New Jersey Real Estate FREE Sample Exam — Fixed Set

Which of the following is an example of Periodic tenancy?

A New Jersey landlord evicting a holdover tenant at sufferance

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A New Jersey married couple owning their home by the entirety

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A New Jersey tax lien paid ahead of the mortgage

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A New Jersey tenant renting month to month

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Which statement about Acreage value is true under New Jersey law?

Each acre adds equally

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Excess acres add diminishing value

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Change affects only commercial property values

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Assemblage is illegal under antitrust law

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Scenario: Thomas Tanaka explains a Salem loan’s approval process. Which financing concept best describes this situation?

Evaluating the borrower's credit and the collateral

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A loan guaranteed by the Department of Veterans Affairs

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Lets the lender demand the full balance on default

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Pre-approval is a verified commitment; pre-qualification is an estimate

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In a discussion of breach and remedies, which statement is TRUE?

Death never affects contractual duties

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New laws never excuse contracts

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Impracticability requires extreme, unforeseen difficulty

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The promisor must still perform after destruction

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Scenario: A buyer signs a written offer and the seller signs acceptance without changes. Which contract concept best describes this situation?

Listing commission

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Earnest money

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Bilateral contract

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Counteroffer

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Regarding this situation — Joseph Weber tells a Ridgemont seller about a higher backup offer. — all of the following are correct about Duty of disclosure EXCEPT:

The principal decides with full information

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Material facts shape decisions

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Agents may hide defects to protect deals

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All offers must be disclosed to the seller

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Which of the following is an example of Termite and wood-destroying insect disclosure?

A New Jersey seller disclosing aluminum wiring

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A New Jersey seller disclosing a fence dispute

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A New Jersey seller disclosing septic age and condition

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A New Jersey seller disclosing termite treatment records

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Scenario: Dorothy Pruitt explains the lender’s policy to an Oakdale borrower. Regarding Lender’s title policy, the legal result is: A lender’s title policy protects the lender’s lien priority and validity Why does this result follow?

Because idem sonans rules forgive minor variations

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Because personal debts are not title links

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Because the lender's risk shrinks with the balance

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Because the record must link the correction to the original

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Which statement about Open listing is true under New Jersey law?

Open listings pay all brokers

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Open listings pay whoever procures

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Wholesalers must hold a broker license

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Amendments are effective when one party signs

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A rental property in Ridgemont has gross monthly rent of $1,800 and similar properties sell at a gross rent multiplier of 125. What is the indicated sale price?

$224,000

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$227,000

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$225,000

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$222,000

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Scenario: A homeowner sells her own house without a broker and without a license. Which statement correctly describes the homeowner’s position under New Jersey law?

Hosting open houses and discussing terms for another's property is brokerage activity requiring a license

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A salesperson (referral) must include on all advertisements, except business cards, the clear and conspicuous statement: 'Services limited to referring prospects to broker'

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A licensee may not advertise another broker's exclusive listing without that broker's prior written consent

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An owner selling or leasing the owner's own property is exempt from licensure

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Which statement about MLS is true under New Jersey law?

MLS rules are optional

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MLS participation follows rules

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The municipality exception applies only to magazine or newspaper ads published under municipality headings

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Dual broker affiliation is prohibited for referral licensees

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New Jersey Real Estate FREE Sample Exam — Fixed Set

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