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

Real Estate New Jersey Real Estate Salesperson Sample Questions:

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

2. Which of the following is least likely to be considered in establishing the value of a property by the sales comparison approach?

A) the size of the lot
B) the date of sale
C) the capitalization rate
D) the square footage of the building

3. A seller places a property on the market for sale at a certain price. A buyer sees the property and makes a written offer to purchase that is 90% of the asking price. The seller rejects that offer, but will accept an offer of 95% of the original asking price. The buyer rejects that counteroffer. The original offer is:

A) irrevocable
B) null and void
C) rescinded
D) binding

4. A buyer wants to purchase a home for $400,000 with a 15% down payment. The lender charges 1.5 points.
How much money does the buyer need up front to make the purchase?

A) $65,100
B) $60,000
C) $66,000
D) $60,900

5. A couple who sell their principal residence may take up to $500,000 in federal capital gains tax-free only if:

A) they buy a replacement home of equal or greater value than the one being sold within a year.
B) they have owned and occupied the house for at least 2 of the previous 5 years.
C) neither has ever used the Homesellers Exclusion in the past.
D) at least one of them has reached the age of 65.

Solutions: