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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. The heir to a large estate will be of legal age within 30 days. The heir lists for sale with a broker one of the properties held by the estate. The broker knows of a buyer for the property and sells it within 24 hours of listing, with closing to be in 45 days. Both listing and sale contracts are:

A) executed
B) fulfilled
C) voidable
D) executory

2. Prospective buyers asked the licensee representing them if it would be a good idea to check the property they wish to purchase for radon. The licensee's best response would be to tell the buyers that:

A) as long as they are non-smokers, it should not be an issue.
B) they should do so, because radon is now considered to be one of the causes of lung cancer.
C) it is unlikely that radon would be a problem in that area.
D) they need not do so, because if radon were present, there would be an odor that would make it easy to detect.

3. 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) dealing honestly with all parties
C) accepting any reasonable commission offered by a seller in the course of negotiating a listing agreement
D) protecting and promoting the interests of the licensee's principal when acting as an agent

4. In commercial property leasing, listing agents should ensure that the owner complies with:

A) the Americans with Disabilities Act
B) their fiduciary responsibilities to the tenant
C) market lease rates
D) state and federal Fair Housing laws

5. A buyer made an offer to purchase a home using a VA loan, but the property's appraised value was determined to be less than the contract price. If the buyer really wants the property, which of the following choices is the buyer's best option?

A) Do nothing, because the seller must sell the property at the appraised value.
B) Make up the difference between the contract price and appraised value in cash.
C) Seek an FHA lender who will automatically make up the difference between the contract price and the appraised value.
D) Hire an appraiser and see if a second appraisal yields a higher appraised value.

Solutions: