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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: New Jersey State Portion (30 questions) | 27% | - New Jersey License Law
|
| Topic 2: National Portion (80 questions) | 73% | - Calculations
|
1. A couple secured a home mortgage loan from a lender who appraised the property at $92,500. If the loan-to- value ratio on the property was 85%, what was the minimum amount the couple needed for the down payment?
A) $13,875
B) $6,166
C) $10,882
D) $7,862
2. A licensee must provide a Consumer Information Statement in all of the following transactions EXCEPT the:
A) lease of a three-bedroom apartment for one year
B) sale of a three-family house in a mixed-use zone
C) sublease of a studio apartment for two months
D) sale of a vacant one-family lot
3. If a salesperson or broker-salesperson maintains a webpage that is not linked to the webpage of their broker, the licensee's webpage must display the name of the broker as well as the
A) address of the branch office from which the licensee operates.
B) broker's email address.
C) address of the broker's main office.
D) broker's telephone number.
4. 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:
A) disclose the existence of asbestos to all potential buyers.
B) suggest to the seller wrap the pipes to contain potential airborne contamination.
C) ask the seller's permission to disclose and abide by the seller's wishes.
D) suggest the buyers have a home inspection and leave discovery up to the inspector.
5. 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?
A) gross rent multiplier
B) income approach
C) sales comparison
D) replacement cost
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: C | Question # 3 Answer: C | Question # 4 Answer: A | Question # 5 Answer: D |
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