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Questions # 1:

Which of the following actions is NOT a cause for suspension or revocation of a New Jersey real estate license?

Options:

A.

failing to provide a client with a copy of the signed exclusive listing contract

B.

delivering a consumer information statement to a seller after having made a listing presentation

C.

payment of a referral fee by a licensed New Jersey broker to a broker licensed in another state

D.

collecting a commission as a broker from both parties to a transaction while representing both parties as their agent

Expert Solution
Questions # 2:

A private integrated club refused to rent one of its condos to a minority family. The club explained that it did not rent the condos to the public since the condos were for members only. Is the club in violation of the federal Fair Housing Act, and if so, how?

Options:

A.

Yes, because when race is involved, no exceptions to the federal Fair Housing Act exist.

B.

Yes, because the club had minority members, and therefore was not eligible for exemptions from the federal Fair Housing Act.

C.

No, because as an integrated club, they could discriminate on the basis of race in renting facilities.

D.

No, because a private club may restrict the rental of its own lodgings to its members as long as the lodgings are not operated commercially.

Expert Solution
Questions # 3:

A listing agent presents a signed offer to a seller who then changes the amount of the down payment. Before presenting the counteroffer to the buyer, the New Jersey Real Estate License Law requires the listing agent to

Options:

A.

obtain the consent of the listing broker.

B.

secure the seller’s initials confirming the revision.

C.

prepare a separate addendum that reflects the revision.

D.

verbally inform any buyer’s agent of the proposed revision.

Expert Solution
Questions # 4:

A couple who sell their principal residence may take up to $500,000 in federal capital gains tax-free only if:

Options:

A.

at least one of them has reached the age of 65.

B.

they buy a replacement home of equal or greater value than the one being sold within a year.

C.

neither has ever used the Homesellers Exclusion in the past.

D.

they have owned and occupied the house for at least 2 of the previous 5 years.

Expert Solution
Questions # 5:

A licensee faxes a list of available properties to prospective buyers. Which of the following is true?

Options:

A.

The fax must contain an opt-out provision for future communications.

B.

The licensee must include only a phone number to reply.

C.

The licensee's company's name does not need to be listed.

D.

The licensee must mail an identical list to all parties.

Expert Solution
Questions # 6:

Which of the following statements would most likely be considered mere "puffing"?

Options:

A.

This area is expected to increase in value by 25% within the next year.

B.

This lot has the most beautiful view of the lake.

C.

Children from this neighborhood have the highest SAT scores.

D.

The utility costs in this home are lower than in any other home in the neighborhood.

Expert Solution
Questions # 7:

According to the Real Estate Licensing Law, a real estate licensee can provide a rebate of the commission to a buyer

Options:

A.

if the licensee is the broker.

B.

if notated on the contract of sale.

C.

provided it does not exceed 50% of the total commission.

D.

if a writing confirming the terms of the rebate is provided to the buyer at closing.

Expert Solution
Questions # 8:

Are electronic signatures enforceable on a real estate contract?

Options:

A.

Yes, because they are allowed by the federal government.

B.

Yes, because they are legal in real estate transactions.

C.

No, because they are only allowed on deeds.

D.

No, because they must be signed and witnessed.

Expert Solution
Questions # 9:

A married couple is purchasing a home. They ask the salesperson to advise them regarding the best way to take title. The salesperson should

Options:

A.

ask a broker to make a recommendation.

B.

advise them to take title as tenants by the entirety.

C.

decline to advise them and suggest that they consult an attorney.

D.

explain the possible types of joint ownership so they understand the options.

Expert Solution
Questions # 10:

A subordination agreement is used to:

Options:

A.

change the priority of mortgages.

B.

initiate foreclosure proceedings.

C.

pledge property for a loan without giving up possession.

D.

assign rents to the lender in case of borrower default.

Expert Solution
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