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Real Estate New Jersey Real Estate Salesperson Sample Questions:

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

2. Which of the following is least likely to be considered in establishing the value of a property by the sales comparison approach?

A) the date of sale
B) the capitalization rate
C) the size of the lot
D) the square footage of the building

3. A salesperson is selling a leased commercial property. What will happen to the lease after the sale is consummated?

A) The tenant and the new owner must negotiate a new lease.
B) The lease expires and the tenant must move.
C) The new owner has the option of canceling the lease or accepting the lease.
D) The lease is assigned to the new owner.

4. A salesperson is convicted of a crime which involved activities as a real estate licensee. The Commission obtains a certified copy of the judgment of conviction against the salesperson. According to the New Jersey Real Estate License Law, the Commission MUST:

A) suspend the salesperson's license
B) determine, at its discretion, what disciplinary action to take against the salesperson
C) revoke the salesperson's license
D) notify the salesperson's employing broker of the circumstances pertaining to the conviction

5. A ranch house with a double garage is being valued. The house next door, which is similar except that it lacks a garage and has an outside deck, was sold last month for $138,000. Experience in that area shows that a two- car garage is probably worth $10,000 to buyers, while in general, they will pay only $500 extra for a deck.
The ranch house is most likely to sell for around:

A) $147,500
B) $128,500
C) $148,500
D) $123,500

Solutions: