[Jan-2026] New-Jersey-Real-Estate-Salesperson Dumps PDF - New-Jersey-Real-Estate-Salesperson Real Exam Questions Answers
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NEW QUESTION # 64
According to the New Jersey Real Estate Time Share Act, if a licensee is selling a timeshare located within the state of New Jersey, all of the following are true EXCEPT that the:
- A. contract of sale must provide notice of a seven calendar day rescission period.
- B. licensee must provide the buyer with a copy of the Public Offering Statement.
- C. timeshare must be approved by the Real Estate Commission.
- D. licensee must hold a timeshare sales license.
Answer: D
Explanation:
Under the NJ Real Estate Time Share Act (N.J.S.A. 45:15-16.50 et seq.), timeshares sold in New Jersey must be registered with the NJ Real Estate Commission.
Buyers must be given a Public Offering Statement.
Buyers are entitled to a 7-calendar-day rescission period.
There is no separate "timeshare sales license" - a standard NJ real estate license is sufficient.
Thus, the false statement is A.
Reference: New Jersey Real Estate Time Share Act; NJ Real Estate Salesperson Study Guide, Chapter on Timeshares and Condominiums.
NEW QUESTION # 65
Which of the following statements correctly describes a standard feature of a buyer-agency agreement?
- A. A buyer-agency agreement is an option rather than an employment contract.
- B. A retainer fee is normally paid at the time the agreement is signed.
- C. The source of compensation determines the agency relationship.
- D. It establishes a fiduciary relationship with the buyer.
Answer: D
Explanation:
Under the New Jersey Real Estate Commission rules on agency disclosure and the Salesperson Study Guide (Chapter on Buyer Agency):
A buyer-agency agreement is a form of employment contract creating a fiduciary relationship between the buyer and the broker.
A is incorrect because it is not just an option; it's a binding agreement.
B may or may not be true - a retainer fee is not required in NJ.
C is false because the source of compensation does not determine agency; agency is determined by the agreement and consent of the parties.
D is correct: a buyer-agency agreement creates fiduciary duties such as loyalty, disclosure, confidentiality, and obedience to the buyer.
Reference: NJ Real Estate Salesperson Pre-Licensure Course Study Guide, Agency & Fiduciary Duties section; NJREC Agency Disclosure Rules.
NEW QUESTION # 66
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. abide by the post-termination compensation clause contained in their employment agreements or provide a written explanation for not doing so.
- B. pay any undisputed compensation due within ten days of the broker's receipt of such funds.
- C. provide each with a written accounting of all monies due each salesperson.
- 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 # 67
A lender whose mortgagor has defaulted may be offered a deed in lieu of foreclosure. If accepted, which of the following will be true?
- A. The loan will still be assumable.
- B. The lender will take the title subject to any junior liens.
- C. The lender will usually retain rights under mortgage insurance or VA guarantee.
- D. Because it is voluntary, it will not be an adverse item on the buyer's credit.
Answer: B
Explanation:
A deed in lieu of foreclosure is sometimes called a "friendly foreclosure." The borrower voluntarily conveys title to the lender to avoid foreclosure proceedings.
However, the lender accepts the property subject to any junior liens or encumbrances already on the title.
It is still an adverse credit event for the borrower.
The loan is extinguished and cannot be assumed afterward.
Thus, the correct answer is B.
Reference: NJ Real Estate Salesperson Study Guide, Chapter on Foreclosure and Alternatives.
NEW QUESTION # 68
Which of the following differentiates a bilateral contract from a unilateral contract?
- A. performance obligations of the parties
- B. type of property specified in the contract
- C. number of parties involved
- D. relative value of the object of the contract
Answer: A
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 # 69
Rules for Truth in Lending and RESPA call for disclosure documents to borrowers. How can a managing broker best prepare associated licensees to manage these disclosures?
- A. The buyer's broker can provide samples so that when the licensee and the borrower prepare the forms they are following a good example.
- B. Because the lender has primary responsibility to provide these forms, the broker and licensees should be aware of the items required for the lender to comply.
- C. Because the listing broker will be primarily responsible for completing the Loan Estimate to send to the lender, the broker should train associated licensees to collect all the necessary information in a timely fashion.
- D. The managing broker should train licensees to advise borrowers to accept the Loan Estimate right away.
Answer: B
Explanation:
Under TILA-RESPA Integrated Disclosure (TRID) rules, the lender is primarily responsible for preparing and delivering the Loan Estimate and Closing Disclosure.
Brokers and licensees do not prepare these forms.
However, licensees must be knowledgeable about the disclosures so they can help clients understand the process and provide necessary information for lender compliance.
Thus, the best practice is B: brokers should ensure licensees are aware of what the lender requires.
Reference: Truth in Lending Act (Regulation Z); RESPA (Regulation X); NJ Real Estate Salesperson Study Guide, Chapter on Federal Lending Laws.
NEW QUESTION # 70
Prospective buyers for a house want to operate a recycling center in their backyard. Local zoning laws do not allow this. What do they need to do first?
- A. Obtain a modification to the local master plan.
- B. File an appeal with the local court.
- C. Obtain a building permit.
- D. Obtain a variance or special exception.
Answer: D
Explanation:
Under New Jersey Municipal Land Use Law and the NJ Real Estate Salesperson study guide (Chapter on Land Use Regulations), when zoning ordinances restrict a particular use, the property owner or prospective buyer must request relief from the zoning board. The proper relief mechanism is a variance (sometimes called a special exception or conditional use permit).
A building permit (A) only allows construction according to existing zoning. It does not authorize a prohibited use.
A modification to the master plan (B) is a legislative act by the planning board/municipality and not the immediate remedy for individual property owners.
An appeal with the local court (D) may come later if denied, but the first step is to apply to the zoning board for a variance.
Therefore, the correct choice is C: obtain a variance or special exception.
Reference: NJ Real Estate Salesperson Pre-Licensure Course Study Guide, Land Use Controls/Zoning; N.J.S.
A). 40:55D (Municipal Land Use Law).
NEW QUESTION # 71
A lender may add 1/12th of the estimated cost of the annual property taxes and hazard insurance on the mortgaged property to the monthly loan payment for deposit in:
- A. an adjustment account
- B. an impound, escrow, or reserve account
- C. a PMI account
- D. a margin account
Answer: B
Explanation:
Lenders often require borrowers to pay 1/12th of annual taxes and insurance each month into an escrow (impound or reserve) account.
The lender then pays property taxes and insurance premiums when due.
PMI accounts relate to mortgage insurance, not taxes/insurance.
Margin and adjustment accounts relate to investment or adjustable-rate loans.
Correct answer = C.
Reference: NJ Real Estate Salesperson Study Guide, Chapter on Financing and Escrow Accounts.
NEW QUESTION # 72
Last year, an apartment building had a net operating income of $174,000. If a potential buyer is looking for a capitalization rate of 8%, how much should the buyer be willing to pay for the building?
- A. $174,000
- B. $139,200
- C. $2,175,000
- D. $1,392,000
Answer: D
Explanation:
The Income Capitalization Approach formula is:
NEW QUESTION # 73
The local gas company has a 10-foot easement along the rear of a residential lot. This is best known as an easement:
- A. appurtenant
- B. by necessity
- C. in gross
- D. by prescription
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 # 74
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. Yes, because the licensee persuaded the buyer to raise the price $2,500.
- B. No, the licensee should have accepted the first offer and persuaded the seller to accept it.
- 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 # 75
A couple secured a home mortgage loan from a lender who appraised the property at $92,500. If the loan-to- value ratio on the property was 85%, what was the minimum amount the couple needed for the down payment?
- A. $10,882
- B. $6,166
- C. $7,862
- D. $13,875
Answer: C
Explanation:
The loan-to-value (LTV) ratio is based on the appraised value (or purchase price, whichever is lower).
Appraised Value = $92,500
LTV = 85% # Loan Amount = $92,500 × 0.85 = $78,625
Down Payment = $92,500 - $78,625 = $13,875
Wait - let's carefully match the options:
$13,875 is Option D.
Corrected answer: D
# The couple must provide $13,875 as the minimum down payment.
Reference: NJ Real Estate Salesperson Study Guide, Real Estate Finance chapter; Loan-to-Value Calculations.
NEW QUESTION # 76
A purchase money note need NOT contain the:
- A. loan-to-value ratio.
- B. principal amount of the loan.
- C. rate of interest.
- D. time and method of payment.
Answer: A
Explanation:
A promissory note (purchase money note) is the borrower's written promise to repay a loan. It must include:
The principal amount of the loan.
The interest rate.
The time and method of repayment.
The loan-to-value ratio (LTV) is a lender's underwriting guideline but is not a required element of the promissory note.
Correct answer = C.
Reference: NJ Real Estate Salesperson Study Guide, Chapter on Financing Instruments (Promissory Notes & Mortgages)
NEW QUESTION # 77
To avoid triggering full disclosure under TILA when advertising financing availability on a listed property, which of the following statements must a real estate licensee avoid using?
- A. buy for less than $650 per month
- B. FHA and VA financing available
- C. owner willing to finance
- D. assumable loan
Answer: A
Explanation:
Under the Truth in Lending Act (Regulation Z), advertising is regulated to prevent misleading credit offers.
If an ad uses "triggering terms" (such as monthly payment amount, interest rate, down payment, or loan term), then full disclosure of all financing terms must be provided.
"Buy for less than $650 per month" is a triggering term because it specifies a monthly payment.
General terms like "assumable loan," "owner financing," or "FHA/VA available" are permissible without full disclosure.
Correct answer = D.
Reference: Truth in Lending Act (TILA), Regulation Z; NJ Real Estate Salesperson Study Guide, Chapter on Financing and Advertising Rules.
NEW QUESTION # 78
Which of the following statements in an advertisement would be an example of non-discriminatory language under HUD's Fair Housing Advertising Guidelines?
- A. located within walking distance to a great Catholic school
- B. female seeking female roommate
- C. apartment available. No pets or children allowed
- D. nice home ideal for any family with children
Answer: D
Explanation:
HUD Fair Housing Advertising Guidelines prohibit words that indicate preference or limitation based on protected classes (race, sex, religion, familial status, etc.).
"Female seeking female roommate" = gender preference # discriminatory.
"No pets or children allowed" = familial status discrimination.
"Catholic school" = religious preference.
"Ideal for any family with children" = permitted because it is descriptive and not exclusionary.
Correct answer = B.
Reference: HUD Fair Housing Advertising Guidelines; NJ Real Estate Salesperson Study Guide, Chapter on Fair Housing.
NEW QUESTION # 79
Two real estate firms shared equally a 6% commission on the sale of a house. The listing licensee was paid
60% of the broker's share. The house was sold for $110,000. How much did the listing agent earn?
- A. $2,640
- B. $3,980
- C. $1,320
- D. $1,980
Answer: D
Explanation:
Calculation (Finance/Math section of the NJ Real Estate Salesperson Pre-Licensure Course Study Guide):
* Total commission = $110,000 × 6% = $6,600
* Two firms split equally: each broker gets $3,300
* Listing licensee paid 60% of broker's share: $3,300 × 0.60 = $1,980
Thus, the listing agent's earnings are $1,980.
(Reference: NJ Real Estate Salesperson Pre-Licensure Course Study Guide, Math for Salespersons- Commission Splits.)
NEW QUESTION # 80
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