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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) The Real Estate Commission can direct an experienced broker with another firm to conclude all pending business.
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) 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.

2. Last year, an apartment building had a net operating income of $174,000. If a potential buyer is looking for a capitalization rate of 8%, how much should the buyer be willing to pay for the building?

A) $174,000
B) $1,392,000
C) $139,200
D) $2,175,000

3. In a jurisdiction where the common law of agency applies, a broker has listed a home and then presented to the seller an offer from another client of the broker. The offer has been accepted. The broker has what type of agency relationship with the parties?

A) dual agency
B) no agency relationship; in this situation the broker becomes a facilitator only
C) seller agency, buyer sub-agency
D) seller agency, no agency relationship with buyer

4. As required by the New Jersey Real Estate Sales Full Disclosure Act, before signing any contract for the purchase or lease of a property registered with the New Jersey Real Estate Commission, the purchaser or lessee MUST be provided with a copy of the:

A) filed plat map identifying the location of the property being bought or leased
B) deed or other instrument establishing title in the name of the developer
C) New Jersey Public Offering Statement approved by the Commission
D) Statement of Record filed by the developer with the Commission

5. Which of the following is least likely to be considered in establishing the value of a property by the sales comparison approach?

A) the capitalization rate
B) the square footage of the building
C) the size of the lot
D) the date of sale

Solutions: