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

Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. Which of the following actions is NOT a cause for suspension or revocation of a New Jersey real estate license?

A) collecting a commission as a broker from both parties to a transaction while representing both parties as their agent
B) failing to provide a client with a copy of the signed exclusive listing contract
C) payment of a referral fee by a licensed New Jersey broker to a broker licensed in another state
D) delivering a consumer information statement to a seller after having made a listing presentation

2. Rents on a duplex total $600 monthly and are due the first of each month. If the sale of the duplex closes on the 15th of a month, the rental income will be reflected on the closing statement as a

A) credit of $600 to the seller only.
B) debit to the seller of $300 and a credit to the buyer of $300.
C) credit of $600 to the buyer only.
D) credit to the seller of $300 and a debit to the buyer of $300.

3. A lender whose mortgagor has defaulted may be offered a deed in lieu of foreclosure. If accepted, which of the following will be true?

A) The loan will still be assumable.
B) Because it is voluntary, it will not be an adverse item on the buyer's credit.
C) The lender will take the title subject to any junior liens.
D) The lender will usually retain rights under mortgage insurance or VA guarantee.

4. Broker P is the sole proprietor of XYZ Realty. P employs five salespersons, all of whom have been practicing real estate for at least two years. Under the license law, if P should die, which of the following actions can be taken?

A) The most experienced salesperson can act as broker for a maximum of six months until a permanent replacement broker is licensed.
B) All sales contracts can be declared null and void and all salespersons will lose their licenses until establishing employment with another broker.
C) A salesperson holding a real estate license for at least three years can apply for a temporary broker's license in order to continue the firm's activity.
D) The Real Estate Commission can direct an experienced broker with another firm to conclude all pending business.

5. A ranch house with a double garage is being valued. The house next door, which is similar except that it lacks a garage and has an outside deck, was sold last month for $138,000. Experience in that area shows that a two- car garage is probably worth $10,000 to buyers, while in general, they will pay only $500 extra for a deck.
The ranch house is most likely to sell for around:

A) $148,500
B) $147,500
C) $128,500
D) $123,500

Solutions: