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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. 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

2. A property that contains a 2,500-square-foot house has a land value of $45,000. The house suffers from
$7,000 of physical depreciation and $2,500 of functional obsolescence. If the replacement cost of the house is
$75 per square foot, what is the value of the property?

A) $187,500
B) $232,500
C) $178,000
D) $223,000

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 salesperson working with buyers secures an offer on a property. The offer calls for an initial deposit of
$1,000 to be held in escrow. The salesperson instructs the buyer to issue a personal check in that amount payable to the salesperson. This action is

A) permissible if the salesperson immediately writes a check for the deposit amount payable to their broker's escrow account.
B) prohibited, because the salesperson accepted a personal check.
C) prohibited, because checks for deposits to be held in escrow may only be payable to the broker's escrow account.
D) permissible, because the salesperson is acting as agent for the broker.

5. 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) 8 acres
B) 2 acres
C) 4 acres
D) 1 acre

Solutions: