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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A home sold for $400,000. It was appraised for $402,000, and the assessed value was $320,000. Assume in this situation, the real estate transfer tax of 1% is paid by the grantee. How much will the seller owe at closing for transfer fees?

A) $4,020
B) $0
C) $4,000
D) $3,200

2. A broker is offering a $100 gift certificate at a jewelry store to all sellers who list with the broker during a specified time period. According to the New Jersey Real Estate License Law, such a promotion is prohibited because it:

A) discriminates against sellers whose religion prohibits the wearing of jewelry
B) offers compensation for brokerage activity to unlicensed persons
C) discriminates against sellers who do not list with the broker during the specified time period
D) makes the receipt of the free offering contingent upon sellers listing their properties with the broker

3. A buyer is looking in several different cities for land to purchase for a shopping center. The buyer has decided to hire several real estate licensees, each representing the buyer in that licensee's city. Which type of agreement would protect the buyer from owing multiple commissions?

A) nonexclusive buyer-agency
B) exclusive agency representation
C) exclusive right to sell
D) nonexclusive right-to-lease

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

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

5. A CORRECT statement about transaction brokers is that they:

A) represent neither the buyer nor the seller
B) are required to disclose confidential information
C) represent both the buyer and the seller
D) may conduct transactions without an active real estate license

Solutions: