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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. The heir to a large estate will be of legal age within 30 days. The heir lists for sale with a broker one of the properties held by the estate. The broker knows of a buyer for the property and sells it within 24 hours of listing, with closing to be in 45 days. Both listing and sale contracts are:

A) voidable
B) fulfilled
C) executory
D) executed

2. A licensed broker may establish a commission rate at a predetermined amount that reflects the broker's general office policy provided the broker:

A) advertises the commission rate at least once per month
B) negotiates all commissions with sellers
C) has the percentage or fixed amount printed on all listing agreement forms
D) advises the New Jersey Consumer Affairs Division that the broker will not negotiate this commission rate

3. A seller has listed a home with a broker for $112,000. The seller is leaving for a 45-day cruise midway through the listing period and authorizes the broker through a limited power of attorney to accept any offer of all cash at a price of $108,000 or more pending his return. The broker receives an offer for $110,000 all cash.
The broker

A) must forward the offer to the seller's attorney for consideration.
B) may accept the offer.
C) may sign a deed of conveyance if the seller does not return on time.
D) may not accept the offer until the seller returns.

4. A client is considering listing an industrially zoned 10-acre site. It has been vacant for several years, and was formerly used as an automobile junkyard. What would a responsible real estate licensee recommend the seller consider obtaining prior to putting the property on the market?

A) an environmental site assessment
B) a radon measurement analysis
C) an air quality report from the Environmental Protection Agency
D) an electromagnetic field determination

5. Under the New Jersey Real Estate Sales Full Disclosure Act, the Act does NOT apply to a development project:

A) already approved by the Department of Commerce.
B) extending over a 5 year period only.
C) consisting of 10 units.
D) where the purchaser's total financial obligation is less than $5,000.

Solutions: