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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 prospective buyer calls a licensed New Jersey salesperson to inquire about a property listed with that salesperson's brokerage. During the first substantive discussion about the property's price and terms, the salesperson must

A) wait until the buyer is ready to make an offer before presenting the CIS.
B) only provide the CIS if the buyer asks for agency representation.
C) immediately provide the Consumer Information Statement (CIS).
D) provide the CIS at closing when all agency relationships are finalized.

2. A national company desires a parcel of land which must be 4 times the size of its proposed building. If the building design includes 20,000 square feet, then which of the following minimum sized lots should be purchased?

A) 2 acres
B) 8 acres
C) 1 acre
D) 4 acres

3. 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) voidable
B) executory
C) fulfilled
D) executed

4. 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

5. Which of the following items would be prorated at closing with the credit going to the seller?

A) prepaid property taxes
B) earnest money
C) accrued interest on an assumed mortgage
D) unearned rent collected in advance

Solutions: