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Real Estate New Jersey Real Estate Salesperson Exam Sample Questions (Q100-Q105):
NEW QUESTION # 100
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 # 101
The common area of a condominium development is owned by:
Answer: B
Explanation:
In a condominium, each unit owner owns their unit in fee simple.
All common areas (hallways, grounds, recreational areas) are owned by all unit owners collectively as tenants in common, with each owner's interest proportional to their ownership share.
The Board of Directors manages, but does not own, the common areas.
Correct answer = D.
Reference: NJ Condominium Act, N.J.S.A. 46:8B-1 et seq.; NJ Real Estate Salesperson Study Guide, Chapter on Common Interest Properties.
NEW QUESTION # 102
The Freshwater Wetlands Protection Act of 1987 is a New Jersey law that:
Answer: A
Explanation:
The Freshwater Wetlands Protection Act (1987) gives the New Jersey Department of Environmental Protection (NJDEP) the authority to regulate activities in freshwater wetlands and transition areas (buffer zones). Its primary purpose is to restrict development in wetlands and certain protected areas to preserve environmental resources.
It does not require environmental impact statements prior to transfer of title, does not authorize below-market condemnation, and is unrelated to DCA residential project registration.
Reference: New Jersey Real Estate Salesperson Pre-Licensure Course Guide, Chapter on Environmental Issues; Freshwater Wetlands Protection Act, N.J.S.A. 13:9B-1 et seq.
NEW QUESTION # 103
As required by the New Jersey Real Estate Sales Full Disclosure Act, before signing any contract for the purchase or lease of a property registered with the New Jersey Real Estate Commission, the purchaser or lessee MUST be provided with a copy of the:
Answer: D
Explanation:
The New Jersey Real Estate Sales Full Disclosure Act (RESFDA) requires developers of certain subdivided land, condominiums, and other registered developments to provide purchasers or lessees with a Public Offering Statement approved by the New Jersey Real Estate Commission.
This Public Offering Statement contains essential information about the development, financial and legal obligations, and rights of buyers.
The Statement of Record is filed with the Commission but is not delivered to the purchaser.
Deeds or plat maps are not substitutes for the disclosure document required by law.
Thus, the correct answer is B.
Reference: N.J.S.A. 45:15-16.27 et seq., New Jersey Real Estate Sales Full Disclosure Act; NJ Real Estate Salesperson Study Guide, Chapter on Land Sales.
NEW QUESTION # 104
Prospective buyers asked the licensee representing them if it would be a good idea to check the property they wish to purchase for radon. The licensee's best response would be to tell the buyers that:
Answer: B
Explanation:
Radon is a colorless, odorless, radioactive gas linked to lung cancer.
The EPA and NJDEP recommend testing homes for radon regardless of location.
Licensees should never minimize the risk or falsely suggest it is detectable by odor.
The best professional response is to recommend that buyers test for radon because it is a known health risk.
Correct answer = C.
Reference: NJDEP Radon Hazard Program; NJ Real Estate Salesperson Study Guide, Chapter on Environmental Issues.
NEW QUESTION # 105
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