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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. An appraisal made by a certified appraiser is required:

A) before any property settlement in a divorce.
B) before real property can transfer from one owner to another.
C) when the buyer is using an FHA loan to purchase.
D) when heirs receive property.

2. A Seller's Property Disclosure form states that there are no known material defects with the property, but the listing licensee is aware of asbestos wrapped duct pipes in the basement. The licensee should:

A) ask the seller's permission to disclose and abide by the seller's wishes.
B) suggest to the seller wrap the pipes to contain potential airborne contamination.
C) disclose the existence of asbestos to all potential buyers.
D) suggest the buyers have a home inspection and leave discovery up to the inspector.

3. Which of the following actions is NOT a cause for suspension or revocation of a New Jersey real estate license?

A) collecting a commission as a broker from both parties to a transaction while representing both parties as their agent
B) payment of a referral fee by a licensed New Jersey broker to a broker licensed in another state
C) delivering a consumer information statement to a seller after having made a listing presentation
D) failing to provide a client with a copy of the signed exclusive listing contract

4. A salesperson working with buyers secures an offer on a property. The offer calls for an initial deposit of
$1,000 to be held in escrow. The salesperson instructs the buyer to issue a personal check in that amount payable to the salesperson. This action is

A) permissible, because the salesperson is acting as agent for the broker.
B) prohibited, because the salesperson accepted a personal check.
C) prohibited, because checks for deposits to be held in escrow may only be payable to the broker's escrow account.
D) permissible if the salesperson immediately writes a check for the deposit amount payable to their broker's escrow account.

5. A seller refuses to honor a sales agreement. The buyer could seek specific performance, which is a legal request to:

A) collect punitive damages from the seller.
B) receive monetary damages for losses suffered.
C) force the seller to complete the sales agreement.
D) cancel all contractual obligations.

Solutions: