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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. Standard title insurance would protect a buyer:

A) for the purchase of a property bought sight unseen where the buyer discovers a tenant living at the property.
B) if after closing, the HOA placed a lien on the property for the previous owners' unpaid dues.
C) when the seller has forged an ex-partner's signature on the deed.
D) in a purchase where the buyer had knowledge of a shed violating setback requirements.

2. 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) should be turned into the MLS.
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) cannot be taken because it belongs to Broker A.

3. A buyer made an offer to purchase a home using a VA loan, but the property's appraised value was determined to be less than the contract price. If the buyer really wants the property, which of the following choices is the buyer's best option?

A) Seek an FHA lender who will automatically make up the difference between the contract price and the appraised value.
B) Make up the difference between the contract price and appraised value in cash.
C) Do nothing, because the seller must sell the property at the appraised value.
D) Hire an appraiser and see if a second appraisal yields a higher appraised value.

4. What is the difference between a license to use property and an easement?

A) An easement can be cancelled by the issuer.
B) A license can be cancelled by the issuer.
C) There must be consideration paid for a license.
D) There must be consideration paid for an easement.

5. The heir to a large estate will be of legal age within 30 days. The heir lists for sale with a broker one of the properties held by the estate. The broker knows of a buyer for the property and sells it within 24 hours of listing, with closing to be in 45 days. Both listing and sale contracts are:

A) executed
B) voidable
C) executory
D) fulfilled

Solutions: