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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A broker maintains a real estate agency and terminated two salespersons. In this situation, the broker is REQUIRED to take all the following actions with regard to these two salespersons EXCEPT:

A) provide each with a written accounting of all monies due each salesperson.
B) pay any undisputed compensation due within ten days of the broker's receipt of such funds.
C) permit them to remove original sales or listing contracts from the broker's office.
D) abide by the post-termination compensation clause contained in their employment agreements or provide a written explanation for not doing so.

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

3. 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) cannot be taken because it belongs to Broker A.
B) can be taken to the new firm so there is no interruption of service to the client.
C) should be turned into the MLS.
D) should be given to the seller.

4. Limiting the neighborhoods in which a licensee shows houses because of a buyer's race is:

A) redlining
B) blockbusting
C) steering
D) puffing

5. A contract of sale prepared by a licensee MUST include an attorney review clause if it pertains to which of the following types of properties?

A) Single family residential vacant lot
B) Six-family dwelling unit, a portion of which is used for non-residential purposes
C) Commercial building that does not exceed 10,000 square feet
D) Subdivision of fifteen or more lots

Solutions: