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Real Estate New Jersey Real Estate Salesperson Sample Questions:

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

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

2. Who may give a supportable opinion of market value to be used in seeking a federally-related loan to finance a real estate transaction?

A) a licensed real estate broker
B) a certified appraiser
C) any real estate licensee, in each state in which the licensee is licensed
D) a Certified Public Accountant

3. A licensee must provide a Consumer Information Statement in all of the following transactions EXCEPT the:

A) sale of a three-family house in a mixed-use zone
B) sublease of a studio apartment for two months
C) lease of a three-bedroom apartment for one year
D) sale of a vacant one-family lot

4. New Jersey Real Estate Commission regulations require a licensee to terminate membership in a real estate board or multiple listing service whenever the organization:

A) advocates rules, practices, and/or standards with which the licensee does not agree
B) suggests uniform commission rates among all member brokers
C) lobbies against legislation that the licensee personally favors
D) charges dues that the licensee feels are excessive

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

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

Solutions: