A small broker committee in the local county has set up a new marketing ide
Answer(s): B
Price-fixing occurs when competitors agree to set commission rates or fees rather than allowing them to be independently negotiated.This practice is a violation of the Sherman Antitrust Act and NJREC regulations.Market allocation refers to dividing territories or clients."Apostille" is irrelevant.Calling it "consumer protection" is misleading.Thus, this is an example of price-fixing.
Sherman Antitrust Act; NJ Real Estate Salesperson Study Guide, Chapter on Antitrust Laws and Commission Practices.
Written offers to purchase real estate in New Jersey must be presented to sellers within:
Answer(s): A
According to N.J.A.C. 11:5-6.9, every written offer must be presented to the seller by the licensee immediately, but never later than 24 hours after receipt.This ensures timely communication and protects the client's interests.Delays beyond 24 hours would violate the rules.
NJREC Rules and Regulations, N.J.A.C. 11:5-6.9; NJ Real Estate Salesperson Study Guide, Chapter on Offers and Contract Presentation.
A buyer's agent is NOT permitted to tell a buyer that:
Under federal Fair Housing Law (1988 Amendments) and NJ Law Against Discrimination:Licensees are prohibited from disclosing that a property was occupied by someone with HIV/AIDS. Such disclosure is considered discrimination against persons with disabilities.Material defects (e.g., roof leaks) must be disclosed.Stigmatized property issues (e.g., crime scenes) do not legally require disclosure in NJ, but agents may discuss if asked.Disclosing the seller's willingness to accept less is allowed only with the seller's consent.Correct prohibited disclosure = B.
Fair Housing Amendments Act (1988); NJ Law Against Discrimination; NJ Real Estate Salesperson Study Guide, Chapter on Fair Housing and Disclosure.
The best way to research the previous owners of the property would be to research the:
The chain of title is the recorded history of property ownership from one owner to the next. It is the most reliable way to determine prior ownership.Lien records show financial claims but not ownership sequence.An abstract of title summarizes the chain of title and liens but is not the original source.Grantor indexes are tools used in researching title but do not themselves provide the full sequence.Thus, the best method is the chain of title.
NJ Real Estate Salesperson Study Guide, Chapter on Title Records and Transfer of Ownership.
A ranch house with a double garage is being valued. The house next door, which is similar except that it lacks a garage and has an outside deck, was sold last month for $138,000. Experience in that area shows that a two-car garage is probably worth $10,000 to buyers, while in general, they will pay only $500 extra for a deck. The ranch house is most likely to sell for around:
Answer(s): C
Therefore, the subject property is most likely to sell for $147,500 (C).
NJ Real Estate Salesperson Study Guide, Chapter on Appraisal Methods (Sales Comparison Approach).
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