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Real Estate New Jersey Real Estate Salesperson Sample Questions:

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

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

2. Rents on a duplex total $600 monthly and are due the first of each month. If the sale of the duplex closes on the 15th of a month, the rental income will be reflected on the closing statement as a

A) debit to the seller of $300 and a credit to the buyer of $300.
B) credit of $600 to the buyer only.
C) credit of $600 to the seller only.
D) credit to the seller of $300 and a debit to the buyer of $300.

3. Who may give a supportable opinion of market value to be used in seeking a federally-related loan to finance a real estate transaction?

A) a Certified Public Accountant
B) a certified appraiser
C) any real estate licensee, in each state in which the licensee is licensed
D) a licensed real estate broker

4. 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) neither has ever used the Homesellers Exclusion in the past.
C) at least one of them has reached the age of 65.
D) they have owned and occupied the house for at least 2 of the previous 5 years.

5. A broker is offering a $100 gift certificate at a jewelry store to all sellers who list with the broker during a specified time period. According to the New Jersey Real Estate License Law, such a promotion is prohibited because it:

A) offers compensation for brokerage activity to unlicensed persons
B) discriminates against sellers who do not list with the broker during the specified time period
C) makes the receipt of the free offering contingent upon sellers listing their properties with the broker
D) discriminates against sellers whose religion prohibits the wearing of jewelry

Solutions: