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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. 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.

2. A low loan-to-value ratio indicates a:

A) higher equity in the property.
B) lower equity in the property.
C) greater risk of foreclosure.
D) greater use of leverage.

3. The Multiple Listing Service (MLS) board members decided that the population of each area of the city would be best served by the brokerages who have offices actually located within those areas. The board established boundaries dividing the city into six districts and voted to limit listings for each district to only those brokerages with offices within the district. Brokerages who tried to advertise beyond their own district would be prohibited from listing properties in the MLS. This action violates what Real Estate Law?

A) Civil Rights Act
B) Housing and Community Development Act of 1974
C) Diversity Jurisdiction
D) Sherman Anti-trust Act

4. After announcing that a new city park will soon be developed, homes in the immediate area experience a rise in value. This is an example of which of the following principles of value?

A) contribution
B) anticipation
C) change
D) highest and best use

5. If an owner wants to list a property for sale "as is," the listing agent should:

A) assume that the house is a "fixer-upper."
B) conclude that if the buyer later discovers defects that were not disclosed the listing agent is relieved of any responsibility.
C) assume that the owner will accept a relatively low price for the property.
D) question the seller as to any known defects.

Solutions: