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Real Estate New Jersey Real Estate Salesperson Exam Sample Questions (Q106-Q111):
NEW QUESTION # 106
A salesperson is selling a leased commercial property. What will happen to the lease after the sale is consummated?
- A. The new owner has the option of canceling the lease or accepting the lease.
- B. The lease expires and the tenant must move.
- C. The tenant and the new owner must negotiate a new lease.
- D. The lease is assigned to the new owner.
Answer: D
Explanation:
In New Jersey, under landlord-tenant law, a lease is considered a contract that runs with the land. When a property is sold while a lease is in effect, the new owner automatically assumes the rights and responsibilities of the landlord under the existing lease.
The tenant does not need to renegotiate and cannot be forced to vacate until the lease term expires, unless both parties agree otherwise. This transfer is known as an assignment of lease to the new owner.
Therefore, the correct answer is A.
Reference: NJ Real Estate Salesperson Pre-Licensure Course Guide, Chapter on Leases; NJ Landlord-Tenant Law principles.
NEW QUESTION # 107
A licensee must provide disclosure of licensed status when acting as a principal if
- A. the agent of the other party asks about this specifically.
- B. the licensee does not have errors and omission insurance.
- C. any relative of the licensee has ever lived in the residence.
- D. the licensee has any economic interest in the property.
Answer: D
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 # 108
Under the New Jersey Real Estate Licensing Law, which of the following is an unlicensed assistant or secretary NOT permitted to do?
- A. Place signs on properties
- B. Make telephone calls to request rent payments
- C. Type contracts for approval
- D. Follow up on loan applications with lenders
Answer: B
Explanation:
Per NJREC rules, unlicensed assistants may:
Perform clerical tasks (typing, filing, placing signs).
Follow up on routine administrative matters with lenders or clients.
They may NOT:
Engage in any activity requiring a license, including solicitation of business, discussing terms, or making calls to request rent payments.
Correct answer = B.
Reference: NJREC Rules, N.J.A.C. 11:5-3.2; NJ Real Estate Salesperson Study Guide, Chapter on Licensing and Activities Requiring a License.
NEW QUESTION # 109
Which of the following statements correctly describes a standard feature of a buyer-agency agreement?
- A. It establishes a fiduciary relationship with the buyer.
- B. A buyer-agency agreement is an option rather than an employment contract.
- C. A retainer fee is normally paid at the time the agreement is signed.
- D. The source of compensation determines the agency relationship.
Answer: A
Explanation:
Under the New Jersey Real Estate Commission rules on agency disclosure and the Salesperson Study Guide (Chapter on Buyer Agency):
A buyer-agency agreement is a form of employment contract creating a fiduciary relationship between the buyer and the broker.
A is incorrect because it is not just an option; it's a binding agreement.
B may or may not be true - a retainer fee is not required in NJ.
C is false because the source of compensation does not determine agency; agency is determined by the agreement and consent of the parties.
D is correct: a buyer-agency agreement creates fiduciary duties such as loyalty, disclosure, confidentiality, and obedience to the buyer.
Reference: NJ Real Estate Salesperson Pre-Licensure Course Study Guide, Agency & Fiduciary Duties section; NJREC Agency Disclosure Rules.
NEW QUESTION # 110
A couple secured a home mortgage loan from a lender who appraised the property at $92,500. If the loan-to- value ratio on the property was 85%, what was the minimum amount the couple needed for the down payment?
- A. $6,166
- B. $13,875
- C. $10,882
- D. $7,862
Answer: D
Explanation:
The loan-to-value (LTV) ratio is based on the appraised value (or purchase price, whichever is lower).
Appraised Value = $92,500
LTV = 85% # Loan Amount = $92,500 × 0.85 = $78,625
Down Payment = $92,500 - $78,625 = $13,875
Wait - let's carefully match the options:
$13,875 is Option D.
Corrected answer: D
# The couple must provide $13,875 as the minimum down payment.
Reference: NJ Real Estate Salesperson Study Guide, Real Estate Finance chapter; Loan-to-Value Calculations.
NEW QUESTION # 111
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