A national company desires a parcel of land which must be 4 times the size of its proposed building. If the building design includes 20,000 square feet, then which of the following minimum sized lots should be purchased?
Answer(s): D
A tenant has a commercial lease that requires that the tenant pay taxes, insurance, maintenance, and parking lot repairs. What kind of lease does the tenant have?
Answer(s): A
A net lease requires the tenant to pay some or all operating expenses, including taxes, insurance, maintenance, and sometimes repairs. Commercial leases often use this form (single, double, or triple net).A gross lease means the landlord pays all expenses.A ground lease is long-term land rental.A percentage lease ties rent partly to sales volume.This is a net lease.
NJ Real Estate Salesperson Study Guide, Chapter on Leases and Property Management.
A tenant has an option to purchase leased property. The price that the tenant will pay for the property is determined by the:
An option to purchase is a contract where:The terms and price are established upfront in the option agreement.The tenant (optionee) has the unilateral right to exercise the option within the agreed period.Market value or tenant's discretion does not determine the price unless specifically stated in the option.Correct answer = A.
NJ Real Estate Salesperson Study Guide, Chapter on Contracts and Options.
Which of the following is a permitted free offering?
Answer(s): C
According to NJREC rules on inducements (N.J.A.C. 11:5-6.4):Free offers to the general public (e.g., a dinner seminar or educational event) are permissible because they are not conditioned upon listing or buying.Inducements like "home warranty with every listing," "discounted commissions," or "moving vans for clients only" are contingent on brokerage activity and are prohibited.Thus, the permitted free offering is C.
NJREC Rules and Regulations, N.J.A.C. 11:5-6.4; NJ Real Estate Salesperson Study Guide, Chapter on Advertising and Inducements.
A Seller's Property Disclosure form states that there are no known material defects with the property, but the listing licensee is aware of asbestos wrapped duct pipes in the basement. The licensee should:
Under New Jersey Real Estate License Law and NJREC disclosure rules:Licensees must disclose all known material facts about a property to potential buyers, regardless of what the seller states.Asbestos is considered a material defect and a potential environmental hazard.Licensees cannot withhold disclosure, nor leave it solely to inspectors.Thus, the licensee must disclose the asbestos.
NJREC Rules and Regulations, N.J.A.C. 11:5-6.4; NJ Real Estate Salesperson Study Guide, Chapter on Disclosure of Material Defects.
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