Get Real Estate Licensing New Jersey Real Estate Salesperson Exam Practice Questions - Real and Updated

Answer : C

An easement in gross benefits a person or entity, rather than another parcel of land. Unlike an easement appurtenant, which requires a dominant and servient estate (two adjoining parcels), an easement in gross does not require ownership of adjacent property.

Utility companies (electric, gas, water, sewer, cable) typically hold easements in gross, allowing them to install and maintain lines across multiple properties. The easement is granted to the utility company, not to a neighboring landowner.

Therefore, the correct answer is C.

Answer : B

The sales comparison approach relies on comparing recently sold similar properties, adjusting for differences (e.g., lot size, square footage, date of sale).

The capitalization rate is used in the income approach, not the sales comparison approach.

Correct answer = B.

Answer : D

Under fiduciary duties of a seller's agent in New Jersey:

A licensee must act in the best interest of their client (the seller).

The agent cannot disclose the seller's bottom line or confidential financial information without the seller's explicit consent.

Disclosing ''the seller will take no less than $186,500'' violated confidentiality and the duty of loyalty.

Thus, the licensee acted improperly.

Answer : C

In a buyer agency relationship, the buyer-broker owes fiduciary duties solely to the buyer.

The buyer-broker is not a subagent of the seller's broker unless that is specifically created (rare in NJ).

The buyer-broker represents the buyer, not the seller, and has no fiduciary duty to the seller.

Correct answer = C.

Answer : B

Price-fixing occurs when competitors agree to set commission rates or fees rather than allowing them to be independently negotiated.

This practice is a violation of the Sherman Antitrust Act and NJREC regulations.

Market allocation refers to dividing territories or clients.

''Apostille'' is irrelevant.

Calling it ''consumer protection'' is misleading.

Thus, this is an example of price-fixing.