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Real Estate New Jersey Real Estate Salesperson Exam Sample Questions (Q52-Q57):
NEW QUESTION # 52
A home sold for $400,000. It was appraised for $402,000, and the assessed value was $320,000. Assume in this situation, the real estate transfer tax of 1% is paid by the grantee. How much will the seller owe at closing for transfer fees?
Answer: B
Explanation:
In New Jersey, the Realty Transfer Fee (RTF) is typically paid by the seller, but the question specifies that the tax is paid by the grantee (buyer). When the buyer pays the transfer tax, the seller does not owe any amount at closing for transfer fees.
Additionally, the RTF is calculated based on the consideration amount (sale price), not the appraised or assessed value. But since liability is shifted to the buyer here, the seller's responsibility = $0.
Reference: New Jersey Realty Transfer Fee Statute, N.J.S.A. 46:15-7; New Jersey Real Estate Salesperson Study Guide, Chapter on Closing and Transfer Taxes.
NEW QUESTION # 53
A Seller's Property Disclosure form states that there are no known material defects with the property, but the listing licensee is aware of asbestos wrapped duct pipes in the basement. The licensee should:
Answer: B
Explanation:
Under New Jersey Real Estate License Law and NJREC disclosure rules:
Licensees must disclose all known material facts about a property to potential buyers, regardless of what the seller states.
Asbestos is considered a material defect and a potential environmental hazard.
Licensees cannot withhold disclosure, nor leave it solely to inspectors.
Thus, the licensee must disclose the asbestos.
Reference: NJREC Rules and Regulations, N.J.A.C. 11:5-6.4; NJ Real Estate Salesperson Study Guide, Chapter on Disclosure of Material Defects.
NEW QUESTION # 54
In a jurisdiction where the common law of agency applies, a broker has listed a home and then presented to the seller an offer from another client of the broker. The offer has been accepted. The broker has what type of agency relationship with the parties?
Answer: B
Explanation:
Under the common law of agency, when a broker represents both the seller and the buyer in the same transaction, the broker is acting as a dual agent.
The broker has a fiduciary duty to both parties.
This arrangement is only legal if both parties give informed, written consent.
A sub-agency relationship would apply if another agent brought the buyer as a subagent of the seller's broker, not if the buyer is directly the broker's own client.
Therefore, the correct agency type in this case is dual agency.
Reference: NJ Real Estate Salesperson Study Guide, Chapter on Agency Relationships and Disclosure; Common Law of Agency Principles.
NEW QUESTION # 55
Which of the following best describes the Housing for Older Persons Act?
Answer: D
Explanation:
The Housing for Older Persons Act (HOPA, 1995 amendment to the Fair Housing Act) provides exemption from familial status discrimination if:
At least 80% of units are occupied by at least one person 55 years of age or older.
The housing adheres to a policy of providing housing for older persons.
The requirement for "significant facilities and services" was removed by the 1995 Act.
Correct answer = B.
Reference: Housing for Older Persons Act of 1995; NJ Real Estate Salesperson Study Guide, Chapter on Fair Housing.
NEW QUESTION # 56
A city has built a new library and has contacted the broker to list and sell the old library building. Which approach should the broker use to estimate the fair market value for the purpose of listing and selling this property?
Answer: A
Explanation:
For special-purpose properties such as schools, churches, libraries, or government buildings, there are typically few comparable sales and the properties are not income-producing.
In these cases, appraisers use the cost (replacement) approach, which estimates the value by calculating the cost of replacing the structure minus depreciation, plus land value.
Correct answer: C. replacement cost.
Reference: NJ Real Estate Salesperson Study Guide, Chapter on Appraisal Methods (Cost Approach for Special-Purpose Properties).
NEW QUESTION # 57
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