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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. If an owner wants to list a property for sale "as is," the listing agent should:

A) question the seller as to any known defects.
B) conclude that if the buyer later discovers defects that were not disclosed the listing agent is relieved of any responsibility.
C) assume that the house is a "fixer-upper."
D) assume that the owner will accept a relatively low price for the property.

2. A contract of sale prepared by a licensee MUST include an attorney review clause if it pertains to which of the following types of properties?

A) Single family residential vacant lot
B) Commercial building that does not exceed 10,000 square feet
C) Six-family dwelling unit, a portion of which is used for non-residential purposes
D) Subdivision of fifteen or more lots

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

4. Under New Jersey Real Estate Commission rules, a licensee's obligations to the public include all of the following responsibilities EXCEPT:

A) disclosing material defects in a property to a prospective purchaser
B) accepting any reasonable commission offered by a seller in the course of negotiating a listing agreement
C) dealing honestly with all parties
D) protecting and promoting the interests of the licensee's principal when acting as an agent

5. A lender may add 1/12th of the estimated cost of the annual property taxes and hazard insurance on the mortgaged property to the monthly loan payment for deposit in:

A) a PMI account
B) a margin account
C) an impound, escrow, or reserve account
D) an adjustment account

Solutions: