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Real Estate New Jersey Real Estate Salesperson Exam Sample Questions (Q80-Q85):NEW QUESTION # 80
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 Realtor
- B. Realtor
- C. Real Estate Broker
- D. Licensed Real Estate Broker
Answer: D
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 # 81
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. $4,000
- B. $3,200
- C. $0
- D. $4,020
Answer: C
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 # 82
A landlord may require that a disabled tenant
- A. not install grab bars in the tile shower if drilling holes in the tile is required.
- B. pay an additional fee for using the swimming pool to cover the added insurance cost.
- C. pay double the usual $500 security deposit.
- D. remove the wheelchair ramp from the apartment upon vacating the unit.
Answer: D
Explanation:
Under the Federal Fair Housing Act (as applied in New Jersey), landlords must permit disabled tenants to make reasonable modifications to the premises at the tenant's expense, such as installing ramps or grab bars.
However:
The landlord cannot charge additional fees (answers A and B are discriminatory).
The landlord cannot prohibit installation of necessary accessibility aids (answer D is illegal).
The landlord can require the tenant to restore the property to its original condition upon vacating, which includes removing modifications such as ramps if they were installed.
Therefore, the correct answer is C.
Reference: NJ Real Estate Salesperson Pre-Licensure Course Guide, Chapter on Fair Housing; Federal Fair Housing Act, Title VIII.
NEW QUESTION # 83
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. fulfilled
- B. voidable
- C. executed
- D. executory
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 # 84
A salesperson working with buyers secures an offer on a property. The offer calls for an initial deposit of
$1,000 to be held in escrow. The salesperson instructs the buyer to issue a personal check in that amount payable to the salesperson. This action is
- A. prohibited, because checks for deposits to be held in escrow may only be payable to the broker's escrow account.
- B. permissible if the salesperson immediately writes a check for the deposit amount payable to their broker's escrow account.
- C. permissible, because the salesperson is acting as agent for the broker.
- D. prohibited, because the salesperson accepted a personal check.
Answer: A
Explanation:
According to the New Jersey Real Estate Commission (NJREC) Rules and Regulations, a salesperson is not permitted to accept funds in their own name under any circumstances. All earnest money deposits, whether in cash or check form, must be made payable directly to the broker or the broker's trust (escrow) account, never to the salesperson.
The law is very clear that a salesperson works on behalf of and under the supervision of their broker. This means that the salesperson cannot hold or control escrow funds personally. The proper handling of escrow deposits is a strict trust account requirement under N.J.A.C. 11:5-5.1.
Key points from the New Jersey Salesperson study guide:
* Salespersons cannot maintain escrow accounts.
* All deposit checks must be made payable to the broker's escrow or trust account.
* Accepting a check payable to the salesperson, even with the intent to transfer it, is a violation of NJREC trust account rules.
Therefore, the correct answer is C, because any deposit intended for escrow may only be payable to the broker's escrow account.
Reference: New Jersey Real Estate Commission, Rules and Regulations, N.J.A.C. 11:5-5.1 (Escrow and Trust Accounts); New Jersey Real Estate Salesperson Pre-Licensure Course Study Guide, Chapter on Trust Accounts and Escrow Handling.
NEW QUESTION # 85
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