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Real Estate New Jersey Real Estate Salesperson Sample Questions:
1. A seller sold a property for $375,000, with the closing on July 1st, in a jurisdiction where the buyer pays for the day of closing. The seller had a mortgage balance at the time of closing of $301,000, and had recently paid invoices of $400 for the second quarter's water and electricity, $1,200 for new appliances, and roofing repairs of $700. Based only on these items, how much will the seller receive at closing?
A) $71,700
B) $72,400
C) $73,600
D) $74,000
2. A public utility company is installing power lines across several counties. Will the utility company be more likely to be granted an easement appurtenant or an easement in gross?
A) easement appurtenant because it cannot run with the land
B) easement in gross because it allows the holder of the easement to eventually gain title to the encumbered property
C) easement appurtenant because it cannot be extinguished by merger of the dominant and servient tenements
D) easement in gross because it does not require ownership of real property adjacent to the property that is subject to the easement
3. A licensed broker may establish a commission rate at a predetermined amount that reflects the broker's general office policy provided the broker:
A) advises the New Jersey Consumer Affairs Division that the broker will not negotiate this commission rate
B) has the percentage or fixed amount printed on all listing agreement forms
C) advertises the commission rate at least once per month
D) negotiates all commissions with sellers
4. 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) contract of sale must provide notice of a seven calendar day rescission period.
B) licensee must provide the buyer with a copy of the Public Offering Statement.
C) timeshare must be approved by the Real Estate Commission.
D) licensee must hold a timeshare sales license.
5. A licensee lists a property with the knowledge that a major highway is projected to be built within fifty feet of the property and is instructed by the owner not to disclose this fact to prospective purchasers. The licensee should:
A) service the listing and disclose this information only when asked by a prospective purchaser
B) comply with the owner's instructions to avoid a violation of his fiduciary obligations to the owner
C) service the listing and disclose the information to prospective purchasers without the owner's knowledge
D) advise the seller that unless disclosure is permitted the licensee must refuse the listing
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: D | Question # 3 Answer: D | Question # 4 Answer: D | Question # 5 Answer: D |
By Lance
