Real Estate New-Jersey-Real-Estate-Salesperson Exam Questions : New Jersey Real Estate Salesperson Exam

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Real Estate New-Jersey-Real-Estate-Salesperson Exam Syllabus Topics:

Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. Which of the following can hold escrow accounts?

A) salespersons, brokers, and lenders
B) lenders, brokers, and real estate commissions
C) banks, brokers, and attorneys
D) banks, salespersons, and title companies

2. The primary intent of the statute of frauds is to:

A) protect licensees from fraudulent activity.
B) reduce real estate contracts to writing.
C) enforce oral agreements beyond 1 year.
D) protect the rights of buyers who are disabled.

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

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

4. Under the New Jersey Real Estate Sales Full Disclosure Act, the Act does NOT apply to a development project:

A) already approved by the Department of Commerce.
B) extending over a 5 year period only.
C) consisting of 10 units.
D) where the purchaser's total financial obligation is less than $5,000.

5. Broker P is the sole proprietor of XYZ Realty. P employs five salespersons, all of whom have been practicing real estate for at least two years. Under the license law, if P should die, which of the following actions can be taken?

A) All sales contracts can be declared null and void and all salespersons will lose their licenses until establishing employment with another broker.
B) The most experienced salesperson can act as broker for a maximum of six months until a permanent replacement broker is licensed.
C) The Real Estate Commission can direct an experienced broker with another firm to conclude all pending business.
D) A salesperson holding a real estate license for at least three years can apply for a temporary broker's license in order to continue the firm's activity.

Solutions: