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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. When buyers move into their new house, they see that the ceiling fan in the dining room is gone. The ceiling fan was not mentioned in the offer to purchase. Did the sellers have the right to take the ceiling fan?

A) Yes, because it was the sellers' personal property.
B) No, because it was a fixture in the house.
C) Yes, because it was not referenced in the contract.
D) No, because it was chattel.

2. A licensee must provide disclosure of licensed status when acting as a principal if

A) the licensee does not have errors and omission insurance.
B) any relative of the licensee has ever lived in the residence.
C) the licensee has any economic interest in the property.
D) the agent of the other party asks about this specifically.

3. A real estate broker's maintained place of business MUST conspicuously display on the exterior the broker's name and the word(s):

A) Licensed Real Estate Broker
B) Realtor
C) Real Estate Broker
D) Licensed Realtor

4. A subordination agreement is used to:

A) change the priority of mortgages.
B) pledge property for a loan without giving up possession.
C) initiate foreclosure proceedings.
D) assign rents to the lender in case of borrower default.

5. Which of the following best describes the Housing for Older Persons Act?

A) It requires that at least 80% of occupied units have one person age 55 or older living there.
B) It allows grandparents with grandchildren to be exempt from the provisions of the Act.
C) It requires that 55-and-older housing have significant facilities and services designed for seniors.
D) It allows the awarding of monetary damages against those who believed that property designated as housing for older persons was exempt.

Solutions: