New jersey real estate license exam

The contract requires her to get a document from her mortgage lender stating that the lender will be loaning her the necessary funds. What is that document called? The note also contains the principal balance owned and the interest rate. A letter of approval may refer to a pre-approval letter issued by the lender to show potential sellers that the borrower may be approved for a loan for a particular amount. Biff is hired by owner Gilligan to oversee a residential property complex, including supervising complex employees and maintenance, but he has limited authority.

Biff is the:. A property manager oversees the property on behalf of the owner and is typically required to oversee employees and maintenance and protect the interests of and obtain the optimum financial return for the property owner who employs the manager. A lessee is the tenant of a property pursuant to a lease.

A managing agent has more power than a property manager, including the ability to use their judgment and discretion in matters affecting the property. Barbali manages a commercial office building. One of the tenants contacts her to complain about a broken door lock. What type of maintenance is necessary to repair the lock? Corrective maintenance is repairing something that is already malfunctioning e.

Preventative maintenance refers to inspecting equipment pursuant to a schedule and making repairs when necessary. Property maintenance refers to the overall maintenance of a property.

Capital gains represent the profits on a capital investment, such as real estate. The profit realized from the sale of real estate held for 3 years is long term capital gains. Long term capital gains are profits on assets that are owned for more than 12 months.

Short term capital gains are profits on assets that are owned for 12 months or less. Profit on long term capital gains is subject to a reduced tax rate and is not taxed as ordinary gross income, but profit on short term capital gains is taxed as ordinary gross income. Lev owns a home. Lev nonetheless permits Francois to show 3 prospective purchasers his home. Has an agency been created?

An implied agency is formed based on the words or actions of the agent and principal that evidences an intent to form the agency. An express agency is formed through an oral or written agreement. An agency does not necessarily need to be created through a written agreement. A listing agreement is an example of an express agency. Which of the following is not true about the Amendment to the Fair Housing Act adding protected classes to the law? The Amendment to the Fair Housing act added protected classes to the law.

It added families and persons with mental and physical disabilities to the law. Elderly persons were not added to law. However, senior citizen housing is exempt from the Fair Housing Act if it complies with the exemption requirements.

By restricting tenants to people 55 and over, an exemption to the Fair Housing Act could apply. Trevor owns an apartment building that is 75 years old. He has not performed much maintenance on the building, so the foundation and structural integrity are starting to crumble.

What does that reduction in value refer to? Depreciation is the loss of value due to a building or property due to any cause, such as deterioration, damage and normal wear and tear. Functional obsolescence means that the property has become inferior to surrounding properties due to technological changes, such as obsolete equipment e. External obsolescence refers to changes occurring to land-use in the surrounding area, such as increased traffic, pollution, and zoning changes that affect the permitted use of the property.

Which fiduciary duty requires the agent to act with care with respect to handling funds received on behalf of the principal? Accountability means financial accountability and is the fiduciary duty that requires the agent to act with care and properly handle funds received on behalf of the principal. Pass the New Jersey real estate examination!

Our New Jersey Salesperson real estate tests have detailed answer explanations not available on any other practice real estate test prep sites! Aside from explaining the correct answers, we also explain the wrong answers to enable you to master the material as part of our trademarked Exhaustive Learning Technique, so you will understand why you got the answer wrong and to help solidify your understanding of the issues addressed to make it second nature. All above information should be confirmed with licensing commission.

Toggle navigation. Can't find the state test you are looking for? Individuals interested in a real estate license will now have the flexibility to take the test online or in person at a designated testing site. The REC issues more than 88, licenses to real estate brokers, salespersons, referral agents, real estate schools, and course instructors, as well as establishes standards of practice for the real estate brokerage profession. The website currently used to schedule licensing exams will be revamped to allow for scheduling the remote option.

In-person exams may be scheduled on the current website before September 20, The website will be down on September 20, to allow for the transition to the new scheduling system.

The national portion of the New Jersey Real Estate salesperson exam is comprised of 80 questions. The time limit allowed to complete the total New Jersey Real Estate salesperson exam is 4 hours. Review this document to find your status:. Before registering for the New Jersey Salesperson exam you must first complete the education requirements. The exam is closed book. The exam is scored immediately after finishing the exam.