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New-Jersey-Real-Estate-Salesperson Reliable Practice Questions, Exam Questions New-Jersey-Real-Estate-Salesperson Vce
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Real Estate New Jersey Real Estate Salesperson Exam Sample Questions (Q61-Q66):
NEW QUESTION # 61
A CORRECT statement about transaction brokers is that they:
- A. may conduct transactions without an active real estate license
- B. represent both the buyer and the seller
- C. represent neither the buyer nor the seller
- D. are required to disclose confidential information
Answer: C
Explanation:
A transaction broker facilitates a real estate transaction without representing either party as an agent.
They owe both parties honesty and fairness but do not owe fiduciary duties such as loyalty or confidentiality.
They do not require client-level agency agreements.
They must still be licensed.
Correct answer = B.
Reference: NJ Real Estate Salesperson Study Guide, Chapter on Agency and Non-Agency Relationships.
NEW QUESTION # 62
Two parcels of land priced at $2,100 per acre were purchased. One parcel was 5 acres in size, and the other was 1 square mile in size. How much should these two parcels have cost together?
- A. $1,354,500
- B. $766,000
- C. $1,060,500
- D. $914,760
Answer: C
NEW QUESTION # 63
Which of the following actions is NOT a cause for suspension or revocation of a New Jersey real estate license?
- A. collecting a commission as a broker from both parties to a transaction while representing both parties as their agent
- B. failing to provide a client with a copy of the signed exclusive listing contract
- C. delivering a consumer information statement to a seller after having made a listing presentation
- D. payment of a referral fee by a licensed New Jersey broker to a broker licensed in another state
Answer: D
Explanation:
The New Jersey Real Estate Licensing Law (N.J.S.A. 45:15-17) lists specific causes for suspension or revocation, including:
Failing to provide a signed document copy to a client.
Failure to properly deliver a Consumer Information Statement before discussing motivation or making a presentation.
Collecting compensation from both parties without full disclosure and written consent.
However, paying a referral fee to an out-of-state broker is expressly permitted, provided the other broker is properly licensed in their jurisdiction. This is not grounds for discipline.
Reference: NJ Real Estate Licensing Law, N.J.S.A. 45:15-17; NJREC Rules on Referral Fees.
NEW QUESTION # 64
A couple who sell their principal residence may take up to $500,000 in federal capital gains tax-free only if:
- A. they have owned and occupied the house for at least 2 of the previous 5 years.
- B. they buy a replacement home of equal or greater value than the one being sold within a year.
- C. neither has ever used the Homesellers Exclusion in the past.
- D. at least one of them has reached the age of 65.
Answer: A
Explanation:
Under IRS Section 121 Exclusion (Home Sale Exclusion Rule):
Married couples filing jointly can exclude up to $500,000 of capital gains.
They must have owned and occupied the property as their primary residence for 2 of the past 5 years.
Age 65 requirement is obsolete (repealed).
They don't need to reinvest in another home.
The exclusion can be used once every 2 years.
Correct answer = D.
Reference: Internal Revenue Code §121; NJ Real Estate Salesperson Study Guide, Chapter on Taxation.
NEW QUESTION # 65
The best way to research the previous owners of the property would be to research the:
- A. chain of title
- B. abstract
- C. grantor
- D. lien records
Answer: A
Explanation:
The chain of title is the recorded history of property ownership from one owner to the next. It is the most reliable way to determine prior ownership.
Lien records show financial claims but not ownership sequence.
An abstract of title summarizes the chain of title and liens but is not the original source.
Grantor indexes are tools used in researching title but do not themselves provide the full sequence.
Thus, the best method is the chain of title.
Reference: NJ Real Estate Salesperson Study Guide, Chapter on Title Records and Transfer of Ownership.
NEW QUESTION # 66
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