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Real Estate New Jersey Real Estate Salesperson Exam Sample Questions (Q109-Q114):
NEW QUESTION # 109
When MUST a listing broker provide a copy of a fully executed written listing agreement to the owner?
- A. Within five business days of execution of the listing agreement
- B. At the time of presentation of a written offer
- C. Within three days of execution of the listing agreement by registered mail, return-receipt-requested
- D. Upon execution of the listing agreement by all parties
Answer: D
Explanation:
According to N.J.A.C. 11:5-6.9, every party signing a real estate listing agreement must receive a duplicate original immediately upon execution.
The copy must be delivered at the time of signing, not later.
This ensures transparency and protects both the seller and the broker.
Therefore, the correct answer is A.
Reference: NJREC Rules and Regulations, N.J.A.C. 11:5-6.9; NJ Real Estate Salesperson Study Guide, Chapter on Listing Agreements.
NEW QUESTION # 110
A purchase money note need NOT contain the:
- A. time and method of payment.
- B. loan-to-value ratio.
- C. rate of interest.
- D. principal amount of the loan.
Answer: B
Explanation:
A promissory note (purchase money note) is the borrower's written promise to repay a loan. It must include:
The principal amount of the loan.
The interest rate.
The time and method of repayment.
The loan-to-value ratio (LTV) is a lender's underwriting guideline but is not a required element of the promissory note.
Correct answer = C.
Reference: NJ Real Estate Salesperson Study Guide, Chapter on Financing Instruments (Promissory Notes & Mortgages)
NEW QUESTION # 111
The feature that most distinguishes a joint tenancy from a tenancy in common is
- A. right of survivorship
- B. undivided interests.
- C. unity of possession.
- D. right of transfer.
Answer: A
Explanation:
Both joint tenancy and tenancy in common involve co-ownership where each co-owner holds an undivided interest and shares the right of possession. The distinguishing feature is the right of survivorship present in a joint tenancy: upon the death of one joint tenant, their interest automatically passes to the surviving joint tenants rather than being inheritable by heirs.
A (undivided interests) and B (unity of possession) exist in both forms of ownership.
D (right of transfer) also applies to both, since owners may sell or transfer their interest.
Only C (right of survivorship) uniquely characterizes joint tenancy.
(Reference: NJ Real Estate Salesperson Pre-Licensure Course Study Guide, Ownership Interests in Real Estate-Joint Tenancy vs. Tenancy in Common.)
NEW QUESTION # 112
A subordination agreement is used to:
- A. pledge property for a loan without giving up possession.
- B. assign rents to the lender in case of borrower default.
- C. initiate foreclosure proceedings.
- D. change the priority of mortgages.
Answer: D
Explanation:
Lien priority is generally determined by the order of recording.
A subordination agreement is a legal document in which a lienholder voluntarily lowers its lien priority in favor of another lien.
It does not initiate foreclosure, pledge property, or assign rents.
Correct answer = A.
Reference: NJ Real Estate Salesperson Study Guide, Chapter on Mortgages and Financing Instruments.
NEW QUESTION # 113
If an owner wants to list a property for sale "as is," the listing agent should:
- A. assume that the owner will accept a relatively low price for the property.
- B. conclude that if the buyer later discovers defects that were not disclosed the listing agent is relieved of any responsibility.
- C. question the seller as to any known defects.
- D. assume that the house is a "fixer-upper."
Answer: C
Explanation:
"As is" does not relieve a seller or listing agent from disclosure obligations.
The licensee must still make reasonable inquiries about known defects.
All material facts must be disclosed, regardless of the "as is" designation.
"As is" simply means the seller will not make repairs or improvements.
Thus, the agent must ask the seller about known defects = C.
Reference: NJREC Rules and Regulations on Disclosure; NJ Real Estate Salesperson Study Guide, Chapter on Seller Disclosures and "As Is" Sales.
NEW QUESTION # 114
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