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REAL ESTATE NJ ACTUAL EXAM TEST BANK 450 QUESTIONS AND CORRECT DETAILED ANSWERS ALREADY A GRADED WITH EXPERT FEEDBACK LATEST |BRAND NEW|REVISED$28.99
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REAL ESTATE NJ ACTUAL EXAM TEST BANK 450 QUESTIONS AND CORRECT DETAILED ANSWERS ALREADY A GRADED WITH EXPERT FEEDBACK LATEST 2024 -2025|BRAND NEW|REVISED A buyer wants to purchase a home for $160,000 with a 15% down payment. The lender charges 2 points. How much money does the buyer... - ANSWER - 26,720 The purchase and sales agreement provides for release of earnest money to the seller after the buyers property inspection. The seller requests the earnest money prior to inspection. The broker should - ANSWER - Refuse to release the earnest money Which of t he following differentiates a bilateral contract from a unilateral contract? - ANSWER - Performance obligations of the parties A deposit check from a buyer paid upon the submission of an offer may be held without being deposited into the brokers escrow acc ount: - ANSWER - For no more than five business days after receipt of the money 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 at wh ich the building will sell is known as - ANSWER - Gross rent multiplier (GRM) A CORRECT statement about transaction brokers is that they: - ANSWER - Represent neither the buyer nor the seller What should buyers insert into their purchase offer to make sure they would NOT have to go through the purchase if they CANNOT obtain the necessary financing? - ANSWER - Contingency Which of the following entries satisfies the requirement that an advertisement show that the broker is in the real estate brokerage busine ss? - ANSWER - J. Jones, Real Estate Agency A city has a transfer fee of $1.00 for each $1,000 of the sales price and the state charges $1.50 per $500 of the sales price for real estate transactions. If the buyer pays ... what would the sellers transfer tax be on the sale of a $400,000 home?a) $2,00 0 b)$4,000 C)$6,000 d)$8,000 - ANSWER - A home is being purchased for $275 ,000. The buyer agrees to an 80% loan with the seller paying $5,000 of the buyer's closing costs. What amount will the ... - ANSWER - $55,000 A national company desires a parcel of land which must be four times the size of its proposed building. If the building design includes 20,000 square feet .... - ANSWER - B) 2 acres A salesperson is convicted of a crime which involved activities as a real estate licensee. The Commission obtains a certified copy of the .... According to the New Jersey Real Estate license law, the commission MUST: - ANSWER - C) Determine, at its own discretion, what disciplinary action to take against the salesperson The IRS allows a married couple who sell their long -time home to take a tax-free capital gain of up to - ANSWER - C) 500,000 Which of the following is a permitted free offering? - ANSWER - C) A free dinner for attendees at a homebuyers' evening seminar What is the greatest ADVANTAGE of using FHA financing when purchasing a home that the buyer plans to occupy? - ANSWER - The required down payment may be lower than conventional loans A number of manufacturing plants in Hometown City recently closed. Based on the prin ciple of supply and demand, what will happen to the market value and market price in the area? - ANSWER - The market value and the market price will both decline in this situation Which of the following statements regarding the American with Disabilities A ct (ADA) is true? - ANSWER - A landlord must make reasonable accommodations for those with disabilities Which of the following is among the typical responsibilities of a residential property manager? - ANSWER - Selecting tenants to provide a diverse environment What does the mortgage lender MOST often rely on when dec iding how much is safe to lend on a parcel of real estate? - ANSWER - Appraisal report The clause designed to ensure that a broker will receive a commission if negotiations with a ready, willing, and able buyer are completed after the listing has expired i s called - ANSWER - An extension or "tail" clause According to the New Jersey Law Against Discrimination, which of the following classes is NOT protected? - ANSWER - Convicted felons Under what condition may a salesperson accept a bonus offered by a seller for services rendered? - ANSWER - The seller pays the bonus to the broker, who passes it on to the salesperson Minors are held liable for real estate contract obligations if they - ANSWER - Have their guardian co -sign Which of the following statements abo ut branch offices is INCORRECT? - ANSWER - Two salespersons may be designated to share supervising responsibilities
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