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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A listing agent presents a signed offer to a seller who then changes the amount of the down payment. Before presenting the counteroffer to the buyer, the New Jersey Real Estate License Law requires the listing agent to

A) obtain the consent of the listing broker.
B) verbally inform any buyer's agent of the proposed revision.
C) secure the seller's initials confirming the revision.
D) prepare a separate addendum that reflects the revision.

2. A buyer wants to purchase a home for $400,000 with a 15% down payment. The lender charges 1.5 points.
How much money does the buyer need up front to make the purchase?

A) $60,000
B) $60,900
C) $66,000
D) $65,100

3. An applicant for a real estate salesperson's license must apply for the issuance of the license within:

A) one year from the date of passing the state licensing examination
B) 30 days after accepting an offer of employment from a licensed real estate broker
C) one year from the date of completion of the prelicensure education course
D) one year from the date of beginning the prelicensure education course

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) 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.
C) The most experienced salesperson can act as broker for a maximum of six months until a permanent replacement broker is licensed.
D) The Real Estate Commission can direct an experienced broker with another firm to conclude all pending business.

5. Which of the following statements would most likely be considered mere "puffing"?

A) The utility costs in this home are lower than in any other home in the neighborhood.
B) This area is expected to increase in value by 25% within the next year.
C) This lot has the most beautiful view of the lake.
D) Children from this neighborhood have the highest SAT scores.

Solutions: