Homework answers / question archive / 1) Which of the following are MOST likely to be addressed by building codes? A

1) Which of the following are MOST likely to be addressed by building codes? A

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1) Which of the following are MOST likely to be addressed by building codes? A. Deed restrictions. B. Construction standards. C. Permissible uses of structures. D. Restrictive covenants. 2. A Real estate broker has a fiduciary responsibility to her client and her responsibilities include financial references, orders and examine reports, and must follow ADA title lll. This broker is most likely working for the client as: A) An affiliate B) An escrow officer C) A property manager D) A designated broker 3. 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. 4. A licensee must provide consumer information statement in all of the following transactions except the: A. sale of a vacant one family lot. b. Sale of a three-family house in a mixed-use zone. c. sublease of a studio apartment for two months d. lease of a three-bedroom apartment for one year. 5. A contract of sale prepared by a licensee must include an attorney review clause of it pertains of which of the following type of properties? A. Six Family dwelling unit, a portion of which is used for non-residential purpose. b. commercial building that doesn’t exceed 10,000 square feet. c. subdivision of fifteen or more lots. d. single family residential vacant lot. 6. A property is shown to prospective buyer by a cooperating agent who is a long-time friend of the listing agent. While still in the house the buyers make a full price offer on the property. As the cooperating agent is locking up the house, the owner return and ask how the showing went. The cooperating agent explains that she has an offer on the property and will immediately deliver it to the listing agent. The owner beg the cooperating agent to present the offer immediately. The cooperating agent should? A present the offer because the owners are directing her to do so. B deliver the offer to the listing agent before it is presented to the owners. C present the offer to the owners and demand that they sign immediately.D deliver the offer to the listing agent, but verbally tell the seller that is a full price offer. 7. buyers write an offer for $325,000 with 20% down payment, which is accepted. they must pay 1 1/2 discount points to obtain financing. what amount will the owe for points? A. $2,437.00 B. $3,900.00 C. $4,875.00 D. $6,500.00 8. The seller has required that the buyer must use his title insurance company. The seller has been told that if the buyer uses the title company, they will pay part of his real estate commissions, increasing his net proceeds from the sale, Is this a legally permissible agreement? A. This is illegal according to RESPA. B. This illegal according to Regulation Z C. This is permissible if the buyer was receiving a VA loan. D. This is permissible if no fee is paid directly to the seller. 9. Upon termination of a salesperson, the broker is required to give written accounting of monies owed to that salesperson within a maximum of how many days? a)7 b)30 c)60 d)90 10. Which of the following statements is the BEST example of puffing? A. Since the bus stop is only 1 block away, the home has excellent access to public transportation. B. This is the Best Buy you’ll find all year. C. This home has been fitted with double paned windows, as can be seen in the brochure. D. This property has a net property income of $7,500. 11. 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 12. Which of the following differentiates a bilateral contract from a unilateral contract? A. Number of parties involved. B. Performance obligations of the parties C. Relative value of the object of the contract D. Type of property specified in the contract. 13. Which if the following is a function of the municipal planning board? a) approving a variance for an addition to a garage or a residential property b) creating a master plan for all the land in a particular county c) unilaterally approving subdivisions in a jurisdiction d) prescribing and controlling the development and use of all land in a municipality 14. Which of the following is LEAST likely to be considered in establishing the value of a property by 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 15. A buyer's gross income is $90,000 per year. She pays $300 for a car loan and $200 for her student loan. When she applies for a mortgage the bank requires a maximum debt-to-income ratio of 36% on all debt, and a maximum 28% debt-to-income ratio for housing debt. What is the maximum monthly house payment the bank will approve? a. $1,600 b. $2,100 c. $2,200 d. $2,700 16. A seller’s property condition disclosure constitutes? A. a guarantee to the buyer of property condition. B. a statement of the seller’s actual knowledge. C. a waiver of inspections. D. an implied warranty. 17. A licensee is emailing information regarding an open house for one of her listings. In addition to complying with state-specific requirements for advertising, which of the following must be included in the email? A) opt-out provision B) how the recipient's name was obtained C) complete property address D) listing sale price 18. A licensee prepares an offer within a purchaser for presentation to a seller. Which if the following is not an essential element for a valid sales contract? a) consideration b) competent parties c) legality of object d) an acknowledgement 19. Real estate taxes that are paid in advanced 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. 20. Standard title insurance would protect a buyer? A. When the seller has forged his ex-wife’s signature on the deed. B. After the HOA has placed a lien on the property for the previous owners’ unpaid dues. C. In a purchase where the buyer had knowledge of a shed violating setback requirements. D. For the purchase of a property bought sight unseen where the buyer discovers a tenant living at the property. 21. Which of the following is not a legal test for a fixture? A) intention of party doing attaching B) method of attachment C) adaptation of item to use of property D) Cost of replacement of item 22. Quality Supermarkets has taken occupancy of a retail building and has a long-term lease. As part of their fit-up, they bolt to the floor their meat and dairy coolers, and shelves. When Quality Supermarket vacates the property at the end of the lease, will Quality Supermarkets be legally entitled to remove these fixtures? A. no, because they are trade fixtures. B. yes because they are appurtenances. C. no because they are bolted to the floor. D. yes, if removed prior to to the end of the lease 23. Which of the following is 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 local moving van for all listings unsure 24. A licensee affiliates with a principal broker as an independent contractor. Which of the following must the principal broker provide to this licensee? A. an independent contractor agreement with compensation based on production. B. advertising and an independent contractor agreement with compensation based on production. C. cards, insurance, and an independent contractor agreement with compensation based on production. D. advertising, office space and an independent contractor agreement with compensation based on production. 25. Limiting the neighborhoods in which a licensee shows houses because of a buyer's race Is a. puffing. b. blockbusting. c. redlining. d. steering. 26. In general, option contracts A) Are not building on the seller. B) Are binding on the buyer. C) Are for very short terms. D) Must be in writing 27. Insurance value differs from market value in that? a) the value is only attributed to the replacement value of the structure b) includes the land and structure values c) fair market value is not insurable d) it includes only the land value 28. A landlord's lease prohibits tenants from altering the property in any way. A woman who uses a wheelchair cannot maneuver over the doorstep into the apartment by herself. In addition, bathroom facilities in her wheelchair. Which of the following is true? A. the landlord is responsible for making all apartments accessible to people with disabilities. B. the tenant cannot remedy these conditions because of the terms of the lease. C. The landlord should not have rented this apartment to tenant. D. The tenant is entitled to make the alterations necessary for apartment accessibility. 29. The buyer was given a loan estimate at the time of the application for the mortgage, and it is now 3 business days before the closing. The appraisal and the closing disclosure have been given to the buyer. The buyers broker meets her client at the property for a walkthrough and to review the documents. Which of the following occurrences will result in the buyer having the right to an additional 3 days to review the documents? a) there was a mathematical error on the proration of taxes or utilities b) appliances are missing even though 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. 30. The owner of a home with no liens obtained a home equity of $75,000, secured by his home. several months later, he borrowed $15,000 and then $13,000, each loan secured by a lien against his home. He then lost his job and failed to pay his past due property taxes of $7,500. His loan went into default and his home was foreclosed. Assuming that the liens for all three loans were recorded in a timely manner, what is the order of payoff to the lien holders? a) $7,500, $75,000, $15,000, $13,000 b) $7,500, $13,000, $15,000, $75,000 c) $75,000, $7,500, $15,000, $13,000 d) $75,000, $15,000, $13,000, $7,500 31. A low loan-to-value ratio indicates a A) lower equity in the property B) greater risk of foreclosure C) higher equity in the property D) greater use of leverage 32. In New Jersey, The Realty Transfer Fee Appears on The Closing Statement as a? A. Debit to The Seller Correct B. Debit to The Buyer C. Credit to The Seller D. Credit to the buyer 33. The sellers accept an offer that is subject to the sale of the buyer’s present home. To avoid waiting around forever, they can insist that the contract include. A: An escape clause B: A contingency for buyer’s financing C: A provision for liquidated damages D: An earnest money deposit 34. 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 its voluntary, it will not be adverse item on buyers’ credit b) The lender will take the file 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 35. which of the following methods for establishing value is generally considered MOST useful for a special-purpose building such as a church? a. cost b. income capitalization c. market data d. sales comparison 36. A home was bought 4 years ago. The purchase price was $92,000 and the buyer made a down payment of $11,000. The current loan balance is $79,000. The house was recently appraised for $116,000. What is the equity? a)13,000 b)24,000 c)35,000 d)37,000 37. 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 advertising the property on two different Russian internet sites. This is: a. Acceptable because it is not print media. b. Unacceptable due to its discriminatory nature c. Acceptable if the advertisement includes no preferential language. d. The only appropriate way to market property in the neighborhood. 38. Donald purchases a $310,000 home. The lender requires 2% down on the first $100,000 loan with 4% on the balance of the purchase price. The lender is charging 3 discount points. calculate the discount points due at closing: a) 312 b) 8,988 c) 9,300 d) 319,300 39. When asked by a buyer client for the name of a home inspector, a licensee should A) identify the most cost-effective inspector in the area B) suggest the broker's approved inspector. C) provide a list of home inspectors D) recommend a board-affiliated home inspector 40. A homebuyer received a conventional loan with a down payment of 8% of the purchase price. In the future, her mortgage payment (PITI) will be reduced automatically without refinancing when which of the following occurs? A) her income increases B) her equity reaches 22% C) She adopts a child so that she has a dependent D) A neighboring home sells for 15% over the list price 41. What possible consequence would the knowledge of a Megan's Law registrant in the neighborhood cause? A. This should have no effect on the values as that would be deemed to be discrimination of a protected class. B. Commercial properties may decline in value due to the presence of contamination in the soil and ground water. C. Real property values will increase due to the additional police patrols this may generate in the neighborhood. D. Values in a single family, owner occupied neighborhood may decline due to the presence of a convicted sex offender. 42. A multiple listing service decides to deny membership to brokers who charge commission below 4% on residential properties in minority neighborhoods. This restriction violates: A) redline guidelines b) EPA regulations c) blockbusting prohibitions d) antitrust regulations 43. 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. 44. What is the interest rate on an interest only loan of $120,000 if quarterly interest payments are $2,700? a) 2.25% b)4.50% c)6.75% d)9.00% 45. An order for payment from the real estate guarantee fund issued as a result of conduct by a licensee with result in an? A. minimum five-year revocation of licensing B. automatic revocation of license with no eligibility for reinstatement until the funds is reimbursed. C. minimum $5000 fine D. automatic suspension of licensee for a minimum of one year with no eligibility for restatement until the fund is reimbursed. 46. 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 sign a deed of conveyance if the seller does not return on time. d. may accept the offer. 47. A prospective tenant feels that because of his national origin, he was denied rental of an apartment in a 12-unit apartment building. The building was owned by a private landlord who live in one of the units and who used the discriminatory advertising and no real estate broker. Does the prospective tenant have any recourse? A. Yes, because discrimination was in the rental of a unit in a 12-unit building. B. Yes because the owner of the building did not use a broker. C. No because the owner occupied one of the units. D. No because the owner avoided discriminatory advertising. 48. Monday June 12 Mrs. buyer rescind the closing disclosure for the purchase of a new home that was scheduled to close on Friday June 16, when Mrs. buyer arrives for the closing on Friday, she learns that a prepayment penalty has been added to the terms of her loan. TRID rules dictates that the A closing must occur as planned or the loan will be canceled. B closing may continue as planed as long as Mrs. buyer accepts the new loan term in writing. C disclosure of the new loan terms triggers a waiting period, so closing can occur as early as Monday june19. D disclosures of the new loan term triggers a waiting period, so closing can occur as early as Monday June 21. 49. A buyer contracts (without contingency) to purchase a home for $200,000. The house is appraised at $180,000 and the lender agrees to make an 80% LTV loan. How much cash must the buyer pay for the purchase price? a) $20,000 b) $36,000 c) $40,000 d) $56,000 50. Which of the following entries satisfies the requirement that the advertisement show that the broker is in the real estate brokerage business: a) J. Jones Realty b) J. Jones, Real properties c) J. Jones, Real Estate agency d) J. Jones, Real Estate Realty 51. according to the new jersey real estate licensing law, what method of payment may NOT be accepted as an earnest money deposit on a sale transaction? a. cash b. debit card c. credit card d. check or money order 52. According to New Jersey Real Estate Licensing Law, what is the maintenance requirement for all record of Real Estate transactions? A) Files must be able to be reproduced on paper for review by commission B) Files must be kept on paper, and available for review for up to 10 years C) Files must be submitted electronically to the commission D) Files must be kept on premises & available to public at any time 53. An applicant for a mal estate salesperson's license must apply for the issuance of the license within: A. 30 days after accepting an offer of employment from a licensed real estate broker B. one year from the date of beginning the prelicensure education course. C one year from the date of completion of the prelicensure education course D. one year from the date of passing the state licensing examination. 54. 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. provide it does not exceed 50% of the total commission. D. If writing confirming the terms of the rebate is provided to the buyer at closing. 55. Under New Jersey Real Estate commission rules, a licensee’s obligation to the public Includes all the following except A) Accepting any reasonable commission offered by a seller in the course of negotiation a listing agreement B) Dealing honesty with all parties C) Disclosing material defects in a property to a prospective purchaser D) Protecting and promoting the interest of the licensees principal when acting as an agent 56. What is the greatest ADVANTAGE of using FHA financing when purchasing a home that the buyer plans to occupy? A) FHA requires a fixed rate loan so that the buyer can rely on a fixed payment B) The required down payment may be lower than conventional loans C) The loan will be automatically assumable to a future buyer D) FHA requires the seller to pay the buyers closing costs 57. After receiving a written offer, a seller revises the offered purchase price and initials the change. The salesperson who prepared the offer then takes the only copy of the revised document back to the buyers. The licensee has violated the new jersey real estate license law by failing to: A. Initial the revision the seller made. B. Provide a copy of the initialed revised offer to the seller. c. Request that the seller sign an addendum reflection the revision. d. Consult with the broker before delivering the counteroffer to the buyer. 58. The seller has entered into an exclusive right to sell agreement with Terry Hill. Ms. Hill presents the seller with an offer to purchase which is 20% less than the list price. Which of the following? A. The seller is obligated to pay Ms. Hill a commission or the offer price if the seller rejects the offer. B. The seller is under no obligation to accept the offer or make a counteroffer. C. The seller has 72 hours to submit a counteroffer or else the offer is considered to be accepted. D. The seller is obligated to make a counteroffer to the buyer if the offer is unacceptable. 59. A seller is offering his property for sale in as-is condition. A buyer enters 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 the seller’s 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. 60. The heir to a large estate will be of legal age within 30 days. He lists for sale with a broker one of the properties held by the estate. The broker knows of a buyer for the property and sells it within 24 hours of listing, with closing to be in 45 days. Both listing and sale contracts are A. Fulfilled B. Executed C. Voidable D. Executory 61. n estimating the value of a 50-unit apartment complex, which of the following approaches would yield the most accurate estimate a. Cost b. Income c. Market data d. gross rent multiplier 62. The purpose of Regulation Z is to: a) control the use of credit b) regulate interest charges c) inform the public of credit costs d) get maximum interest charges 63. A real estate brokers-maintained place of business must conspicuously display on the exterior the brokers name and the words: a) Realtor b) Real Estate broker c) Licensed Real Estate broker d) Licensed Realtor 64. Which of the following actions is NOT prohibited by the New Jersey Real Estate Commission rules? A. Holding a deposit for thirty days before depositing it in a trust account. B. Firing a new salesperson who did not achieve specific sales goals. C. Routinely destroying agency records every four years. D. Holding a drawing for a television among persons attending an open house. 65. The purchased price for a new home was $230,000. The buyer put down 20%, and balance was a mortgage for 80%of the purchase price. The appraised value at the time of closing assessed value was $220,000. What will the buyer pat for one year's property taxes, if her rate is 0.2%? A. $440 B.$500 C. $3,680 D. $4,600 66. An owner who lives out of state contacts a licensee who is in the state where the owner’s property is located. The owner hires the licensee to sell the property for $150,000. The licensee realizes that the land is in an area that has recently been rezoned for a higher use. He tells the owner he will purchase the property himself. He does so, and, 3 weeks later, sells the same property for $175,000. Which of the following statements about this situation is correct? A. The licensee cannot legally act as an agent for an owner who lives out of state without either an active license from that state or the help of a cooperating out-of-state licensee. B. Since the property sold at a profit within 6 months after the purchase, the licensee must inform the owner of his selling price. C. The licensee can legally purchase the property only after informing the owner of the zoning change and how it will affect the property. D. As long as the licensee has informed the owner of his intentions to purchase the property himself, his actions are proper and legal. 67. Which of the following actions is NOT prohibited by the New Jersey Real Estate Commission rules? A. Holding a deposit for thirty days before depositing it in a trust account. B. Firing a new salesperson who did not achieve specific sales goals. C. Routinely destroying agency records every four years. D. Holding a drawing for a television among persons attending an open house. 68. If placed on a broker’s website, which of the following advertisements does not meet the standards established by the New Jersey Real Estate License Law? a) Winslow Township-4-bedroom, colonial, $234,900. R Realtors, 555-700 b) West Orange vicinity- lovely 3-bedroom rancher, inground pool, Y RE inc, licensed RE broker c) Atlantic city - 2-bedroom condo. fireplace, large kitchen, $147,500, Q. Realtor, Office 555-7954, Home 555-7655 d) Irvington vicinity (City of Newark)- convent to shoping and public transportation. 3 bedrooms, RE, Realtor, 555-7624 69. A couple applied for a loan to finance the purchase of a new home. What federal act was created? A) Fair credit reporting act B) Equal credit opportunity act C) Uniform settlement act D) Real Estate settlement procedures act (RESPA) 70. According to New Jersey License Law, A licensee who wants to sell property that the licensee owns MUST: a) list the same property with another licensee in the same office b) disclose the ownership interest in any advertisement of the property c) disclose the ownership interest in any notice submitted on the listing to the MLS d) disclose in the contract of sale that the seller holds a New Jersey Real Estate license 71. The major advantage of ownership in severalty is? a) flexibility on making decisions b) sharing the risk with others c) joint decision making d) the risks are high 72. An agency relationship is established between the principal broker and A: Another principal broker B: The principal C: A multiple listing service D: A customer 73. What would the prorated tax be for a period of 7 months and 15 days if the current tax is $7,200 per year, and the prorates are done using a 360-day year? a) 2700 b) 3000 c) 4200 d) 4500 74. In order to qualify for payment from the Real Estate Guaranty Fund to replace trust funds misappropriated by a licensee, A claimant must: a) obtain a civil judgement and file a criminal complaint against the offending licensee b) have an attorney file proof of claim with the superior court c) file an application for recovery with attorney general d) submit proof of loss to Real Estate commission 75. Which of the following will NOT be considered relevant if HUD investigates a prospective home buyer’s allegation of discriminatory treatment by a licensee in a brokerage office? A. Records of the houses shown, and properties suggested to the prospective buyer. B. Whether or not the HUD Equal Housing Opportunity post is displayed in the office. C. Whether the licensee believed she was acting in the best interests of the prospective buyer. D. The reports of undercover testers who visited the office. 76. Which of the following is an example of a disclosure required by the federal government? A. The buyer is entitled to copy of the covenants, conditions, and the restrictions from the HOA. B. The seller needs to buy a home before she can close on the contract. C. Neighborhood demographic data is available on a local website. D. The buyer should inspect the property for lead-based paint. 77. n most listing contracts, a broker who has brought a ready, willing, and able buyer to a 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. 78. Which of the following BEST defines a material fact in the real estate context? A. property deficiency that must be recorded at the time of sale. B. A representation made on a licensee's marketing sheet that has been verified by the licensee. C. A fact significant enough to influence an individual's decision about whether or not to purchase. D. A latent deficiency of a property that may be disclosed to a prospective buyer only if an offer is made. 79. a broker maintains a property management trust (escrow) account which has the clients’ funds in it. the brokers accounting records show that client Smith has a negative $1,000 balance in it whereas client Jones has $2,000 balance in his account. A. this is because there is more than enough to cover the $1,000 short fail so there is no overdraft. B. This is a violation of the real estate laws. C. This is a violation of federal banking regulations. D this is okay because smith will have $1,000 back in his account before jones gets his disbursement. 80. A salesperson has the opportunity to list a 6 plex that is 100 percent rented. The salesperson does NOT need to account for any expenses. The numerical tool he should use to predict the price at which the building will sell is known as a. Gross Multiplier (GRM) b. Net Rent Multiplier (NRM) c. Gross Income Multiplier (GIM) d. Return on Investment (ROI) 81. Which of the following Metes and Bounds description? beginning at the intersection of Bunker hill road and Munson Avenue, thence 150 ft south; thence 85 ft west; thence 150 ft north; thence: a) 150 ft south to the point of beginning b) 150 ft west to the point of the beginning c) 85 ft west to the point of the beginning d) 85 ft east to the point of the beginning 82. What should buyer insert into their purchase offer to make sure they would not have to go through the purchase if they cannot obtain the necessary financing An escape clause B provision for liquidated damages C contingency D walkthrough agreement 83. A deposit check from a buyer paid upon the submission of an offer may be held without being deposited into the brokers escrow account: a) until negotiations are concluded, and the seller has accepted the offer b) until all inspections are required by the contract have been performed c) for no more than 5 business days after receipt of money d) for no more than five business days after the termination of the attorney review period 84. Under the New Jersey Real Estate Licensing Law, which of the following is an unlicensed assistant or secretary NOT permitted to do? A. Type contracts for approval B. Make telephone calls to request rent payments. C. Follow up on loan applications with lenders. D. Place signs on properties 85. a buyer mailed an offer to purchase a property at the full price and terms of a listing agreement. which of the following essential elements is missing to form a valid contract? a) consideration b) acceptance c) earnest money d) legal purpose 86. While three of a salesperson's listings are active, the salesperson leaves the employment of one broker and transfers to a new broker. it is not a violation of the New Jersey real estate license law for that sales person to? a advise the sellers that the salesperson will transfer the listings to the new broker. b accept compensation when the salesperson listing is sold by the former broker during the original term. c secures an offer on one of the listings as a representative of the former office after being licensed with new broker. d take the contents of the office files of these three listings to the new broker. 87. The listing broker may be due a commission, even when no sale occurred, if the: a) potential buyers is unable to obtain financing b) seller decides he no longer wants to sell c) seller refused buyers reasonable offers d) broker located a buyer who made an offer that met all of the sellers terms 88. Listings are NOT taken when the office policy is to practice only: a) sub agency b) exclusive seller agency c) exclusive buyer agency d) disclosed dual agency 89. A salesperson is conflicted of a crime which involves as a real estate licensee. The commission obtains a certified copy of judgement of conviction against the salesperson. According to the New Jersey Real Estate License Law, the commission MUST: a) revoke the salesperson license b) suspend the salesperson license c) determine altercation to take d) Notify the salesperson employing broker of the circumstances to the conviction 90. 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: a) a variance b) nonconforming use c) spot zoning d) a conditional-use permit 91. An appraisal made by a certified appraiser is REQUIRED A. Before real property can transfer from one owner to another B. When heirs receive property. C. When the buyer is using an FHA loan to purchase. D. Before any property settlement in a divorce 92. Tile Insurance has allowed for more accessible loans for buyers. This is because. A lender policy can add exemptions to the owner’s policy. B. It reduces the risk of loss due to buyer default. c. reduces the risk of loss due to title detects. D. lender policies are paid for by buyers. 93. the buyer wrote an offer to purchase a property and gave the broker $10,000 earnest money. the offer required the seller to respond withing six days. three days later the buyer decided to terminate the offer and has asked for the earnest money to be refunded. what will normally happen to the earnest money in such a situation? a) the broker can withdraw the offer, but the seller and the broker will each retain five thousand dollars as liquidated damages B) the broker will retain the earnest money deposit in lieu of commission in the the event of termination c) the buyer cannot terminate the offer until six days are up and will there for forfeit the earnest money deposit D) Until the seller has accepted the offer the buyer has the right to terminate and receive the refund of the deposit 94. A property was listed with a principal 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 principal broker. The principal broker MUST have had. A) An open listing. B) An exclusive agency listing C) A net listing D) An exclusive right to sell 95. A salesperson’s client is the lessee. Who does the salesperson represent? A) Lender. B) Tenant. C) Landlord. D) Lien holder. 96. 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? Assume 360 days per year. A) 449.17 B) 484.56 C) 495.44 D) 530.83 97. 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. 98. a written offers to purchase Real Estate in New Jersey must be presented to sellers within: a) 24 hours b) 43 hours c) 3 days d) 5 days 99. A licensee representing a landlord is concerned when a prospective tenant mentions that she has recently left her homeland to work as a research consultant under a grant at a local hospital and hopes to return to her native country with valuable knowledge to share when the project ends. What steps, if any, is the licensee legally able to take in protecting her client's interest? A. Under no circumstances may the licensee inquire as to the legal residency status of the prospective tenant. B. The licensee can do nothing, as inquiring about national origin or visa status would violate federal Fair Housing Laws. C. The landlord must rent to this researcher if she is currently a legal resident, even if her visa will expire before the end of the lease. D. The licensee may ask for documentation to be sure the prospective tenant can legally remain in the country at least as long as the term of the lease. 100. With regards to the termination date in listing contracts, which of the following statement is correct? A. order listing with a definite termination date are enforceable by broker. B. exclusive agency listing must have definite termination date. C. exclusive right to sell listing are not required to state a definite termination date. D. a listing contract may provide for an automatic extension of the listing term unless written decision is given.