Real Estate Licensing New-Jersey-Real-Estate-Salesperson Practice Questions ...
Latest Real Estate Licensing New-Jersey-Real-Estate-Salesperson Practice Questions BY Wright
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Uploaded by Wright
15-Oct-2026
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Based on Latest Exam Syllabus
Question 1
The common area of a condominium development is owned by:
A.its duly elected Board of Directors.
B.those owners who were original owners of the units.
C.any individuals who pay a prorated share of the taxes and maintenance.
D.all owners as tenants in common.
Correct Answer: DExplanation:
In a condominium, each unit owner owns their unit in fee simple.
All common areas (hallways, grounds, recreational areas) are owned by all unit owners collectively as tenants in common, with each owner's interest proportional to their ownership share.
The Board of Directors manages, but does not own, the common areas.
Correct answer = D.
Question 2
The listing broker has been presented with multiple offers. The seller would accept only a cash offer on the home, so the broker will present:
A.the highest cash offer to the seller.
B.the highest offer to the seller.
C.only cash offers to the seller.
D.all offers to the seller.
Correct Answer: DExplanation:
According to NJREC Rules (N.J.A.C. 11:5-6.9):
A licensee must present all written offers to the seller immediately (within 24 hours).
It is the seller's decision which offer to accept.
A broker cannot filter or withhold offers (cash or financed) without the seller's explicit instruction.