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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A ranch house with a double garage is being valued. The house next door, which is similar except that it lacks a garage and has an outside deck, was sold last month for $138,000. Experience in that area shows that a two- car garage is probably worth $10,000 to buyers, while in general, they will pay only $500 extra for a deck.
The ranch house is most likely to sell for around:

A) $148,500
B) $147,500
C) $123,500
D) $128,500

2. A property was listed for $110,000. It sold for $106,000. A 6.5% fee was split equally between the listing and selling real estate firms. The listing licensee received 55% of the listing office share. How much did the listing licensee receive?

A) $3,789.50
B) $1,894.75
C) $3,575.00
D) $1,966.25

3. A property that contains a 2,500-square-foot house has a land value of $45,000. The house suffers from
$7,000 of physical depreciation and $2,500 of functional obsolescence. If the replacement cost of the house is
$75 per square foot, what is the value of the property?

A) $187,500
B) $223,000
C) $178,000
D) $232,500

4. Salesperson P leaves the employ of Broker A. One of the listings at Broker A's firm has agreed to list with Salesperson P at the new firm. In this instance the listing file:

A) should be turned into the MLS.
B) should be given to the seller.
C) can be taken to the new firm so there is no interruption of service to the client.
D) cannot be taken because it belongs to Broker A.

5. The common area of a condominium development is owned by:

A) all owners as tenants in common.
B) those owners who were original owners of the units.
C) its duly elected Board of Directors.
D) any individuals who pay a prorated share of the taxes and maintenance.

Solutions: