Exam4Free Real Estate New-Jersey-Real-Estate-Salesperson Questions PDF

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Real Estate New Jersey Real Estate Salesperson Exam Sample Questions (Q104-Q109):

NEW QUESTION # 104
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?

Answer: A

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 # 105
Rents on a duplex total $600 monthly and are due the first of each month. If the sale of the duplex closes on the 15th of a month, the rental income will be reflected on the closing statement as a

Answer: D

Explanation:
In closing statements and prorations (Finance/Closing section of the NJ Real Estate Salesperson Pre- Licensure Study Guide), prepaid rents must be adjusted as of the closing date. Rent for the entire month ($600) was paid in advance to the seller on the 1st. On closing day (15th), the seller has received payment for the entire month, but the buyer is entitled to the income from the 15th through the end of the month. Half the rent ($300) must be credited to the buyer and debited to the seller.
(Reference: NJ Real Estate Salesperson Pre-Licensure Course Study Guide, Real Estate Finance-Prorations.)


NEW QUESTION # 106
A deposit check from a buyer paid upon the submission of an offer may be held without being deposited into the broker's escrow account:

Answer: D

Explanation:
According to NJREC Rules (N.J.A.C. 11:5-5.1):
Earnest money deposits must be placed in the broker's escrow (trust) account "promptly".
However, if the parties agree, a check may be held un-deposited until the end of the three-day attorney review period.
Once attorney review is concluded, the check must be deposited within five business days.
Correct answer = D.
Reference: NJREC Rules and Regulations, N.J.A.C. 11:5-5.1; NJ Real Estate Salesperson Study Guide, Chapter on Trust Accounts and Escrow Handling.


NEW QUESTION # 107
Under the New Jersey Real Estate Sales Full Disclosure Act, the Act does NOT apply to a development project:

Answer: C

Explanation:
The NJ Real Estate Sales Full Disclosure Act (RESFDA) regulates sales or leases of subdivided land and certain developments to protect consumers.
Exemptions exist for small-scale projects or when the total financial obligation to the purchaser is less than
$5,000.
Developments with 100+ lots typically require registration and a Public Offering Statement.
Thus, the Act does not apply where the financial obligation is under $5,000.
Reference: NJ Real Estate Sales Full Disclosure Act, N.J.S.A. 45:15-16.27; NJ Real Estate Salesperson Study Guide, Chapter on Land Sales.


NEW QUESTION # 108
A licensee must provide disclosure of licensed status when acting as a principal if

Answer: A

Explanation:
Under N.J.A.C. 11:5-6.4, any licensed New Jersey real estate broker, salesperson, or broker-salesperson must disclose in writing their licensed status when they have a direct or indirect ownership interest in property being sold, purchased, or leased. This is known as disclosure of economic interest.
The purpose of this regulation is to ensure the public is fully aware that they are dealing with a licensed real estate professional, who may have specialized knowledge or influence in the transaction. Disclosure must appear in the contract of sale, lease, or any offer made.
Therefore, the correct answer is C, since a licensee must disclose whenever they have an economic interest in the property.
Reference: NJREC Rules and Regulations, N.J.A.C. 11:5-6.4; New Jersey Real Estate Salesperson Pre- Licensure Course Guide, Chapter on Ethical and Legal Responsibilities.


NEW QUESTION # 109
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