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Real Estate New-Jersey-Real-Estate-Salesperson Exam Syllabus Topics:

Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A buyer and broker enter into a 3-month exclusive buyer agency agreement. With regard to the broker's right to be compensated and to work with other clients, this means that during the term of this agreement, the broker

A) may not show a property to other buyers until the buyer decides if they want to make an offer.
B) must be compensated by the seller.
C) is only due compensation if the buyer purchases one of the broker's listings.
D) is entitled to compensation even if the buyer purchases a property that they locate.

2. A Seller's Property Disclosure form states that there are no known material defects with the property, but the listing licensee is aware of asbestos wrapped duct pipes in the basement. The licensee should:

A) ask the seller's permission to disclose and abide by the seller's wishes.
B) disclose the existence of asbestos to all potential buyers.
C) suggest the buyers have a home inspection and leave discovery up to the inspector.
D) suggest to the seller wrap the pipes to contain potential airborne contamination.

3. A licensee must provide disclosure of licensed status when acting as a principal if

A) the licensee has any economic interest in the property.
B) the licensee does not have errors and omission insurance.
C) the agent of the other party asks about this specifically.
D) any relative of the licensee has ever lived in the residence.

4. 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) $223,000
B) $187,500
C) $232,500
D) $178,000

5. A tenant has an option to purchase leased property. The price that the tenant will pay for the property is determined by the:

A) property's market value at the time of exercising the option.
B) tenant, when the option is exercised.
C) terms specified in the option.
D) agreement, when the option is exercised.

Solutions: