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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A property was listed for $110,000. It sold for $106,000. A 6.5% fee was split equally between the listing and selling real estate firms. The listing licensee received 55% of the listing office share. How much did the listing licensee receive?

A) $3,575.00
B) $1,966.25
C) $3,789.50
D) $1,894.75

2. When MUST a listing broker provide a copy of a fully executed written listing agreement to the owner?

A) Upon execution of the listing agreement by all parties
B) Within three days of execution of the listing agreement by registered mail, return-receipt-requested
C) Within five business days of execution of the listing agreement
D) At the time of presentation of a written offer

3. A buyer-broker locates a property that is listed with another broker. The buyer makes an offer through the buyer-broker and an agreement of sale results. In this situation, the buyer-broker is acting as a:

A) subagent of the listing broker
B) referring broker with the listing broker
C) representative of the seller and owes no fiduciary obligations to the buyer
D) representative of the buyer and owes no fiduciary obligations to the seller

4. 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

5. In many states, usury laws:

A) impose a tax on a purchaser of personal property for resale or use.
B) determine the possible legal use of land.
C) provide a right to use property belonging to another.
D) establish a maximum rate of interest allowed for loans.

Solutions: