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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A licensed broker may establish a commission rate at a predetermined amount that reflects the broker's general office policy provided the broker:

A) has the percentage or fixed amount printed on all listing agreement forms
B) negotiates all commissions with sellers
C) advertises the commission rate at least once per month
D) advises the New Jersey Consumer Affairs Division that the broker will not negotiate this commission rate

2. A real estate broker's maintained place of business MUST conspicuously display on the exterior the broker's name and the word(s):

A) Licensed Real Estate Broker
B) Realtor
C) Licensed Realtor
D) Real Estate Broker

3. An appraisal made by a certified appraiser is required:

A) before any property settlement in a divorce.
B) when the buyer is using an FHA loan to purchase.
C) when heirs receive property.
D) before real property can transfer from one owner to another.

4. Written offers to purchase real estate in New Jersey must be presented to sellers within:

A) 24 hours
B) 5 days
C) 48 hours
D) 3 days

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

Solutions: