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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. 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

2. A seller has entered into an exclusive right to sell agreement with a broker. The buyer presents the seller with an offer to purchase that is 20% less than the list price. Which of the following is appropriate?

A) The seller has 72 hours to submit a counteroffer or else the offer is considered to be accepted.
B) The seller is under no obligation to accept the offer or make a counteroffer.
C) The seller is obligated to make a counteroffer to the buyer if the offer is unacceptable.
D) The seller is obligated to pay the buyer a commission or the offer price if the seller rejects the offer.

3. 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) charges dues that the licensee feels are excessive
C) suggests uniform commission rates among all member brokers
D) lobbies against legislation that the licensee personally favors

4. Last year, an apartment building had a net operating income of $174,000. If a potential buyer is looking for a capitalization rate of 8%, how much should the buyer be willing to pay for the building?

A) $1,392,000
B) $2,175,000
C) $174,000
D) $139,200

5. A licensee must provide disclosure of licensed status when acting as a principal if

A) any relative of the licensee has ever lived in the residence.
B) the licensee does not have errors and omission insurance.
C) the licensee has any economic interest in the property.
D) the agent of the other party asks about this specifically.

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