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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A deposit check from a buyer paid upon the submission of an offer may be held without being deposited into the broker's escrow account:

A) for no more than five business days after the termination of the attorney review period
B) for no more than five business days after receipt of the money
C) until negotiations are concluded and the seller has accepted the offer
D) until all inspections required by the contract have been performed

2. A contract is delivered to the listing broker by a cooperating broker. The listing broker makes an appointment with the owner to present the offer at 7 p.m. of that day. Before 7 p.m., two more offers arrive on the same property. Which offer should be presented to the owner at the 7 p.m. appointment?

A) the first offer received
B) the offer with the highest sale price
C) all three of the offers
D) the offer most favorable to the seller, including price and all terms

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

4. According to the New Jersey Real Estate Time Share Act, if a licensee is selling a timeshare located within the state of New Jersey, all of the following are true EXCEPT that the:

A) licensee must provide the buyer with a copy of the Public Offering Statement.
B) contract of sale must provide notice of a seven calendar day rescission period.
C) licensee must hold a timeshare sales license.
D) timeshare must be approved by the Real Estate Commission.

5. A buyer-broker locates a property that is listed with another broker. The buyer makes an offer through the buyer-broker and an agreement of sale results. In this situation, the buyer-broker is acting as a:

A) representative of the buyer and owes no fiduciary obligations to the seller
B) subagent of the listing broker
C) referring broker with the listing broker
D) representative of the seller and owes no fiduciary obligations to the buyer

Solutions: