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Real Estate New-Jersey-Real-Estate-Salesperson Exam Syllabus Topics:

Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A purchase money note need NOT contain the:

A) principal amount of the loan.
B) loan-to-value ratio.
C) time and method of payment.
D) rate of interest.

2. Salesperson P leaves the employ of Broker A. One of the listings at Broker A's firm has agreed to list with Salesperson P at the new firm. In this instance the listing file:

A) should be given to the seller.
B) can be taken to the new firm so there is no interruption of service to the client.
C) cannot be taken because it belongs to Broker A.
D) should be turned into the MLS.

3. The common area of a condominium development is owned by:

A) its duly elected Board of Directors.
B) all owners as tenants in common.
C) any individuals who pay a prorated share of the taxes and maintenance.
D) those owners who were original owners of the units.

4. A seller refuses to honor a sales agreement. The buyer could seek specific performance, which is a legal request to:

A) force the seller to complete the sales agreement.
B) cancel all contractual obligations.
C) receive monetary damages for losses suffered.
D) collect punitive damages from the seller.

5. A salesperson working with buyers secures an offer on a property. The offer calls for an initial deposit of
$1,000 to be held in escrow. The salesperson instructs the buyer to issue a personal check in that amount payable to the salesperson. This action is

A) prohibited, because checks for deposits to be held in escrow may only be payable to the broker's escrow account.
B) permissible, because the salesperson is acting as agent for the broker.
C) permissible if the salesperson immediately writes a check for the deposit amount payable to their broker's escrow account.
D) prohibited, because the salesperson accepted a personal check.

Solutions: