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The modern Real Estate world is changing its dynamics at a fast pace. With the Real Estate New-Jersey-Real-Estate-Salesperson certification, you can learn these changes and stay updated all the time. There are other countless New Jersey Real Estate Salesperson Exam (New-Jersey-Real-Estate-Salesperson) certification exam benefits that you can gain after passing the exam. The prominent New Jersey Real Estate Salesperson Exam (New-Jersey-Real-Estate-Salesperson) certification exam benefits are validation of skills, more career opportunity, salary increment, and the opportunity to become a member of the Real Estate community.
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A licensee listed a house for $187,500, and a dual agency does not exist. A buyer is willing to offer $184,000.
The licensee explains that the seller will take no less than $186,500. The buyer agrees to offer $186,500. Did the licensee act properly?
A. No, the licensee should have accepted the first offer and persuaded the seller to accept it.
B. Yes, because the licensee persuaded the buyer to raise the price $2,500.
C. Yes, to ensure acceptance of an offer, the licensee needed to disclose the lowest price the seller would accept.
D. No, the licensee should not have disclosed that the seller would accept less than the listing price.
Answer: D
Explanation:
Under fiduciary duties of a seller's agent in New Jersey:
A licensee must act in the best interest of their client (the seller).
The agent cannot disclose the seller's bottom line or confidential financial information without the seller's explicit consent.
Disclosing "the seller will take no less than $186,500" violated confidentiality and the duty of loyalty.
Thus, the licensee acted improperly.
Reference: NJREC Rules and Regulations; NJ Real Estate Salesperson Study Guide, Chapter on Agency Duties and Disclosure.
NEW QUESTION # 64
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. Subdivision of fifteen or more lots
B. Single family residential vacant lot
C. Commercial building that does not exceed 10,000 square feet
D. Six-family dwelling unit, a portion of which is used for non-residential purposes
Answer: B
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 # 65
After announcing that a new city park will soon be developed, homes in the immediate area experience a rise in value. This is an example of which of the following principles of value?
A. highest and best use
B. contribution
C. change
D. anticipation
Answer: D
Explanation:
Principle of anticipation: Value is created by the expectation of future benefits (e.g., new park development).
Change: value is constantly influenced by natural and economic changes.
Contribution: value of an improvement is measured by its contribution to the property's value.
Highest and best use: most profitable legal use of the land.
Here, the increase is due to anticipated future benefits # C.
Reference: NJ Real Estate Salesperson Study Guide, Chapter on Appraisal Principles.
NEW QUESTION # 66
The heir to a large estate will be of legal age within 30 days. The heir 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. executory
B. voidable
C. executed
D. fulfilled
Answer: B
Explanation:
Contracts signed by a minor (or someone not of legal age) are considered voidable at the option of the minor.
They are not void, because the minor may affirm the contract upon reaching legal age.
Executory = contract obligations not yet completed.
Executed = all obligations fully performed.
Since the heir is under legal age at signing, the contracts are voidable.
Correct answer = C.
Reference: NJ Real Estate Salesperson Study Guide, Chapter on Contracts (Void, Voidable, Executed, Executory).
NEW QUESTION # 67
Which of the following is a permitted free offering?
A. A coupon for discounted commission on listing services
B. A free dinner for attendees at a homebuyers' evening seminar
C. A complimentary home warranty with every listing
D. Free use of a local moving van for all listings
Answer: B
Explanation:
According to NJREC rules on inducements (N.J.A.C. 11:5-6.4):
Free offers to the general public (e.g., a dinner seminar or educational event) are permissible because they are not conditioned upon listing or buying.
Inducements like "home warranty with every listing," "discounted commissions," or "moving vans for clients only" are contingent on brokerage activity and are prohibited.
Thus, the permitted free offering is C.
Reference: NJREC Rules and Regulations, N.J.A.C. 11:5-6.4; NJ Real Estate Salesperson Study Guide, Chapter on Advertising and Inducements.
NEW QUESTION # 68
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