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

2. A deposit check from a buyer paid upon the submission of an offer may be held without being deposited into the broker's escrow account:

A) until all inspections required by the contract have been performed
B) for no more than five business days after the termination of the attorney review period
C) until negotiations are concluded and the seller has accepted the offer
D) for no more than five business days after receipt of the money

3. The Freshwater Wetlands Protection Act of 1987 is a New Jersey law that:

A) requires the registration of residential development projects with the New Jersey Department of Community Affairs
B) empowers the New Jersey Department of Environmental Protection to acquire title to certain real estate for less than its fair market value through condemnation
C) restricts development of real estate in certain designated areas
D) requires environmental impact statements to be filed with the New Jersey Department of Environmental Protection before title to developed real estate can be transferred

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

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

Solutions: