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

Answer : B

A property formerly used as an automobile junkyard may have soil or groundwater contamination.

The recommended due diligence is an Environmental Site Assessment (ESA), usually a Phase I ESA, to evaluate potential contamination and liability under environmental laws (such as CERCLA).

Radon, EMF, or air quality reports may be relevant in other contexts, but here the correct and standard recommendation is an ESA.

Correct answer = B.

Answer : B

The Housing for Older Persons Act (HOPA, 1995 amendment to the Fair Housing Act) provides exemption from familial status discrimination if:

At least 80% of units are occupied by at least one person 55 years of age or older.

The housing adheres to a policy of providing housing for older persons.

The requirement for ''significant facilities and services'' was removed by the 1995 Act.

Correct answer = B.

Answer : A

An easement in gross benefits a utility company or individual, not a dominant parcel of land.

It attaches to the utility provider, not another property.

Appurtenant easements benefit adjoining landowners.

By necessity arises when a parcel is landlocked.

By prescription arises through long-term adverse use.

This utility easement is an easement in gross = A.

Answer : A

In closing statements and prorations (Finance/Closing section of the NJ Real Estate Salesperson Pre-Licensure Study Guide), prepaid rents must be adjusted as of the closing date. Rent for the entire month ($600) was paid in advance to the seller on the 1st. On closing day (15th), the seller has received payment for the entire month, but the buyer is entitled to the income from the 15th through the end of the month. Half the rent ($300) must be credited to the buyer and debited to the seller.

(Reference: NJ Real Estate Salesperson Pre-Licensure Course Study Guide, Real Estate Finance---Prorations.)

Answer : C

Under N.J.A.C. 11:5-6.4, any licensed New Jersey real estate broker, salesperson, or broker-salesperson must disclose in writing their licensed status when they have a direct or indirect ownership interest in property being sold, purchased, or leased. This is known as disclosure of economic interest.

The purpose of this regulation is to ensure the public is fully aware that they are dealing with a licensed real estate professional, who may have specialized knowledge or influence in the transaction. Disclosure must appear in the contract of sale, lease, or any offer made.

Therefore, the correct answer is C, since a licensee must disclose whenever they have an economic interest in the property.