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Real Estate New Jersey Real Estate Salesperson Exam Sample Questions (Q94-Q99):

NEW QUESTION # 94
A tenant has a commercial lease that requires that the tenant pay taxes, insurance, maintenance, and parking lot repairs. What kind of lease does the tenant have?

A. percentage
B. gross
C. net
D. ground

Answer: C

Explanation:
A net lease requires the tenant to pay some or all operating expenses, including taxes, insurance, maintenance, and sometimes repairs. Commercial leases often use this form (single, double, or triple net).
A gross lease means the landlord pays all expenses.
A ground lease is long-term land rental.
A percentage lease ties rent partly to sales volume.
This is a net lease.
Reference: NJ Real Estate Salesperson Study Guide, Chapter on Leases and Property Management.

NEW QUESTION # 95
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:

A. liquidated damages clause
B. broker protection clause
C. indemnification clause
D. default delivery clause

Answer: A

Explanation:
A liquidated damages clause specifies in advance the amount of money or type of damages one party will receive if the other party defaults.
In this case, the earnest money deposit forfeiture is the seller's only compensation in the event of buyer default.
A broker protection clause protects a broker's commission rights.
Indemnification clauses shift liability to another party.
A default delivery clause is not a standard real estate term.
Thus, the correct clause is B: liquidated damages clause.
Reference: NJ Real Estate Salesperson Study Guide, Chapter on Contracts and Contract Clauses.

NEW QUESTION # 96
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. 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.
C. The managing broker should train licensees to advise borrowers to accept the Loan Estimate right away.
D. The buyer's broker can provide samples so that when the licensee and the borrower prepare the forms they are following a good example.

Answer: B

Explanation:
Under TILA-RESPA Integrated Disclosure (TRID) rules, the lender is primarily responsible for preparing and delivering the Loan Estimate and Closing Disclosure.
Brokers and licensees do not prepare these forms.
However, licensees must be knowledgeable about the disclosures so they can help clients understand the process and provide necessary information for lender compliance.
Thus, the best practice is B: brokers should ensure licensees are aware of what the lender requires.
Reference: Truth in Lending Act (Regulation Z); RESPA (Regulation X); NJ Real Estate Salesperson Study Guide, Chapter on Federal Lending Laws.

NEW QUESTION # 97
A city has built a new library and has contacted the broker to list and sell the old library building. Which approach should the broker use to estimate the fair market value for the purpose of listing and selling this property?

A. income approach
B. replacement cost
C. sales comparison
D. gross rent multiplier

Answer: B

Explanation:
For special-purpose properties such as schools, churches, libraries, or government buildings, there are typically few comparable sales and the properties are not income-producing.
In these cases, appraisers use the cost (replacement) approach, which estimates the value by calculating the cost of replacing the structure minus depreciation, plus land value.
Correct answer: C. replacement cost.
Reference: NJ Real Estate Salesperson Study Guide, Chapter on Appraisal Methods (Cost Approach for Special-Purpose Properties).

NEW QUESTION # 98
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. Six-family dwelling unit, a portion of which is used for non-residential purposes
C. Commercial building that does not exceed 10,000 square feet
D. Subdivision of fifteen or more lots

Answer: A

Explanation:
According to the New Jersey Supreme Court Mandated Attorney Review Clause (as adopted by NJREC, N.J.
A).C. 11:5-6.2(g)), all contracts prepared by licensees for the sale of one-to-four family residential properties and residential vacant lots must contain the three-day attorney review clause.
The purpose is to protect consumers in residential transactions by giving them the right to have their attorney review and potentially cancel or modify the contract within three business days.
Therefore, the correct answer is D, because the attorney review clause is mandatory for contracts involving a single-family residential vacant lot.
Reference: NJREC Rules and Regulations, N.J.A.C. 11:5-6.2(g); NJ Attorney Review Clause Requirement, New Jersey Real Estate Salesperson Pre-Licensure Course Guide.

NEW QUESTION # 99
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Simulations New-Jersey-Real-Estate-Salesperson Pdf - Exam New-Jersey-Real-Estate-Salesperson Cram Review

Exam Real Estate New-Jersey-Real-Estate-Salesperson Cram Review & New-Jersey-Real-Estate-Salesperson PDF Dumps Files

Real Estate New Jersey Real Estate Salesperson Exam Sample Questions (Q94-Q99):

Real Estate New-Jersey-Real-Estate-Salesperson Questions - Latest Approved Exam Dumps

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