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

Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A lender whose mortgagor has defaulted may be offered a deed in lieu of foreclosure. If accepted, which of the following will be true?

A) The lender will take the title subject to any junior liens.
B) The lender will usually retain rights under mortgage insurance or VA guarantee.
C) The loan will still be assumable.
D) Because it is voluntary, it will not be an adverse item on the buyer's credit.

2. A broker may legally refuse to accept a listing:

A) only if the seller cannot give clear title to the property.
B) at any time, for any legitimate reason.
C) only if the owner's instructions are illegal.
D) under no circumstances; all owners are entitled to professional representation in the sale of their property.

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

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

4. 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) All sales contracts can be declared null and void and all salespersons will lose their licenses until establishing employment with another broker.
B) The most experienced salesperson can act as broker for a maximum of six months until a permanent replacement broker is licensed.
C) The Real Estate Commission can direct an experienced broker with another firm to conclude all pending business.
D) 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.

5. An intoxicated buyer made an offer on a house. The owners accepted the offer. This contract is

A) voidable.
B) void.
C) unilateral.
D) illegal.

Solutions: