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Real Estate New-Jersey-Real-Estate-Salesperson Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| New Jersey State-Specific Portion | 27% | - Statutes Governing Licensee Activities
|
| National Portion | 73% | - Financing
|
Real Estate New Jersey Real Estate Salesperson Sample Questions:
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?
- A. Single family residential vacant lot
- B. Commercial building that does not exceed 10,000 square feet
- C. Six-family dwelling unit, a portion of which is used for non-residential purposes
- D. Subdivision of fifteen or more lots
Correct Answer: A 🗳️
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A couple secured a home mortgage loan from a lender who appraised the property at $92,500. If the loan-to- value ratio on the property was 85%, what was the minimum amount the couple needed for the down payment?
- A. $13,875
- B. $10,882
- C. $7,862
- D. $6,166
Correct Answer: C 🗳️
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Under the New Jersey Real Estate Sales Full Disclosure Act, the Act does NOT apply to a development project:
- A. consisting of 10 units.
- B. already approved by the Department of Commerce.
- C. where the purchaser's total financial obligation is less than $5,000.
- D. extending over a 5 year period only.
Correct Answer: C 🗳️
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Rules for Truth in Lending and RESPA call for disclosure documents to borrowers. How can a managing broker best prepare associated licensees to manage these disclosures?
- A. Because the listing broker will be primarily responsible for completing the Loan Estimate to send to the lender, the broker should train associated licensees to collect all the necessary information in a timely fashion.
- B. The buyer's broker can provide samples so that when the licensee and the borrower prepare the forms they are following a good example.
- C. Because the lender has primary responsibility to provide these forms, the broker and licensees should be aware of the items required for the lender to comply.
- D. The managing broker should train licensees to advise borrowers to accept the Loan Estimate right away.
Correct Answer: C 🗳️
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A seller has listed a home with a broker for $112,000. The seller is leaving for a 45-day cruise midway through the listing period and authorizes the broker through a limited power of attorney to accept any offer of all cash at a price of $108,000 or more pending his return. The broker receives an offer for $110,000 all cash.
The broker
- A. must forward the offer to the seller's attorney for consideration.
- B. may not accept the offer until the seller returns.
- C. may accept the offer.
- D. may sign a deed of conveyance if the seller does not return on time.
Correct Answer: C 🗳️
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