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Real Estate New Jersey Real Estate Salesperson Sample Questions:

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

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

3. 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) where the purchaser's total financial obligation is less than $5,000.
C) extending over a 5 year period only.
D) consisting of 10 units.

4. Which of the following differentiates a bilateral contract from a unilateral contract?

A) number of parties involved
B) relative value of the object of the contract
C) type of property specified in the contract
D) performance obligations of the parties

5. A property that contains a 2,500-square-foot house has a land value of $45,000. The house suffers from
$7,000 of physical depreciation and $2,500 of functional obsolescence. If the replacement cost of the house is
$75 per square foot, what is the value of the property?

A) $232,500
B) $178,000
C) $187,500
D) $223,000

Solutions: