Fair Housing, Practice, and Disclosures Practice Question
Question
A license applicant is reviewing a practice scenario for the New Jersey Real Estate Salesperson Exam involving material facts and New Jersey Real Estate Commission. Which statement is most accurate for exam purposes? (Item 11)
Answer choices
- A. Local custom controls even when a statute, regulation, contract, or disclosure rule applies.
- B. The requirement matters only when the buyer obtains institutional financing.
- C. Disclose known facts affecting value, desirability, or party decision-making in a way that fits New Jersey exam practice.
- D. The affiliated licensee may handle the matter independently without broker responsibility.
Correct Answer
C. Disclose known facts affecting value, desirability, or party decision-making in a way that fits New Jersey exam practice.
Explanation
The correct answer is C because material facts requires candidates to disclose known facts affecting value, desirability, or party decision-making. The New Jersey reference keeps the scenario tied to state licensing practice, while the other options rely on unsafe assumptions about oral custom, escrow, client preference, independent licensee authority, or ignoring written duties.
Question details
- Difficulty: medium
- Domain: Fair Housing, Practice, and Disclosures
- Objective: material facts