Free Real Estate Licensing New Jersey Real Estate Salesperson Exam New-Jersey-Real-Estate-Salesperson Exam Questions

Prepaid items (like property taxes already paid by seller) are prorated at closing, with the buyer reimbursing the seller for the period after closing. The credit therefore goes to the seller.

Accrued interest is typically credited to the buyer (since the seller owes it).

Earnest money is applied to buyer's costs, not prorated.

Unearned rent collected in advance is credited to the buyer, since the seller must pass future rent benefit to the buyer.

Correct answer = B.

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.

Restricting brokers to certain areas and dividing territories constitutes market allocation, which is a violation of the Sherman Antitrust Act.

Antitrust laws prohibit price-fixing, group boycotts, and territorial/market allocation among competitors.

Correct answer = C.

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.

All listings are taken in the name of the broker, not the salesperson.

When a salesperson leaves a brokerage, the listing remains the property of the broker.

The client may choose to cancel the listing and re-list with the new broker, but the listing file cannot be taken by the departing salesperson.

Correct answer = B.

The sales comparison approach relies on comparing recently sold similar properties, adjusting for differences (e.g., lot size, square footage, date of sale).

The capitalization rate is used in the income approach, not the sales comparison approach.

Correct answer = B.

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.

The New Jersey Real Estate Commission rules clarify that brokers typically have no power to accept offers on behalf of the owner without authorization. However, in this case, the seller granted a limited power of attorney expressly authorizing the broker to accept all-cash offers of $108,000 or more.

A (may not accept) is incorrect because the authorization is clear.

B (forward to attorney) is not required since the broker has direct authority.

D (sign deed of conveyance) is beyond the broker's authority; only the seller can convey title unless a formal attorney-in-fact arrangement authorizes deed execution, which was not given here.

Therefore, the correct answer is C.

Under New Jersey agency and contract principles taught in the NJ Real Estate Salesperson Pre-Licensure Course Study Guide (Listings & Offers/Contracts chapters), a seller who has a listing (including an exclusive right to sell) is never obligated to accept any offer and is not required to make a counteroffer. The listing is an employment contract with the broker; it does not compel acceptance of buyer terms. An offer may be accepted, rejected, or countered at the seller's discretion. There is no automatic acceptance period like ''72 hours,'' unless explicitly written into the offer itself.

* Therefore, B is correct.

* A is wrong---sellers owe no ''commission or offer price'' to a buyer for rejecting an offer.

* C is wrong---no default 72-hour rule exists by law.

* D is wrong---no duty to counter exists.

(Reference: NJ Real Estate Salesperson Pre-Licensure Course Study Guide, Agency & Listings; Contracts---Offer and Acceptance.)

In a buyer agency relationship, the buyer-broker owes fiduciary duties solely to the buyer.

The buyer-broker is not a subagent of the seller's broker unless that is specifically created (rare in NJ).

The buyer-broker represents the buyer, not the seller, and has no fiduciary duty to the seller.

Correct answer = C.