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Real Estate New Jersey Real Estate Salesperson Exam Sample Questions (Q76-Q81):NEW QUESTION # 76
A CORRECT statement about transaction brokers is that they:
- A. are required to disclose confidential information
- B. represent both the buyer and the seller
- C. may conduct transactions without an active real estate license
- D. represent neither the buyer nor the seller
Answer: D
Explanation:
A transaction broker facilitates a real estate transaction without representing either party as an agent.
They owe both parties honesty and fairness but do not owe fiduciary duties such as loyalty or confidentiality.
They do not require client-level agency agreements.
They must still be licensed.
Correct answer = B.
Reference: NJ Real Estate Salesperson Study Guide, Chapter on Agency and Non-Agency Relationships.
NEW QUESTION # 77
A broker maintains a real estate agency and terminated two salespersons. In this situation, the broker is REQUIRED to take all the following actions with regard to these two salespersons EXCEPT:
- A. provide each with a written accounting of all monies due each salesperson.
- B. abide by the post-termination compensation clause contained in their employment agreements or provide a written explanation for not doing so.
- C. pay any undisputed compensation due within ten days of the broker's receipt of such funds.
- D. permit them to remove original sales or listing contracts from the broker's office.
Answer: D
Explanation:
According to NJREC Rules and Regulations (N.J.A.C. 11:5-4.1) and the Broker-Salesperson employment agreement requirements:
Brokers must provide a full written accounting of monies due.
Any undisputed commission due must be paid within 10 business days of the broker receiving the funds.
The broker must honor the compensation provisions of the terminated salesperson's written employment agreement.
However, salespersons are not permitted to remove original sales or listing contracts, which remain the property of the broker.
Therefore, the action the broker is NOT required to take is B.
Reference: NJREC Rules and Regulations, N.J.A.C. 11:5-4.1 (Employment Agreements and Compensation).
NEW QUESTION # 78
A real estate broker's maintained place of business MUST conspicuously display on the exterior the broker's name and the word(s):
- A. Licensed Real Estate Broker
- B. Real Estate Broker
- C. Licensed Realtor
- D. Realtor
Answer: A
Explanation:
According to N.J.A.C. 11:5-6.1, every broker's main office must have a sign on the exterior that is visible to the public. The sign must display the broker's name and the exact words "Licensed Real Estate Broker." This is a mandatory requirement to ensure public identification of licensed brokerage offices.
Using terms like "Realtor" is optional and only permitted if the broker is a member of the National Association of REALTORS, but the law specifically requires the words Licensed Real Estate Broker.
Reference: NJ Real Estate Commission Rules and Regulations, N.J.A.C. 11:5-6.1 (Office Requirements and Signage).
NEW QUESTION # 79
The local gas company has a 10-foot easement along the rear of a residential lot. This is best known as an easement:
- A. by prescription
- B. appurtenant
- C. in gross
- D. by necessity
Answer: C
Explanation:
An easement in gross benefits a utility company or individual, not a dominant parcel of land.
It attaches to the utility provider, not another property.
Appurtenant easements benefit adjoining landowners.
By necessity arises when a parcel is landlocked.
By prescription arises through long-term adverse use.
This utility easement is an easement in gross = A.
Reference: NJ Real Estate Salesperson Study Guide, Chapter on Easements and Encumbrances.
NEW QUESTION # 80
A licensee faxes a list of available properties to prospective buyers. Which of the following is true?
- A. The fax must contain an opt-out provision for future communications.
- B. The licensee's company's name does not need to be listed.
- C. The licensee must mail an identical list to all parties.
- D. The licensee must include only a phone number to reply.
Answer: A
Explanation:
Under the federal Telephone Consumer Protection Act (TCPA) and Junk Fax Prevention Act:
Any unsolicited fax must include a clear opt-out provision allowing the recipient to request no further communications.
The fax must also identify the sender, including company name.
There is no requirement to mail identical lists.
Correct answer = A.
Reference: Telephone Consumer Protection Act (TCPA); Junk Fax Prevention Act; NJ Real Estate Salesperson Study Guide, Chapter on Advertising Rules.
NEW QUESTION # 81
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