The lead paint disclosure that must be presented with the purchase and sale contract for certain older homes will

provide the buyer with the opportunity to waive the right to a lead paint inspection.

require the removal of all lead paint prior to the closing.

mandate that sellers remove any lead paint only on interior walls.

make the sellers liable for any of the buyer's lead-related medical problems.

provide the buyer with the opportunity to waive the right to a lead paint inspection.

Which of the following is typically discovered by a buyer's home inspector?

outstanding assessments and liens

past flood damage to houses in surrounding areas

date of last pest extermination

A competitive market analysis is used to estimate the

most probable price a property will bring.

actual price a property will bring.

highest price a property will bring.

average price a property will bring.

most probable price a property will bring.

When MUST a listing broker provide a copy of a fully executed written listing agreement to the owner?

Upon execution of the listing agreement by all parties

Within three days of execution of the listing agreement by registered mail, return-receipt-requested

Within five business days of execution of the listing agreement

At the time of presentation of a written offer

New Jersey Real Estate Exam Cheat Sheet

Q 1 / 75 00:00

00:00 Elapsed

Question 1

A property sold for $325

Your Answer: Option(s)

Correct Answer: Option(s) A

Rationale

$10,725 remained with the listing brokerage.

The total sales commission on a property sold for $325,000 at a rate of 6% amounts to $19,500. After the listing broker pays 55% to the buyer's broker, the remaining amount with the listing brokerage is $10,725.

A) $10,725
This choice accurately represents the amount that remains with the listing brokerage after distributing the commission. The total commission is calculated as 6% of $325,000, yielding $19,500. The listing broker retains 45% of that, which equals $10,725.

B) $8,775
This option incorrectly calculates the remaining amount with the listing brokerage. If we were to assume this figure, it would suggest that the listing broker retained a much smaller percentage than 45% after paying the buyer's broker, which does not align with the commission structure provided in the question.

C) $9,750
This choice also misrepresents the retained amount. It implies that the listing brokerage kept only around 50% of the commission, which contradicts the 45% share after paying the buyer's broker. The correct calculation shows that $10,725 is the accurate figure.

D) $10,725
This choice is actually the correct answer, as explained earlier. It correctly reflects the amount retained by the listing brokerage after the necessary commission split.

E) $19,500
This option mistakenly suggests that the listing brokerage retains the entire commission. In reality, this value represents the total commission before any distribution between the listing and buyer's brokers, thus it does not answer the question regarding the amount remaining with the listing brokerage.

Conclusion
In summary, the listing brokerage retains $10,725, which is calculated after deducting the 55% paid to the buyer's broker from the total commission of $19,500. This calculation exemplifies how real estate commissions are typically shared between brokers, underscoring the importance of accurate percentage applications in financial transactions.

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$10,725 remained with the listing brokerage.

Provide the buyer with the opportunity to waive the right to a lead paint inspection.

Recent full roof replacement is typically discovered by a buyer's home inspector.

A competitive market analysis is used to estimate the most probable price a property will bring.

Upon execution of the listing agreement by all parties.

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$10,725 remained with the listing brokerage.

Provide the buyer with the opportunity to waive the right to a lead paint inspection.

Recent full roof replacement is typically discovered by a buyer's home inspector.

A competitive market analysis is used to estimate the most probable price a property will bring.

Upon execution of the listing agreement by all parties.

Free Preview Ended

Unlock Full Access

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