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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. An applicant for a real estate salesperson's license must apply for the issuance of the license within:

A) one year from the date of passing the state licensing examination
B) one year from the date of beginning the prelicensure education course
C) one year from the date of completion of the prelicensure education course
D) 30 days after accepting an offer of employment from a licensed real estate broker

2. A married couple is purchasing a home. They ask the salesperson to advise them regarding the best way to take title. The salesperson should

A) ask a broker to make a recommendation.
B) advise them to take title as tenants by the entirety.
C) explain the possible types of joint ownership so they understand the options.
D) decline to advise them and suggest that they consult an attorney.

3. A seller sold a property for $375,000, with the closing on July 1st, in a jurisdiction where the buyer pays for the day of closing. The seller had a mortgage balance at the time of closing of $301,000, and had recently paid invoices of $400 for the second quarter's water and electricity, $1,200 for new appliances, and roofing repairs of $700. Based only on these items, how much will the seller receive at closing?

A) $72,400
B) $73,600
C) $74,000
D) $71,700

4. A licensee lists a property with the knowledge that a major highway is projected to be built within fifty feet of the property and is instructed by the owner not to disclose this fact to prospective purchasers. The licensee should:

A) advise the seller that unless disclosure is permitted the licensee must refuse the listing
B) service the listing and disclose the information to prospective purchasers without the owner's knowledge
C) comply with the owner's instructions to avoid a violation of his fiduciary obligations to the owner
D) service the listing and disclose this information only when asked by a prospective purchaser

5. A small broker committee in the local county has set up a new marketing idea. They will give every seller the same commission rate and it will not be negotiable. This will allow the consumers to know exactly what it will cost to list a property. This marketing plan is an example of:

A) consumer protection
B) apostille
C) market allocation
D) price-fixing

Solutions: