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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. If an owner wants to list a property for sale "as is," the listing agent should:

A) assume that the owner will accept a relatively low price for the property.
B) question the seller as to any known defects.
C) conclude that if the buyer later discovers defects that were not disclosed the listing agent is relieved of any responsibility.
D) assume that the house is a "fixer-upper."

2. A city has built a new library and has contacted the broker to list and sell the old library building. Which approach should the broker use to estimate the fair market value for the purpose of listing and selling this property?

A) gross rent multiplier
B) sales comparison
C) replacement cost
D) income approach

3. To avoid triggering full disclosure under TILA when advertising financing availability on a listed property, which of the following statements must a real estate licensee avoid using?

A) buy for less than $650 per month
B) FHA and VA financing available
C) assumable loan
D) owner willing to finance

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

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

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

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

Solutions: