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Real Estate New Jersey Real Estate Salesperson Sample Questions:

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

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

2. A licensee faxes a list of available properties to prospective buyers. Which of the following is true?

A) The licensee's company's name does not need to be listed.
B) The fax must contain an opt-out provision for future communications.
C) The licensee must include only a phone number to reply.
D) The licensee must mail an identical list to all parties.

3. Which of the following actions is a function of a municipal planning board?

A) Approving a variance for an addition to a garage on a residential property
B) Creating a master plan for all the land in a particular county
C) Prescribing and controlling the development and use of all land in a municipality
D) Unilaterally approving subdivisions in a jurisdiction

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

A) assume that the house is a "fixer-upper."
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 owner will accept a relatively low price for the property.

5. According to the New Jersey Real Estate Time Share Act, if a licensee is selling a timeshare located within the state of New Jersey, all of the following are true EXCEPT that the:

A) licensee must provide the buyer with a copy of the Public Offering Statement.
B) licensee must hold a timeshare sales license.
C) timeshare must be approved by the Real Estate Commission.
D) contract of sale must provide notice of a seven calendar day rescission period.

Solutions: