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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. Last year, an apartment building had a net operating income of $174,000. If a potential buyer is looking for a capitalization rate of 8%, how much should the buyer be willing to pay for the building?

A) $2,175,000
B) $1,392,000
C) $174,000
D) $139,200

2. An applicant for a real estate salesperson's license must apply for the issuance of the license within:

A) 30 days after accepting an offer of employment from a licensed real estate broker
B) one year from the date of passing the state licensing examination
C) one year from the date of beginning the prelicensure education course
D) one year from the date of completion of the prelicensure education course

3. A national company desires a parcel of land which must be 4 times the size of its proposed building. If the building design includes 20,000 square feet, then which of the following minimum sized lots should be purchased?

A) 4 acres
B) 2 acres
C) 8 acres
D) 1 acre

4. A broker may legally refuse to accept a listing:

A) at any time, for any legitimate reason.
B) only if the owner's instructions are illegal.
C) only if the seller cannot give clear title to the property.
D) under no circumstances; all owners are entitled to professional representation in the sale of their property.

5. Salesperson P leaves the employ of Broker A. One of the listings at Broker A's firm has agreed to list with Salesperson P at the new firm. In this instance the listing file:

A) can be taken to the new firm so there is no interruption of service to the client.
B) cannot be taken because it belongs to Broker A.
C) should be given to the seller.
D) should be turned into the MLS.

Solutions: