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NJ Real Estate Final Exam Weichert questions with complete solutions.
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NJ Real Estate Final Exam Weichert questions with complete solutions.
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NJ Real Estate Final Exam Weichertquestions with complete solutions
the New Jersey salesperson's license examination cost - correct answer>> $47
After completing a real estate licensing course in New Jersey, how long does an individual have to pass
the state exam and apply for a permanent license? - correct answer>> 1 year
Of the following, who needs a real estate license?
A. A lawyer selling a house for a client who lives in a nursing home
B. A son selling a house for his parents in exchange for a new car
C. An executor selling a house for a fee under the terms of a will
D.An investor selling his eight rental properties - correct answer>> B. A son selling a house for his
parents in exchange for a new car
Who must possess a real estate license in New Jersey? - correct answer>> Anyone who receives
consideration for taking part in a real estate transaction
A rental referral agency advertises the availability of an apartment. How often must they check the
availability of the unit? - correct answer>> Every day
A rental referral agency charges prospective tenants an advance fee of $50. This fee must be - correct
answer>> deposited in an escrow account
A licensee who is qualified to be a broker but wishes to work for another broker rather than for herself?
- correct answer>> would be acting as a broker-salesperson
A failure to renew will void a license after - correct answer>> two years
A referral agent is allowed to only refer prospects for brokerage services to - correct answer>> the
supervising broker or the broker's designate
,A broker's license was revoked. As a consequence, the licenses of the agents in the broker's employ
were - correct answer>> suspended
For a violation of the License Act, the New Jersey Real Estate Commission may - correct answer>>
suspend a license
In New Jersey, with regards to trust accounts, real estate brokers must maintain - correct answer>> any
trust accounts in an authorized institution in New Jersey
Which crimes does the New Jersey Real Estate Commission have the power to promptly revoke the
license of an agent awaiting trial? - correct answer>> kidnapping
Who may provide a purchaser of real estate with a portion of the broker's commission in the form of a
rebate? - correct answer>> Broker
A broker violated real estate law when the broker - correct answer>> maintained his office in the home
of a salesperson employed by that broker
It is legal for a real estate salesperson to - correct answer>> prepare a sales contract for a four-family
home
Brokers are required to deposit funds of others received for a real estate transaction into their trust
account within - correct answer>> 5 business days after acceptance
The violation referred to as "commingling" refers to - correct answer>> the mixing of broker funds with
trust funds
If a broker has no agency duties, that broker is acting as a - correct answer>> transaction broker
What describes the fiduciary
relationship between an agent and the agent's principal? - correct answer>> trust and confidence
,A seller is unhappy with the performance of the real estate
broker. How can the seller terminate the agency
relationship? - correct answer>> Revoking the listing agreement
One essential element of a fiduciary relationship is - correct answer>> putting the principal's interests
above all others
The real estate broker's responsibility to keep the principal
informed of all of the facts that could affect a transaction is
the duty of - correct answer>> disclosure
What is an example of dual agency? - correct answer>> A broker represents both the buyer and the
seller in the
same transaction
A broker is permitted to represent both the seller and the
buyer in the same transaction when - correct answer>> both parties have been informed and agree to
the dual
representation
Unless some other written agreement has been made, the
broker will usually receive the sales commission from the
seller when - correct answer>> the transaction is closed
A real estate salesperson who is an independent contractor
receives - correct answer>> negotiated commissions on transactions
A salesperson who is employed by a broker told a
prospective buyer that the house she was looking at is "the
, best house in the area." Because of this statement, - correct answer>> the salesperson was guilty of
puffing.
A broker who is the broker of the buyer should do which of
the following? - correct answer>> Advise the buyer if the listing price of the seller's
house is unrealistic
The Civil Rights Act of 1866 prohibits discrimination in
housing based on - correct answer>> race
What agency is responsible for the enforcement of the Fair
Housing Act? - correct answer>> Department of Housing and Urban Development
The Fair Housing Act is contained in - correct answer>> Title VIII of the Civil Rights Act of 1968
The refusal of a lending institution to make a residential
real estate loan strictly because of the racial or ethnic
composition of the neighborhood is called - correct answer>> redlining
What is steering? - correct answer>> Leading prospective homeowners to or away from
certain neighborhoods
Which of the following lease provisions is illegal under
New Jersey's Law Against Discrimination?
A. Pets are prohibited, except for service animals
B. Lease is null and void upon the birth of a child
C. Person with AIDS is considered a person with a
disability
D. Limiting the number of persons based on the size of
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