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Real Estate New Jersey Real Estate Salesperson Sample Questions:

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

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

2. Who may give a supportable opinion of market value to be used in seeking a federally-related loan to finance a real estate transaction?

A) a Certified Public Accountant
B) a certified appraiser
C) any real estate licensee, in each state in which the licensee is licensed
D) a licensed real estate broker

3. A buyer-broker locates a property that is listed with another broker. The buyer makes an offer through the buyer-broker and an agreement of sale results. In this situation, the buyer-broker is acting as a:

A) referring broker with the listing broker
B) subagent of the listing broker
C) representative of the seller and owes no fiduciary obligations to the buyer
D) representative of the buyer and owes no fiduciary obligations to the seller

4. A buyer is looking in several different cities for land to purchase for a shopping center. The buyer has decided to hire several real estate licensees, each representing the buyer in that licensee's city. Which type of agreement would protect the buyer from owing multiple commissions?

A) nonexclusive right-to-lease
B) exclusive right to sell
C) nonexclusive buyer-agency
D) exclusive agency representation

5. According to the New Jersey Real Estate Time Share Act, if a licensee is selling a timeshare located within the state of New Jersey, all of the following are true EXCEPT that the:

A) licensee must provide the buyer with a copy of the Public Offering Statement.
B) licensee must hold a timeshare sales license.
C) contract of sale must provide notice of a seven calendar day rescission period.
D) timeshare must be approved by the Real Estate Commission.

Solutions: