Real Estate New-Jersey-Real-Estate-Salesperson Exam : New Jersey Real Estate Salesperson Exam

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Real Estate New-Jersey-Real-Estate-Salesperson Exam Syllabus Topics:

Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. Broker P is the sole proprietor of XYZ Realty. P employs five salespersons, all of whom have been practicing real estate for at least two years. Under the license law, if P should die, which of the following actions can be taken?

A) A salesperson holding a real estate license for at least three years can apply for a temporary broker's license in order to continue the firm's activity.
B) The most experienced salesperson can act as broker for a maximum of six months until a permanent replacement broker is licensed.
C) All sales contracts can be declared null and void and all salespersons will lose their licenses until establishing employment with another broker.
D) The Real Estate Commission can direct an experienced broker with another firm to conclude all pending business.

2. When buyers move into their new house, they see that the ceiling fan in the dining room is gone. The ceiling fan was not mentioned in the offer to purchase. Did the sellers have the right to take the ceiling fan?

A) Yes, because it was the sellers' personal property.
B) Yes, because it was not referenced in the contract.
C) No, because it was chattel.
D) No, because it was a fixture in the house.

3. 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) $72,400
B) $71,700
C) $73,600
D) $74,000

4. A city has built a new library and has contacted the broker to list and sell the old library building. Which approach should the broker use to estimate the fair market value for the purpose of listing and selling this property?

A) gross rent multiplier
B) replacement cost
C) income approach
D) sales comparison

5. A lender may add 1/12th of the estimated cost of the annual property taxes and hazard insurance on the mortgaged property to the monthly loan payment for deposit in:

A) an adjustment account
B) a PMI account
C) a margin account
D) an impound, escrow, or reserve account

Solutions: