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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. In advertisements of individual salespersons, which of the following is permitted?

A) Placing the real estate office sign on a personal residence.
B) Having the broker's name appear in smaller print than the salesperson's name in a newspaper ad.
C) Including reference to a home office.
D) Linking a personal real estate webpage to the salesperson's broker's website.

2. 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) Hire an appraiser and see if a second appraisal yields a higher appraised value.
C) Make up the difference between the contract price and appraised value in cash.
D) Seek an FHA lender who will automatically make up the difference between the contract price and the appraised value.

3. Which action would be allowed according to the Federal Fair Housing law?

A) A lender receives notice that a loan application submitted on behalf of a client has been denied. The lender knew the borrower was well qualified, but is told that area is off limits for new loans because of its crime rate.
B) A broker informs a potential seller that there is an influx of immigrants snatching up rentals in the neighborhood, so this would be a good time to sell.
C) A landlord receives a rental application from a prospective tenant, who came from Russia a few years ago to attend the local university. The lender denies the rental application after asking for the prospective tenant's visa and determines that it expires in 3 months.
D) Broker A meets a new Hispanic buyer client. Broker B just sold a handful of condos to other Hispanic buyers in the Kentwood neighborhood, so broker A suggests the new buyer might be comfortable in that neighborhood.

4. A seller is offering his property for sale in as-is condition. A buyer enters into a contract with the seller and has the home inspected. The inspection reveals a latent defect known to, but not disclosed by, the seller. The buyer:

A) can reduce the contract sales price by the cost of correcting the defect.
B) can force the seller to correct the defect.
C) can void the contract due to the seller's failure to disclose the latent defect.
D) must go through with the purchase because the house is being sold as is.

5. Which of the following statements about branch offices is INCORRECT?

A) The employing broker is ultimately responsible for all licensees employed at the branch office.
B) A licensed broker-salesperson must supervise the office on a full-time basis.
C) The name of the branch office supervisor must be recorded with the commission.
D) Two salespersons may be designated to share supervising responsibilities.

Solutions: