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NEW QUESTION # 61
In a jurisdiction where the common law of agency applies, a broker has listed a home and then presented to the seller an offer from another client of the broker. The offer has been accepted. The broker has what type of agency relationship with the parties?
Answer: B
Explanation:
Under the common law of agency, when a broker represents both the seller and the buyer in the same transaction, the broker is acting as a dual agent.
The broker has a fiduciary duty to both parties.
This arrangement is only legal if both parties give informed, written consent.
A sub-agency relationship would apply if another agent brought the buyer as a subagent of the seller's broker, not if the buyer is directly the broker's own client.
Therefore, the correct agency type in this case is dual agency.
Reference: NJ Real Estate Salesperson Study Guide, Chapter on Agency Relationships and Disclosure; Common Law of Agency Principles.
NEW QUESTION # 62
Under the New Jersey Real Estate Sales Full Disclosure Act, the Act does NOT apply to a development project:
Answer: B
Explanation:
The NJ Real Estate Sales Full Disclosure Act (RESFDA) regulates sales or leases of subdivided land and certain developments to protect consumers.
Exemptions exist for small-scale projects or when the total financial obligation to the purchaser is less than
$5,000.
Developments with 100+ lots typically require registration and a Public Offering Statement.
Thus, the Act does not apply where the financial obligation is under $5,000.
Reference: NJ Real Estate Sales Full Disclosure Act, N.J.S.A. 45:15-16.27; NJ Real Estate Salesperson Study Guide, Chapter on Land Sales.
NEW QUESTION # 63
The following statement was found in a real estate sales contract: "In the event of a default by the purchaser, the forfeiture of the earnest money to the seller will be the only compensation to which the seller will be entitled." This statement most likely describes a:
Answer: C
Explanation:
A liquidated damages clause specifies in advance the amount of money or type of damages one party will receive if the other party defaults.
In this case, the earnest money deposit forfeiture is the seller's only compensation in the event of buyer default.
A broker protection clause protects a broker's commission rights.
Indemnification clauses shift liability to another party.
A default delivery clause is not a standard real estate term.
Thus, the correct clause is B: liquidated damages clause.
Reference: NJ Real Estate Salesperson Study Guide, Chapter on Contracts and Contract Clauses.
NEW QUESTION # 64
Which of the following actions is a function of a municipal planning board?
Answer: B
Explanation:
A municipal planning board (sometimes called a planning or zoning board) has authority to:
Adopt and enforce the master plan for land use in the municipality.
Regulate subdivisions, site plans, and development approvals.
Control zoning ordinances and land-use policies.
Variances are typically handled by a zoning board of adjustment, not the planning board.
Counties adopt county-wide plans but do not govern municipalities.
Correct answer = D.
Reference: NJ Municipal Land Use Law (MLUL, N.J.S.A. 40:55D); NJ Real Estate Salesperson Study Guide, Chapter on Land Use and Zoning.
NEW QUESTION # 65
A real estate broker's maintained place of business MUST conspicuously display on the exterior the broker's name and the word(s):
Answer: B
Explanation:
According to N.J.A.C. 11:5-6.1, every broker's main office must have a sign on the exterior that is visible to the public. The sign must display the broker's name and the exact words "Licensed Real Estate Broker." This is a mandatory requirement to ensure public identification of licensed brokerage offices.
Using terms like "Realtor" is optional and only permitted if the broker is a member of the National Association of REALTORS, but the law specifically requires the words Licensed Real Estate Broker.
Reference: NJ Real Estate Commission Rules and Regulations, N.J.A.C. 11:5-6.1 (Office Requirements and Signage).
NEW QUESTION # 66
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