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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. Which of the following items would be prorated at closing with the credit going to the seller?

A) unearned rent collected in advance
B) earnest money
C) accrued interest on an assumed mortgage
D) prepaid property taxes

2. A tenant has an option to purchase leased property. The price that the tenant will pay for the property is determined by the:

A) agreement, when the option is exercised.
B) tenant, when the option is exercised.
C) property's market value at the time of exercising the option.
D) terms specified in the option.

3. A buyer made an offer to purchase a home using a VA loan, but the property's appraised value was determined to be less than the contract price. If the buyer really wants the property, which of the following choices is the buyer's best option?

A) Hire an appraiser and see if a second appraisal yields a higher appraised value.
B) Do nothing, because the seller must sell the property at the appraised value.
C) Seek an FHA lender who will automatically make up the difference between the contract price and the appraised value.
D) Make up the difference between the contract price and appraised value in cash.

4. Under New Jersey Real Estate Commission rules, a licensee's obligations to the public include all of the following responsibilities EXCEPT:

A) protecting and promoting the interests of the licensee's principal when acting as an agent
B) disclosing material defects in a property to a prospective purchaser
C) dealing honestly with all parties
D) accepting any reasonable commission offered by a seller in the course of negotiating a listing agreement

5. Two real estate firms shared equally a 6% commission on the sale of a house. The listing licensee was paid
60% of the broker's share. The house was sold for $110,000. How much did the listing agent earn?

A) $1,980
B) $2,640
C) $1,320
D) $3,980

Solutions: