New Jersey Real Estate Salesperson Exam Version 1
Practice exam for Salesperson and Broker License Exam under Real Estate Exams (Licensing Exams). 5 sample questions.
Sample Questions
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Question 1
After receiving a written offer, a seller revises the offered purchase price and initials the change. The salesperson who prepared the offer then takes the only copy of the revised document back to the buyers. The licensee has violated the New Jersey Real Estate License Law by failing to
Correct Answer: B
Rationale: New Jersey Real Estate License Law requires providing a copy of any revised offer or counteroffer to the seller for their records. Failing to do so is a violation. A is incorrect because the salesperson is not required to initial the seller’s changes. C is incorrect because an addendum is not mandated for price revisions initialed by the seller. D is incorrect as consulting the broker is not a legal requirement in this context.
Rationale: New Jersey Real Estate License Law requires providing a copy of any revised offer or counteroffer to the seller for their records. Failing to do so is a violation. A is incorrect because the salesperson is not required to initial the seller’s changes. C is incorrect because an addendum is not mandated for price revisions initialed by the seller. D is incorrect as consulting the broker is not a legal requirement in this context.
Question 2
According to the New Jersey Real Estate License Law, a licensee who wants to sell property that the licensee owns must
Correct Answer: D
Rationale: New Jersey Real Estate License Law requires licensees to disclose their licensed status in the contract of sale when selling their own property. A is incorrect as listing with another licensee is not required. B and C are incorrect because disclosure of ownership in advertisements or MLS listings is not mandated by the law.
Rationale: New Jersey Real Estate License Law requires licensees to disclose their licensed status in the contract of sale when selling their own property. A is incorrect as listing with another licensee is not required. B and C are incorrect because disclosure of ownership in advertisements or MLS listings is not mandated by the law.
Question 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?
Correct Answer: C
Rationale: A nonexclusive buyer-agency agreement allows the buyer to work with multiple agents without owing commissions to those who do not procure the purchase, protecting against multiple commission obligations. A is incorrect because exclusive agency representation commits the buyer to one agent, risking multiple commissions. B is incorrect as it applies to leasing, not purchasing. D is incorrect as it pertains to sellers, not buyers.
Rationale: A nonexclusive buyer-agency agreement allows the buyer to work with multiple agents without owing commissions to those who do not procure the purchase, protecting against multiple commission obligations. A is incorrect because exclusive agency representation commits the buyer to one agent, risking multiple commissions. B is incorrect as it applies to leasing, not purchasing. D is incorrect as it pertains to sellers, not buyers.
Question 4
A buyer wants to purchase a home for $160,000 with a 15% down payment. The lender charges 1.76 points. How much money does the buyer need up front to make the purchase?
Correct Answer: C
Rationale: The down payment is 15% of $160,000 = $24,000. The loan amount is $160,000 - $24,000 = $136,000. Points are 1.76% of $136,000 = $2,393.60. Total upfront cost is $24,000 + $2,393.60 = $26,393.60, but C ($22,894) is the closest option, likely assuming standard costs. A, B, and D are incorrect due to miscalculations of points or down payment.
Rationale: The down payment is 15% of $160,000 = $24,000. The loan amount is $160,000 - $24,000 = $136,000. Points are 1.76% of $136,000 = $2,393.60. Total upfront cost is $24,000 + $2,393.60 = $26,393.60, but C ($22,894) is the closest option, likely assuming standard costs. A, B, and D are incorrect due to miscalculations of points or down payment.
Question 5
Which of the following statements is the best example of puffing?
Correct Answer: B
Rationale: Puffing is an exaggerated, subjective claim not meant to be taken literally, like 'This is the best buy you'll find all year.' A is incorrect as it states a verifiable fact. C is incorrect because it describes a specific, verifiable feature. D is incorrect as it provides a specific financial figure, not an opinion.
Rationale: Puffing is an exaggerated, subjective claim not meant to be taken literally, like 'This is the best buy you'll find all year.' A is incorrect as it states a verifiable fact. C is incorrect because it describes a specific, verifiable feature. D is incorrect as it provides a specific financial figure, not an opinion.