Question 1 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link In completing a comparative market analysis on a property, the licensee is primarily attempting to A. explain to the owner why the price she wants to ask is too high B. show the owner what should be done to the property to make it more saleable C. appraise the property's actual value D. show the owner the anticipated selling price Submit Answer
Question 2 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link Which of these property issues would be considered a latent defect A. Tree roots are penetrating the main sewer line B. The main bath shower has two broken tiles C. All of the walls were recently painted D. There is a large crack in the driveway Submit Answer
Question 3 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link As required by the New Jersey Real Estate Sales Full Disclosure Act, before signing any contract for the purchase or lease of a property registered with the New Jersey Real Estate Commission, the purchaser or lessee MUST be provided with a copy of the A. Statement of Record filed by the developer with the Commission B. New Jersey Public Offering Statement approved by the Commission C. deed or other instrument establishing title in the name of the developer D. filed plat map identifying the location of the property being bought or leased Submit Answer
Question 4 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link The buyer wrote an offer to purchase a property and gave the principal broker $10,000 earnest money. The offer required the seller to respond within six days. Three days later the buyer decided to rescind the offer and has asked for the earnest money to be returned. What will normally happen to the earnest money in such a situation A. The principal broker will retain the earnest money deposit in lieu of a commission in the event of rescission of the offer B. The buyer can withdraw the offer, but the seller and the principal broker will each receive $5,000 as liquidated damages C. Until the seller has accepted the offer, the buyer has the right to rescind and have the earnest money returned D. The buyer cannot rescind the offer until the six days are up and will therefore forfeit the earnest money deposit Submit Answer
Question 5 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link If a broker accepts money on behalf of a client, it A. cannot be used to pay client expenses B. cannot include large amounts of earnest money C. must be placed in a separate escrow or trust account D. may be commingled with the principal broker's operating account if the client agrees Submit Answer