In the advertisements, a New Jersey real estate company may NOT:

A. list the salespersons' names in the advertisement

B. include the term "agency" in a description of the company

C. include the home phone number of a licensee if it is identified as such

D. abbreviate its regular business name.

which of the following analysis MUST be prepared by a certified appraiser?

a) a comparative market analysis (CMA) for a buyer and broker

b) a price opinion for a lender involved with a short sale transaction

c) an analysis to determine a projects estimated market capture and capitalization rate

d) a property valuation report supporting a federally-related loan applicatiom

The seller responded to the buyers offer, proposing changes to some of the terms. In this case, the seller would be the:

a) offeree giving counteroffer

b) offeror giving counteroffer

c) offeror giving an amended offer

d) offeree giving an amended offer

In order to collect a commission, which of the following is a REQUIREMENT for a broker with an open listing?

A) the broker must put the listing on MLS

B) the listing must have a protection clause

C) the broker or one of his licensees must be the procuring cause for the sale

D) the broker must notify any other broker with an open listing on the property of the sale within 2 days after acceptance of an offer

An owner signed a contract to sell an apartment building. Just before closing, the owner informed the buyers that she had changed her mind and would NOT sell the property. A lawsuit filed by the buyers would be for:

1. specific performance

2. lis pendens

3. quiet title action

4. a deficiency judgement

The broker has noticed that a great number of people who are buying in the neighborhood where his listing is located speak Russian. He also noticed a Russian grocery store right by the neighborhood that was attractive. He decides to stop the advertising the property and started adverting the property on two different Russian internet sites. This is:

1. Acceptable because it is not print media

2. Unacceptable due to its discriminatory nature

3. Acceptable if the advertisement includes no preferential language

4. The only appropriate way to market property in this neighborhood

Market price is:

1. What the property sells for

2. The most probable price

3. The same as market value

4. The same as cost when used

The most listing contracts, a broker who has brought a ready, willing, and able buyer to a seller who agrees to the terms of a sales contract:

1. earns a commission at that point

2. earns a commission even if the contingencies in the contract have not been met.

3. does not earn commission unless the sale closes

4. does not earn commission if the buyer and seller agree to rescind the contract

A building was purchased for $350,000 with a 20% down payment, If the lender charged the buyer three discount points, how much will the buyer need to cover these two:

1. $61,600

2. $78,400

3. $80,500

4.$360,500

A developer intends to subdivide a large parcel of land and is in the process of land planning. He has determined the geographic boundaries of the individual lots and how the streets as the development will be signed to give access to each lot, when can he begin to list this property?

1. after he records prescriptive easements for lots that have no street frontage

2. When local authorities grant him a conditional use permit allowing residential construction

3. When he has submitted his plat map to local authorities, received approval, and recorded it

4. Immediately, as long as the current zoning ordinance permits the residential use he is planning

Title insurance has allowed for more accessible loans for buyers. This is because:

1. Lender policies can add exemption to the owner's policy.

2. It reduces the risk of loss due to buyer default.

3. It reduces the risk of loss due to title defects.

4. Lender policies are paid for by buyers

Which of the following statements is true regarding an option agreement?

1. The buyer must purchase the property at some future time.

2. The buyer is given the privilege of occupying the property.

3. The seller agrees to sell at a fixed price within a stipulated time.

4. Any payments are refunded should the buyer fail to perform on the agreement.

What does the mortgage lender most often rely on when deciding how much is safe to lend on a parcel of real estate?

1. market analysis

2. sales contract

3. appraisal report

4. assessor's determination

The lead paint addendum that must be presented with the purchase and sales contract for certain older homes will:

1. require the removal of all lead paint prior to the closing.

2. provide the buyer with the opportunity to wave the right to a lead paint inspection.

3. mandate the sellers remove any lead paint only on interior walls.

4. make the sellers liable of the buyer's lead related medical problems

Zoning ordinances are typically established by:

1. the federal government

2. state governments

3. town and city governments

4. the courts

A motel is the subject of an appraisal and it is determined that a rerouting of a country highway has limited customer access to the motel. This is an example of:

1. economic obsolescence

2. regression

3. functional obsolescence

4. landlocked property

The sellers have listed their property for sale because they are its a difficult financial situation and would like to get the house sold quickly. If one of the other sellers in the area ask why that client is selling, the listing agent should respond by explaining what:

1. are motivated

2. need a quick sale

3. are looking to sell their house

4. are in a difficult financial situation

Quality Supermarkets has taken occupancy of a retail building and has a long term lease. As part of the their fit-up, they bolt to the floor their meat and dairy coolers, and shelves. When Quailty Supermarket vacates the property at the end of the lease, will Quality Supermarkets be legally entitled to remove these fixtures?

1. no, because they are trade fixtures

2. yes, because they are appurtenances

3. no, because they are bolted to the floor

4. yes, if removed prior to the end of the lease

A seller has listed a home with a broker for $112,000. The seller is leaving for a 45 day cruise midway through the listing period, and authorizes the broker through a power of attorney to accept any offer of all cash at a price 100,00 or more. Broker receives a cash offer for $110,000, what does the broker do?

1. may not accept the offer until the seller returns

2. must forward the offer to the seller's attorney for consideration

3. may accept the offer

4. may sign a deed of conveyance if the seller does not return on time

The buyer asks if there are any sex offenders in the neighborhood. The agent's MOST appropriate response would be to:

1. go the state's website and obtain the information and give it to the buyer.

2. ask the seller and then pass the seller's information along to the buyer.

3. give the buyer the website address so the buyer can look up that information

4. contact the local police department to obtain the information

A small broker committee in the local county has set up a new marketing idea. They will give every seller the same commission rate and it will not be negotiable. This will allow the customers to know exactly what it will cost to list a property. This marketing plan is:

1. apostille

2. price-fixing

3. market allocation

4. consumer protection

Which of the following property valuation estimates or reports would have to be prepared by a licensed or certified appraiser?

1. a broker's price opinion

2. a competitive market analysis

3. a reconciliation report for an FHA loan

4. a value analyze for a non-residential property valued below $250,000

Which of the following statements in an advertisement would be an example of a non-discriminatory language under HUD's Fair Housing Advertising Guidelines?

1. "female seeking female roommate"

2. "nice home ideal for any family with children

3. "apartment available, No pets of children allowed"

4. "located within walking distance to a great Catholic school"