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| Section | Objectives |
|---|---|
| Financing and Settlement | |
| Land Use Controls and Regulations | |
| Ethics and Professional Responsibility | |
| Agency Relationships and Brokerage | |
| Valuation and Market Analysis | |
| Contracts | |
| New Jersey Real Estate Law and Regulations | |
| Real Estate Practice and Disclosures | |
| Property Ownership |
Question 1
A broker who charges or collects an advance fee in excess of $25 for services to be rendered MUST:
A. retain the difference between the amount of money collected and the amount spent
B. give the principal receipts for all expenditures
C. furnish within ninety days of its collection an accounting of how the money was used
D. deduct the amount collected from the commission or settlement
Question 2
A licensed broker may establish a commission rate at a predetermined amount that reflects the broker's general office policy provided the broker:
A. has the percentage or fixed amount printed on all listing agreement forms
B. advertises the commission rate at least once per month
C. advises the New Jersey Consumer Affairs Division that the broker will not negotiate this commission rate
D. negotiates all commissions with sellers
Question 3
The listing broker has been presented with multiple offers. The seller would accept only a cash offer on the home, so the broker will present:
A. all offers to the seller.
B. the highest offer to the seller.
C. only cash offers to the seller.
D. the highest cash offer to the seller.
Question 4
A seller has entered into an exclusive right to sell agreement with a broker. The buyer presents the seller with an offer to purchase that is 20% less than the list price. Which of the following is appropriate?
A. The seller is obligated to pay the buyer a commission or the offer price if the seller rejects the offer.
B. The seller is under no obligation to accept the offer or make a counteroffer.
C. The seller has 72 hours to submit a counteroffer or else the offer is considered to be accepted.
D. The seller is obligated to make a counteroffer to the buyer if the offer is unacceptable.
Question 5
A seller refuses to honor a sales agreement. The buyer could seek specific performance, which is a legal request to:
A. force the seller to complete the sales agreement.
B. collect punitive damages from the seller.
C. receive monetary damages for losses suffered.
D. cancel all contractual obligations.
Solutions:
| Question 1 Answer: C | Question 2 Answer: D | Question 3 Answer: A | Question 4 Answer: B | Question 5 Answer: A |
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