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Real Estate New-Jersey-Real-Estate-Salesperson Exam Syllabus Topics:

Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A couple who sell their principal residence may take up to $500,000 in federal capital gains tax-free only if:

A) neither has ever used the Homesellers Exclusion in the past.
B) they buy a replacement home of equal or greater value than the one being sold within a year.
C) they have owned and occupied the house for at least 2 of the previous 5 years.
D) at least one of them has reached the age of 65.

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. Under the New Jersey Real Estate Sales Full Disclosure Act, the Act does NOT apply to a development project:

A) extending over a 5 year period only.
B) already approved by the Department of Commerce.
C) where the purchaser's total financial obligation is less than $5,000.
D) consisting of 10 units.

4. A private integrated club refused to rent one of its condos to a minority family. The club explained that it did not rent the condos to the public since the condos were for members only. Is the club in violation of the federal Fair Housing Act, and if so, how?

A) No, because a private club may restrict the rental of its own lodgings to its members as long as the lodgings are not operated commercially.
B) Yes, because when race is involved, no exceptions to the federal Fair Housing Act exist.
C) Yes, because the club had minority members, and therefore was not eligible for exemptions from the federal Fair Housing Act.
D) No, because as an integrated club, they could discriminate on the basis of race in renting facilities.

5. A licensee must provide disclosure of licensed status when acting as a principal if

A) the agent of the other party asks about this specifically.
B) the licensee does not have errors and omission insurance.
C) the licensee has any economic interest in the property.
D) any relative of the licensee has ever lived in the residence.

Solutions: