Question 1

After announcing that a new city park will soon be developed, homes in the immediate area experience a rise in value. This is an example of which of the following principles of value?

Options :

A : change

B : contribution

C : anticipation

D : highest and best use

Answer: C

Question 2

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?

Options :

A : Yes, because when race is involved, no exceptions to the federal Fair Housing Act exist.

B : Yes, because the club had minority members, and therefore was not eligible for exemptions from the federal Fair Housing Act.

C : No, because as an integrated club, they could discriminate on the basis of race in renting facilities.

D : 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.

Answer: D

Question 3

Under the New Jersey Real Estate Licensing Law, which of the following is an unlicensed assistant or secretary NOT permitted to do?

Options :

A : Type contracts for approval

B : Make telephone calls to request rent payments

C : Follow up on loan applications with lenders

D : Place signs on properties

Answer: B

Question 4

A CORRECT statement about transaction brokers is that they:

Options :

A : represent both the buyer and the seller

B : represent neither the buyer nor the seller

C : are required to disclose confidential information

D : may conduct transactions without an active real estate license

Answer: B

Question 5

A broker who charges or collects an advance fee in excess of $25 for services to be rendered MUST:

Options :

A : deduct the amount collected from the commission or settlement

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 : retain the difference between the amount of money collected and the amount spent

Answer: C

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