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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. In a jurisdiction where the common law of agency applies, a broker has listed a home and then presented to the seller an offer from another client of the broker. The offer has been accepted. The broker has what type of agency relationship with the parties?

A) dual agency
B) seller agency, buyer sub-agency
C) no agency relationship; in this situation the broker becomes a facilitator only
D) seller agency, no agency relationship with buyer

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

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

3. According to the New Jersey Real Estate Time Share Act, if a licensee is selling a timeshare located within the state of New Jersey, all of the following are true EXCEPT that the:

A) licensee must provide the buyer with a copy of the Public Offering Statement.
B) timeshare must be approved by the Real Estate Commission.
C) licensee must hold a timeshare sales license.
D) contract of sale must provide notice of a seven calendar day rescission period.

4. The primary intent of the statute of frauds is to:

A) protect the rights of buyers who are disabled.
B) reduce real estate contracts to writing.
C) protect licensees from fraudulent activity.
D) enforce oral agreements beyond 1 year.

5. A married couple is planning to purchase a house that costs $86,000. If they obtain a 60% loan and the lender charges a 2.5% loan origination fee and 0.5 discount points, what is the cost of these expenses?

A) $1,548
B) $2,150
C) $2,580
D) $1,290

Solutions: