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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A broker who charges or collects an advance fee in excess of $25 for services to be rendered MUST:

A) retain the difference between the amount of money collected and the amount spent
B) give the principal receipts for all expenditures
C) furnish within ninety days of its collection an accounting of how the money was used
D) deduct the amount collected from the commission or settlement

2. Under the New Jersey Real Estate Licensing Law, which of the following is an unlicensed assistant or secretary NOT permitted to do?

A) Make telephone calls to request rent payments
B) Follow up on loan applications with lenders
C) Place signs on properties
D) Type contracts for approval

3. A contract is delivered to the listing broker by a cooperating broker. The listing broker makes an appointment with the owner to present the offer at 7 p.m. of that day. Before 7 p.m., two more offers arrive on the same property. Which offer should be presented to the owner at the 7 p.m. appointment?

A) the first offer received
B) all three of the offers
C) the offer with the highest sale price
D) the offer most favorable to the seller, including price and all terms

4. A purchase money note need NOT contain the:

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

5. A tenant has an option to purchase leased property. The price that the tenant will pay for the property is determined by the:

A) tenant, when the option is exercised.
B) terms specified in the option.
C) property's market value at the time of exercising the option.
D) agreement, when the option is exercised.

Solutions: