New Jersey Real Estate Commission

  • All of the following types of out-of state real estate marketed in New Jersey through a common promotional plan must be registered with the New Jersey Real Estate Commission
    1. Office condominiums.
    2. Residential lots of less than one acre.
    3. Residential golf course condominiums.
    4. House and lot packages where the purchaser intends to occupy the property asa a principal residence .
  • A property was listed with a broker, but the owners advertising the property found a buyer and negotiated the sale themselves. After the closing, the owners paid a full commission to the broker. The broker MUST have had
    1. An open listing
    2. An exclusive agency listing
    3. A net listing
    4. An exclusive right to sell
  • The Buyer was given a LOan Estimate at the time of the application for the mortgage and it is now three business days before the closing. The appraisal and the Closing Disclosure have been given to the buyer. The buyer’s broker meets her client at the property for a walk-through and to review the documents. Which of the following occurrences will result in the buyer having the right to an additional three days to review documents?
    1. There was a mathematical error on the proration of taxes or utilities.
    2. Appliances are missing through the seller agreed to include them.
    3. The loan product was changed from a fixed rate to one that is adjustable.
    4. There was an omission in the property disclosure of a recently discovered special assessment.
  • Which of the following is a permitted free offering?
    1. A complimentary home warranty with every listing
    2. A coupon for discounted commission on listing services
    3. A free dinner for attendees at a homebuyers’ evening seminar
    4. Free use of a local moving van for all listings
  • A land contract is sometimes known as an
    1. Installment contract
    2. Option contract
    3. Implied contract
    4. Express contract
  • The broker’s principal is the seller. The buyer is a customer from a different brokerage company. The broker may be guilty of misrepresentation if she knows, but chooses Not to disclose, that the
    1. Park behind the home will become a highway in two months.
    2. Neighborhood has been the scene of violent crime recently
    3. Seller must be out of the house in another month
    4. Demographics of the neighborhood are changing.

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