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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A broker maintains a real estate agency and terminated two salespersons. In this situation, the broker is REQUIRED to take all the following actions with regard to these two salespersons EXCEPT:

A) provide each with a written accounting of all monies due each salesperson.
B) permit them to remove original sales or listing contracts from the broker's office.
C) abide by the post-termination compensation clause contained in their employment agreements or provide a written explanation for not doing so.
D) pay any undisputed compensation due within ten days of the broker's receipt of such funds.

2. A city has built a new library and has contacted the broker to list and sell the old library building. Which approach should the broker use to estimate the fair market value for the purpose of listing and selling this property?

A) replacement cost
B) gross rent multiplier
C) income approach
D) sales comparison

3. Standard title insurance would protect a buyer:

A) for the purchase of a property bought sight unseen where the buyer discovers a tenant living at the property.
B) when the seller has forged an ex-partner's signature on the deed.
C) if after closing, the HOA placed a lien on the property for the previous owners' unpaid dues.
D) in a purchase where the buyer had knowledge of a shed violating setback requirements.

4. A client is considering listing an industrially zoned 10-acre site. It has been vacant for several years, and was formerly used as an automobile junkyard. What would a responsible real estate licensee recommend the seller consider obtaining prior to putting the property on the market?

A) an electromagnetic field determination
B) a radon measurement analysis
C) an air quality report from the Environmental Protection Agency
D) an environmental site assessment

5. A CORRECT statement about transaction brokers is that they:

A) represent both the buyer and the seller
B) are required to disclose confidential information
C) represent neither the buyer nor the seller
D) may conduct transactions without an active real estate license

Solutions: