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Real Estate New Jersey Real Estate Salesperson Exam Sample Questions (Q108-Q113):

NEW QUESTION # 108
A broker is offering a $100 gift certificate at a jewelry store to all sellers who list with the broker during a specified time period. According to the New Jersey Real Estate License Law, such a promotion is prohibited because it:

A. offers compensation for brokerage activity to unlicensed persons
B. discriminates against sellers whose religion prohibits the wearing of jewelry
C. discriminates against sellers who do not list with the broker during the specified time period
D. makes the receipt of the free offering contingent upon sellers listing their properties with the broker

Answer: D

Explanation:
According to NJ Real Estate Commission rules, brokers and salespersons may not:
Offer prizes, gifts, or inducements that are contingent on entering into a listing agreement.
This is considered an improper inducement under N.J.A.C. 11:5-6.4.
Therefore, the prohibition is because the gift certificate is conditioned on the seller listing with the broker.
Reference: NJREC Rules and Regulations, N.J.A.C. 11:5-6.4 (Advertising and Inducements).

NEW QUESTION # 109
Which of the following differentiates a bilateral contract from a unilateral contract?

A. number of parties involved
B. relative value of the object of the contract
C. type of property specified in the contract
D. performance obligations of the parties

Answer: D

Explanation:
A bilateral contract involves mutual promises where both parties are obligated to perform (e.g., a sales contract: buyer promises to pay, seller promises to transfer title).
A unilateral contract involves only one party making a promise contingent on the performance of the other (e.
g., an option contract).
Thus, the key difference is performance obligations of the parties.
Correct answer = B.
Reference: NJ Real Estate Salesperson Study Guide, Chapter on Contracts.

NEW QUESTION # 110
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 purchaser or lessee MUST be provided with a copy of the:

A. filed plat map identifying the location of the property being bought or leased
B. Statement of Record filed by the developer with the Commission
C. deed or other instrument establishing title in the name of the developer
D. New Jersey Public Offering Statement approved by the Commission

Answer: D

Explanation:
The New Jersey Real Estate Sales Full Disclosure Act (RESFDA) requires developers of certain subdivided land, condominiums, and other registered developments to provide purchasers or lessees with a Public Offering Statement approved by the New Jersey Real Estate Commission.
This Public Offering Statement contains essential information about the development, financial and legal obligations, and rights of buyers.
The Statement of Record is filed with the Commission but is not delivered to the purchaser.
Deeds or plat maps are not substitutes for the disclosure document required by law.
Thus, the correct answer is B.
Reference: N.J.S.A. 45:15-16.27 et seq., New Jersey Real Estate Sales Full Disclosure Act; NJ Real Estate Salesperson Study Guide, Chapter on Land Sales.

NEW QUESTION # 111
A home sold for $400,000. It was appraised for $402,000, and the assessed value was $320,000. Assume in this situation, the real estate transfer tax of 1% is paid by the grantee. How much will the seller owe at closing for transfer fees?

A. $0
B. $4,000
C. $4,020
D. $3,200

Answer: A

Explanation:
In New Jersey, the Realty Transfer Fee (RTF) is typically paid by the seller, but the question specifies that the tax is paid by the grantee (buyer). When the buyer pays the transfer tax, the seller does not owe any amount at closing for transfer fees.
Additionally, the RTF is calculated based on the consideration amount (sale price), not the appraised or assessed value. But since liability is shifted to the buyer here, the seller's responsibility = $0.
Reference: New Jersey Realty Transfer Fee Statute, N.J.S.A. 46:15-7; New Jersey Real Estate Salesperson Study Guide, Chapter on Closing and Transfer Taxes.

NEW QUESTION # 112
When buyers move into their new house, they see that the ceiling fan in the dining room is gone. The ceiling fan was not mentioned in the offer to purchase. Did the sellers have the right to take the ceiling fan?

A. Yes, because it was the sellers' personal property.
B. No, because it was a fixture in the house.
C. Yes, because it was not referenced in the contract.
D. No, because it was chattel.

Answer: B

Explanation:
A fixture is personal property that has become real property by being permanently attached (e.g., ceiling fans, light fixtures).
Fixtures are considered part of the real estate and transfer with the property unless specifically excluded in the contract.
Chattel refers to movable personal property, which a ceiling fan is not once installed.
Correct answer = C.
Reference: NJ Real Estate Salesperson Study Guide, Chapter on Property Ownership and Fixtures.

NEW QUESTION # 113
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Pass Guaranteed High Hit-Rate New-Jersey-Real-Estate-Salesperson - New Jersey Real Estate Salesperson Exam Reliable Braindumps

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Real Estate New Jersey Real Estate Salesperson Exam Sample Questions (Q108-Q113):

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