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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A licensee lists a property with the knowledge that a major highway is projected to be built within fifty feet of the property and is instructed by the owner not to disclose this fact to prospective purchasers. The licensee should:

A) comply with the owner's instructions to avoid a violation of his fiduciary obligations to the owner
B) service the listing and disclose this information only when asked by a prospective purchaser
C) service the listing and disclose the information to prospective purchasers without the owner's knowledge
D) advise the seller that unless disclosure is permitted the licensee must refuse the listing

2. Written offers to purchase real estate in New Jersey must be presented to sellers within:

A) 3 days
B) 24 hours
C) 48 hours
D) 5 days

3. According to the Real Estate Licensing Law, a real estate licensee can provide a rebate of the commission to a buyer

A) if notated on the contract of sale.
B) if a writing confirming the terms of the rebate is provided to the buyer at closing.
C) provided it does not exceed 50% of the total commission.
D) if the licensee is the broker.

4. Which of the following can hold escrow accounts?

A) lenders, brokers, and real estate commissions
B) banks, salespersons, and title companies
C) banks, brokers, and attorneys
D) salespersons, brokers, and lenders

5. A contract of sale prepared by a licensee MUST include an attorney review clause if it pertains to which of the following types of properties?

A) Commercial building that does not exceed 10,000 square feet
B) Six-family dwelling unit, a portion of which is used for non-residential purposes
C) Single family residential vacant lot
D) Subdivision of fifteen or more lots

Solutions: