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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. Broker P is the sole proprietor of XYZ Realty. P employs five salespersons, all of whom have been practicing real estate for at least two years. Under the license law, if P should die, which of the following actions can be taken?

A) All sales contracts can be declared null and void and all salespersons will lose their licenses until establishing employment with another broker.
B) The most experienced salesperson can act as broker for a maximum of six months until a permanent replacement broker is licensed.
C) A salesperson holding a real estate license for at least three years can apply for a temporary broker's license in order to continue the firm's activity.
D) The Real Estate Commission can direct an experienced broker with another firm to conclude all pending business.

2. A seller has entered into an exclusive right to sell agreement with a broker. The buyer presents the seller with an offer to purchase that is 20% less than the list price. Which of the following is appropriate?

A) The seller is obligated to pay the buyer a commission or the offer price if the seller rejects the offer.
B) The seller is under no obligation to accept the offer or make a counteroffer.
C) The seller is obligated to make a counteroffer to the buyer if the offer is unacceptable.
D) The seller has 72 hours to submit a counteroffer or else the offer is considered to be accepted.

3. 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) Subdivision of fifteen or more lots
D) Single family residential vacant lot

4. Salesperson P leaves the employ of Broker A. One of the listings at Broker A's firm has agreed to list with Salesperson P at the new firm. In this instance the listing file:

A) cannot be taken because it belongs to Broker A.
B) should be given to the seller.
C) can be taken to the new firm so there is no interruption of service to the client.
D) should be turned into the MLS.

5. A buyer's agent is NOT permitted to tell a buyer that:

A) the property was the scene of a serious crime
B) a former occupant of a property had AIDS
C) the seller is willing to accept less than the listing price because of financial circumstances
D) the roof leaked recently but was patched by the owner

Solutions: