Real Estate Business
Kelechi1149
REQuiz.docx1) All of the following types of out-of state real estate marketed in New Jersey through a common promotional plan must be registered with the New Jersey Real Estate Commission
a) Office condominiums.
b) Residential lots of less than one acre.
c) Residential golf course condominiums.
d) House and lot packages where the purchaser intends to occupy the property asa a principal residence .
2) 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 had
a) An open listing
b) An exclusive agency listing
c) A net listing
d) An exclusive right to sell
3) The Buyer was given a LOan Estimate at the time of the application for the mortgage and it is now three business days before the closing. The appraisal and the Closing Disclosure have been given to the buyer. The buyer’s broker meets her client at the property for a walk-through and to review the documents. Which of the following occurrences will result in the buyer having the right to an additional three days to review documents?
a) There was a mathematical error on the proration of taxes or utilities.
b) Appliances are missing through the seller agreed to include them.
c) The loan product was changed from a fixed rate to one that is adjustable.
d) There was an omission in the property disclosure of a recently discovered special assessment.
4) Which of the following is a permitted free offering?
a) A complimentary home warranty with every listing
b) A coupon for discounted commission on listing services
c) A free dinner for attendees at a homebuyers’ evening seminar
d) Free use of a local moving van for all listings
5) A land contract is sometimes known as an
a) Installment contract
b) Option contract
c) Implied contract
d) Express contract
6) The broker’s principal is the seller. The buyer is a customer from a different brokerage company. The broker may be guilty of misrepresentation if she knows, but chooses Not to disclose, that the
a) Park behind the home will become a highway in two months.
b) Neighborhood has been the scene of violent crime recently
c) Seller must be out of the house in another month
d) Demographics of the neighborhood are changing.
7)
a)
b)
c)
d)
8) Limiting the neigbhorhoods in which a licensee shows houses because of a buyer’s race is
a) Puffing
b) Blockbusting
c) Redlining
d) Steering
9) A national company desires a parcel of land which must be four times the size of its proposed building. If the building includes 20,000 Square feet, then which of the following minimum sized lots should be purchased ?
a) 1 acre
b) 2 acres
c) 3 acres
d) 8 acres
10) The purpose of the reverse mortgage is to
a) Permit the mortgagor to borrow additional funds as the mortgage is paid down.
b) Grant the mortgagee priority over certain liens.
c) Provide financing for construction.
d) Supplement the mortgagor’s income.
11) A low loan-to-value ratio indicates
a) Lower equity in the property.
b) Greater risk of foreclosure.
c) Higher equity in the property.
d) Greater use of leverage.
12) A 15 Year old inherited some property from a grandparent. The 15 year old put the property on the market and accepted an offer. Could the 15-year old legally reverse the agreement to sell?
a) Yes, the contract is void because the seller is a minor.
b) Yes, the contract is voidable because the seller is a minor.
c) Yes, the contract is unenforceable because the seller is a minor.
d) No, the contract is valid and may not be rescinded.
13) Which of the following statements about airborne radon is TRUE?
a) It has an easily detectable odor.
b) It is only found in older wood frame structures.
c) It is inexpensively detected and mitigated.
d) It is not harmful to adults who do not smoke.
14) Which of the following statements accurately describes undisclosed agency?
a) It is permitted only when a contract is prepared by an attorney.
b) It is permitted if a transaction broker advises both the buyer and the seller.
c) It involves acting for both parties without informed consent of one or both.
d) It occurs whenever the firm representing the buyer is to be paid by the seller.
15) A secretary in a real estate office who does NOT have a real estate license may:
a) Review the Consumer information Statement with a prospective buyer
b) Perform bookkeeping functions concerning escrowed funds
c) Sign escrow checks with the written authorization of the broker
d) Disclose the current status of a commercial listing
16) When MUST a listing broker provide a copy of a fully executed written listing agreement to the owner?
a) Upon execution of the listing agreement by all parties
b) Within three days of execution of the listing agreement by registered mail, return-receipt-requested
c) Within five business days of execution of the listing agreement
d) At the time of presentation of a written offer
17) A married couple is purchasing a home. They ask the salesperson to advise them regarding the best way to take title. The salesperson should
a) Ask his broker to make recommendation
b) Advise them to take title as tenants by the entirety.
c) Decline to advise them and suggest that they consult an attorney.
d) Explain the possible types of joint ownership so they understand the options.
18) What would most lenders require if the buyer is putting less than 20% down?
a) That the buyer had one year’s worth of reserves in a certificate of deposit
b) A certificate of reasonable value
c) A Fico score of at least 745
d) Private mortgage insurance
19) A building was purchased for $350,000 with a 20% down payment. If the lender charged the buyer three discount points, how much will the buyer need to cover these two items?
a) $61,600
b) $78,400
c) $80,500
d) $360,500
20) In its advertisements, a New Jersey real estate company may NOT:
a) List the salespersons’ names in the advertisement
b) Include the term “agency” in a description of the company
c) Include the home phone number of a licensee if its is identified as such
d) Abbreviate its regular business name
21) 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 agreement
b) Dealing honestly with all parties
c) Disclosing material defects in a property to a prospective purchaser
d) Protecting and promoting the interests of the licensee’s principal when acting as an agent
22) A seller sold his 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?
a) $71,700
b) $72,400
c) $73,600
d) $74,000
23) A candidate passes the pre licensure course examination on November 8. The candidate must apply for the license within:
a) Six months from completing the prelicensure course
b) One year from passing the state licensing examination
c) One Year from completing the pre licensure course
d) Two years from passing the state licensing examination
24) 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?
a) Escape clause.
b) Provision for liquidated damages
c) Contingency
d) Walk-through agreement.
25) A seller’s agent is contacted by a potential buyer whose financial status is questionable. When asked to write an offer, the agent should
a) Refuse to write the offer
b) Insist on a prompt closing
c) Ask for a high earnest money payment
d) Relay any reservations to the seller
26) A CORRECT statement about New Jersey’s real estate transfer tax is that it is:
a) Waived for new construction
b) Payable by the buyer at closing, although no law prohibits contribution by the seller
c) Payable at a reduced rate for grantors who are sixty-two or over
d) Payable within thirty days of receipt of the recorded deed
27) Which of the following property valuation or reports would have to be prepared by a licensed or certified appraiser?
a) A broker’s price opinion
b) A comparative market analysis
c) A reconciliation report for an FHA loan
d) A value analysis for a non-residential property valued below $250,000
28) A salesperson’s client is the lessee. Who does the salesperson represent?
a) Lender
b) Tenant
c) Landlord
d) Lien holder
29) 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 poetnail airborne contamination
30) Insurance value differs from market value in that
a) The value is only attributable to the replacement of the structure
b) Includes the land and the structure values.
c) Fair market value is not insurable
d) It includes only the land value
31) Seller A entered into an option contract with Buyer B. The contract allowed for a price of $200,000 which Seller A will honor for a 12 month period exclusively for Buyer B. This would be an example of a
a) Unilateral contract in which only Seller A has made a promise to perform
b) Unilateral contract in which only Buyer B has made a promise to perform.
c) Bilateral contract which parties are obliged to perform within the time period.
d) Void contract
32) Two days after closing, the seller gives a $500 bonus check to the selling agent. The agent should
a) Immediately deposit the check in his account
b) Instruct the seller to issue the check to the agent’s broker
c) Cash the check and give the broker his share of the bonus.
d) Instruct seller that bonuses are illegal
33) A seller is offering his property for sale in as-is condition. A buyer enters into a contract with the seller and has the home inspected. The inspection reveals a latent defect known to, but not disclosed by, the seller. The buyer
a) Can void the contract due to sellers failure to disclose the latent defect.
b) Can reduce the contract sales price by the cost of correcting the defect.
c) Must go through with the purchase because the house is being sold as is,
d) Can force the seller to correct the defect.
34) A broker who charges or collects advance fee in excess of $25 for services to be rendered MUST:
a) Deduct the amount collected from the commission or settlement
b) Give the principal receipts for all expenditures
c) Furnish within ninety days of its collection an accounting of how the money was used
d) Retain the difference between the amount of money collected and the amount spent
35) Once an offer to purchase is presented to a seller, the
a) Buyer is bound to terms contained therein until the delivery of its acceptance
b) Property is unavailable to any other prospects
c) Offer may be withdrawn any time prior to the the delivery of its acceptance
d) Seller may not consider any other outstanding offers
36) A real estate salesperson legally represents the party who has
a) Paid a commission to the licensee’s broker
b) Entered into an agency agreement with the licensee’s broker
c) Entered into an exclusive agreement directly with the individual salesperson
d) Made personal contact with the licensee
37) A buyer’s agent is NOT permitted to tell a buyer that:
a) The seller is willing to accept less than the listing price because of financial circumstances
b) A former occupant of a property had AIDS
c) The roof leaked recently but was patched by the owner
d) The property was the scene of a serious crime
38) Neighbors Same and Molly share the use of Sam’s driveway, which is entirely on Sam’s property. Same wants to have control of driveway use in case Molly sells her home, and Sam does not like the new owner. Same should provide Molly with
a) A license
b) A covenant
c) An easement
d) An encroachment
39) A real estate broker enters into an agreement to represent a buyer who is seeking a property to purchase, and remains a single agent throughout the transaction, A seller with whom this broker negotiates is this broker’s
a) Client
b) Customer
c) Principal
d) Fiduciary
40)
a)
b)
c)
d)
41) If a deed creating a tenancy in common does NOT state the fractional interest of each co-owner, it
a) Is void
b) Is presumed each owner has an equal interest
c) Must be determined by a majority vote of the tenants
d) Becomes a joint tenancy
42) According to the NJ Law against discrimination, which of the following descriptions may be used in advertising properties in a townhome development?
a) Close to synagogue and churches
b) Ethnic neighborhood
c) Singles only
d) Senior housing
43) In a jurisdiction where a seller’s property condition disclosure is required, the licensee is responsible for
a) Completing the property condition disclosure
b) Ensuring that the seller completes the property condition disclosure before closing.
c) Ensuring that the buyer receives the property disclosure before the contract is finalized.
d) Checking the disclosure for accuracy and ensuring that the buyer receives it before closing.
44) Which of the following differentiates a bilateral contract from a unilateral contract?
a) Number of parties
b) Performance obligation of the parties
c) Relative value of the object of the contract
d) Type of property specified in the contract
45) Which of the following statements regarding the American with disabilities act(ADA) is true
a) A landlord must make reasonable accommodations for those with disabilities
b) A seller must make reasonable accommodations for those with disabilities
c) A lender must make loans to those with disabilities
d) A buyer can require a seller to make structural changes before closing
46) According to the New Jersey real estate license law, employment agreements between salespersons and brokers MUST include which of the following provisions
a) A clause outlining the compensation to sales persons in the event that their employment is terminated
b) A clause requiring the sales person to purchase errors and omissions insurance coverage
c) Because confirming the sales person status as an independent contractor
d) In attorney review clause stating that it is the brokers option to hire an attorney in order to protect the brokers right
47) Which of the following statements in an advertisement would be an example of non-discriminatory language under HUD’s fair housing advertising guidelines
a) “ Female seeking female”
b) “Nice home ideal for any family with children”
c) “Apartment available. No pets or children allowed”
d) “Located within walking distance to a great Catholic school”
48) The rules governing New Jersey real estate licensee’s require that a comparative market analysis (CMA) for a property must include
a) The square footage of the property
b) School reports
c) The sales price of pending properties
d) A statement indicating that the CMA is not an appraisal
49) A sales person 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 sales person, according to the New Jersey real estate law the commission must
a) Revoke the sales person’s license
b) Suspend the sales person license
c) Determine at its discretion what disciplinarian action to take against the sales person
d) Notify the sales person’s employing broker of the circumstances pertaining to the conviction
50) Bill pays his property tax bill of $980 for the calendar year. He signs a purchase and sale contract on June 28th and closes the sale on July 15th. The contract states that the seller is responsible for expenses on the day of closing. What is the amount of prepaid taxes due back to Bill at closing? Assuming 360 days per year.
a) $449.17
b) $484.56
c) $495.44
d) $530.83
51) 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 purchase or lessee MUST be provided with a copy of the:
a) Statement of record filed by the developer with the commission
b) New Jersey public offering statement approved by the commission
c) Deed or other instrument establishing title in the name of the developer
d) Filed plat map identifying the location of the property being bought or leased
52) Minors are held liable for a real estate contract obligations if they
a) Are at least 16 years of
b) Have the contract notarized
c) Graduated from high
d) Have their guardian co-sign
53) In MOST listing contracts, a broker who has brought a ready, willing, and able buyer to the seller who agrees to the terms of a sales contract
a) Earns a commission at that point
b) Earns a commission even if contingencies in the contract have not been met
c) Does not earn a commission unless the sale closes
d) Does not earn a commission if the buyer and seller agree to rescind the contract
54) A real estate licensee representing a buyer mat do all of the following except
a) Disclose the seller's motivation for selling
b) Identity latent property defects
c) Prepare a competitive market analysis (CMA)
d) Disclose the highest price the buyer is willing to pay
55) Which of the following is NOT an example of a fixture?
a) Antique chandelier
b) Hot water heater
c) Heirloom rosebush
d) Cast iron garden bench
56) 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 the property inspection. The broker should
a) Release the earnest money to the seller immediately
b) Notify the buyer of the brokeers intention to release the earnest money to the seller
c) Release the earnest money on the buyers verbal approval
d) Refuse to release the earnest money
57) A real estate broker has a fiduciary responsibility to her client and her responsibilities include investigating financial references, ordering and examining credit reports, and familiarity with the ADA Title III. This broker is most likely working for the client as
a) An affiliate
b) And escrow officer
c) A property manage
d) A designated broker
58) A buyer and seller have signed a contract for the sale of a commercial property which contains no instructions on what the broker, as excrown agent, is to do with escrowed monies in the event of a default by the buyer. Prior to closing, the buyer decides not to proceed with the sale. In this situation, how should the broker handle any deposit money that the broker is holding in escrow on the transaction?
a) Forfeit it to the seller
b) Return it to the buyer
c) Maintain it in trust until the matter is resolved
d) Return it to the buyer's attorney
59) A couple applied for a loan to finance the purchase of a new home. What federal act was created to ensure that they have knowledge of all closing costs?
a) Fair credit reporting act
b) Equal credit opportunity act
c) Uniform settlement act
d) Real estate settlement procedures act
60) In New Jersey, the realty transfer fee appears on the closing statement as a:
a) Debit to the seller
b) Debit to the buyer
c) Credit to the seller
d) Credit to the buyer
61) Major sources of real estate financing are lenders in the secondary mortgage market. An example of a lender in the secondary mortgage market is
a) Federal housing administration (FHA)
b) Fannie Mae (FNMA)
c) Veterans Administration (VA)
d) Farmers Home Administration (FmHA)
62) A Seller places his property on the market for sale at a certain price. A buyer sees the property and makes a written offer to purchase that is 90% of the asking price. The seller rejects that offer, but states that he will accept an offer of 95% of the original asking price. The buyer rejects that counteroffer. The original offer is
a) rescinded
b) Null and void
c) irrevocable
d) binding
63) An agency relationship is established between the broker and
a) Another broker
b) The principal
c) A multiple listing service
d) A customer
64) When a licensee takes a listing to sell a new multi-family residential property, the document that MUST be provided to the owner by the licensee is
a) An Attonery General’s Memorandum on Discrimination
b) A lead-based paint disclosure form
c) A copy of the truth-in-renting law
d) A list of all municipalities in the multiple listing system to which the licensee belongs
65) A MAJOR difference between freehold and nonfreehold estates is that all nonfreehold estates
a) Have an ownership interest
b) Terminate upon the death of the person on whose life they are based
c) Are estates of inheritance
d) Are estates for a fixed term
66) A lender whose mortgagor has defaulted may be offered a deed in lieu of foreclosure. If he accepts, which of the following will be TRUE?
a) Because it is voluntary, it will not be an adverse item on the buyer’s credit
b) The lender will take the tilt subject to any junior liens
c) The lender will usually retain his rights under mortgage insurance or VA guarantee
d) The loan will still be assumable
67) A neighborhood grocery store no longer complies with the law because a new zoning ordinance is adopted so that the property is zoned for residential use. Nevertheless, the owner is allowed to continue to operate the grocery store. This is an example of
a) A variance
b) Noncoforming use
c) Spot zoning
d) A conditional-use permit
68) The IRS allows a married couple who sell their long-time home to take a tax-free capital gain of up to
a) $125,000.00
b) $250,000.00
c) $500,000.00
d) Any amount
69) In general, option contracts
a) Are not binding on the seller
b) Are binding on the buyer
c) Are for very short terms
d) Must be in writing
70) The clause designated 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
a) An acceleration clause
b) An alienation clause
c) A coinsurance clause
d) An extension or “tail” clause
71) In New Jersey, the Private Well Testing Act (PWTA) requires:
a) The buyer to order the test
b) The selling broker to recommend sources of remediation
c) The buyer and seller to certify receipt of test results before title transfer
d) The seller to remediate if the well fails the test
72) Which of the following statements about branch offices is INCORRECT?
a) The name of the branch office supervisor must be recorded with the commission
b) A licensed broker-salesperson must supervise the office on a full-time basis
c) Two salespersons may be designated to share supervising responsibilities
d) The employing broker is ultimately responsible for all licensees employed at the branch office
73) A person who was previously found guilty of a rule violation is later found guilty of a subsequent rule violation. What is the MAXIMUM fine which may be imposed on the licensee for the additional violation?
a) $500
b) $2,000
c) $5,000
d) $10,000
74) A salesperson has the opportunity to list a 6-ples that is 100 percent rented. The salesperson does NOT need to account for any expenses. The numerical tool he should use to predict the prices at thich the buying will sell in known as
a) Gross Rent Multiplier (GRM)
b) Net Rent Multiplier (NRM)
c) Gross Income Multiplier (GIM)
d) Return on Investment (ROI)
75) If a gap in the chain of title is discovered, what would it create?
a) lien
b) encumbrance
c) Cloud on the title
d) Adverse possession
76) The Pinelands Protection Act of 1979 is a New Jersey Law that:
a) Requires the registration of residential development projects with the New Jersey Department of Community Affairs
b) Empowers the New Jersey Department of environmental protection to acquire certain real estate for less than its fair market value through condemnation.
c) Restricts the development on real estate in certain designated areas
d) Requires environmental impact statements to be filed with the NJ Department of Environmental Protect before tilt to developed real estate can be transferred.
77) Which of the following best describes the Housing for Older Persons Act?
a) Requires that 55-and-older housing have significant facilities and services designed for senior
b) Requires that at least 80% of occupied units have one person age 55 or older living there
c) Allows the awarding of monetary damages against those who believe that property designated as housing for older persons was exempt
d) Allows grandparents with grandchildren to be exempt from the provisions of the Act
78) Which of the following is true with respect to licenses offering free or discounted products or services?
a) The offering can be made through a lottery, contest or game
b) The offering can be conditioned upon the consumer entering into a contract of sale
c) The offering can be conditioned upon the consumer entering into a brokerage agreement
d) The licensee’s broker can receive compensation from the provider of the free or discounted product or service.
79) The broker has noticed that a great number of people who are buying in the neighborhood where is hlisting it located speak Russisan. He also noticed that an attractive feature of the neighborhood seems to be the large Russian grocery store. He decides to stop advertising the property in the newspaper and instead advertise the property on two different Russian internet tiste. This is
a) Acceptable because it is not print media
b) Unacceptable due to its discriminatory nature
c) Acceptable id the advertisement included no preferential language
d) The only appropriate way to marker porosity in this neighborhood
80) A complaint must be filed with HUD within what period of time after a fair housing violation has occurred?
a) 1 week
b) 1 month
c) 1 year
d) 7 years
81) A 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 sellers $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
82)
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b)
c)
d)
83) The listing broker may be due a commission, even when no sale occurred, if the
a) Potential buyer was unable to obtain financing
b) Seller decided he no longer wished to sell
c) Seller refused a buyers reasonable offer
d) Broker located a buyer who made an offer that met all of the seller’s terms
84) Depreciation usually applies to
a) The building only
b) The land only
c) Both the land and the building
d) Income obtained from the building
85) Which of the following statements is TRUE regarding an option agreement?
a) The buyer must purchase the property at some future time
b) The buyer is given the privilege of occupying the property
c) The seller agrees to sell at a fixed price within stipulated time
d) Any payments are refunded should the buyer fail to perform on the agreement
86)
a)
b)
c)
d)
87) According to the Real Estate Licensing Law, a real estate licensee can provide a rebate of the commission to a buyer
a) If the licensee is the broker
b) If notated on the contract of sale
c) Provided it does not exceed 50% of the total commission
d) If a writing confirming the terms of the rebate is provide to the buyer at closing
88) 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 capitalization rate
c) The size of the lot
d) The square footage of the building
89) A residential developer desires to limit all construction in a subdivision to single-family houses of at least 3,000 square feet. WHich of the following is the BEST way for the developed to ensure this will take place?
a) Have an architectural review committee approve building plans
b) Establish a homeowner’s association
c) Petition for a zoning change
d) Create deed restrictions
90) After terminating the employment of a licensee, the NJ real estate commission rules require the terminating broker to:
a) Immediately pay all commissions due to licensee
b) Give releases on all listing obtained by the licensee
c) Obtain the signature of the licensee on a written termination agreement
d) Provide a written accounting of compensation due the licensee
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b)
c)
d)
92) Real estate taxes that are paid in advance are prorated on the closing statement as
a) No entry to buyer; a credit to seller
b) No entry to buyer; a debit to seller
c) A credit to buyer; a debit to seller
d) A debit to buyer; a credit to seller
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96) A contract is terminated if
a) One of the parties decided not to go forward
b) A third party intervenes
c) It is impossible for one of the parties to perform
d) One party assigns his rights to another
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98) Title insurance has allowed for more accessible loans for buyers. This is because
a) Lender policies can add exemptions to the owner's policy
b) It reduces the risk of loss due to buyer default
c) Ite reduces the risk of loss due to tilt defects
d) Lender policies are paid for by buyers
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d) D. Assessors determination
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d) Gross rent multiplier
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d) Check or money order
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c) Permissible uses of structures
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112)
a) Require the removal of all lead paint prior to the closing
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c) A non-binding option
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a) Cost
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119)
a) 24 hours
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120)
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b) Automatic revocation of license with no eligibility
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