the purchase price. The appraised value at the time of closing was $250,000, and the assessed value was $220,000. What will the buyer pay for one year's property taxes, if her tax rate is 0.2%A. $440B. $500C. $3,680D.

$4,600

Which of the following is a permitted free offering? --A. A complimentary home warranty with every listingB. A coupon for a discounted commission on listing servicesC. A free dinner for attendees at a home buyers' evening seminarD. Free use of a local moving van for all listings

• A Free dinner for attendees at a home buyers' evening

seminar Under New Jersey Real Estate Commission rules, a licensee's obligations to the public include all of the

following responsibilities EXCEPT:A. accepting any

reasonable commission offered by a seller in the course of negotiating a listing agreementB. dealing honestly with all partiesC. disclosing material defects in a property to a prospective purchaserD. protecting and promoting the interests of the licensee's principal when acting as an agent

• accepting any reasonable commission offered by a

seller in the course of negotiating a listing agreement

• sellers property disclosure or B. lead based paint?According to the CAN SPAM Act, every email

advertisement for real estate services must do all of the following EXCEPTA. cleary indicate the nature of the content of the email.B. inform the recipient of the name and location of the brokerage firm.C. allow a method for the recipient to opt out and not receive future emails.D. advise the recipient that it will take 180 days to remove the recipient's name from this email list.

• broker located a buyer who made an offer that met all of

the seller's terms.In New Jersey, the Private Well Testing Act (PWTA)

requires:A. the buyer to order the testB. the selling broker

to recommend sources of remediationC. the buyer and seller to certify receipt of test results before title transferD.the seller to remediate if the well fails the test

C. $500,000.00Once an offer to purchase is presented to a seller, the:A.

buyer is bound to the terms contained therein until the delivery of its acceptance.B. property is unavailable to any other prospects.C. offer may be withdrawn at any time prior to the delivery of its acceptance.D. seller may not consider any other outstanding offers.

• buyer is bound to the terms contained therein until the

delivery of its acceptance A Seller's 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:A. disclose the existence of

asbestos to all potential buyers.B. ask the seller's permission to disclose and abide by the seller's wishes.C.suggest the buyers have a home inspection and leave discovery up to the inspector.D. suggest to the seller that he wrap the pipes to contain potential airborne contamination.

• perform bookkeeping functions concerning escrowed

funds Written offers to purchase real estate in New Jersey must

be presented to sellers within:A. 24hoursB. 48 hoursC.

3daysD. 5 days

• 24 HoursA seller wants $120,000 for his home, and still owes

$20,000 of his original loan at 7%. The current interest rate is 12%. A buyer can pay $60,000 down and wants to carry a mortgage that includes the seller's $20,000 existing mortgage and the remaining $40,000 for a total of $60,000 at an interest rate of 10%. What kind of mortgage loan is this?A. Blanket.B. Equity.C. Wraparound.D. Buy-down.A tax assessor determined that a commercial building by with a 3.5% mortgage has a market value of $400,000. If the assessed value is 60% of market value and the tax rate is 631/8 9mills, what is the annual tax?A. $5,305.50B.

$8,837.50C. $15,150.00D. $25,250.00

In estimating the value of a 50-unit apartment complex, which of the following approaches would yield the most accurate estimate?A. costB. incomeC. market dataD. gross rent multiplier 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 noticed a Russian grocery store right by the neighborhood that was attractive. He decides to stop the advertising the property and started adverting the

property on two different Russian internet sites. This is:1.

Acceptable because it is not print media2. Unacceptable due to its discriminatory nature3. Acceptable if the advertisement includes no preferential language4. The only appropriate way to market property in this neighborhood

• Acceptable if the advertisement includes no preferential

language A property was listed with a broker, but the owners advertising the property found a buyer and negotiated the sale themselves. After the closing, the owners paid a full commission %-to the broker. The broker MUST have hadA.

an open listing.B. an exclusive agency listing.C. anet listing.D. an exclusive right to sell.

• an exclusive right to sell.

A broker who charges or collects an advance fee in excess

of $25 for services to be rendered MUST:A. deduct the

amount collected from the commission or settlementB. give

the principal receipts for all expendituresC. furnish within ninety days of its collection an accounting of how the money was usedD. retain the difference between the amount of money collected and the amount spent

• furnish within ninety days of its collection an accounting

of how the money was used