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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A buyer is looking in several different cities for land to purchase for a shopping center. The buyer has decided to hire several real estate licensees, each representing the buyer in that licensee's city. Which type of agreement would protect the buyer from owing multiple commissions?

A) nonexclusive buyer-agency
B) exclusive right to sell
C) nonexclusive right-to-lease
D) exclusive agency representation

2. A seller has listed a home with a broker for $112,000. The seller is leaving for a 45-day cruise midway through the listing period and authorizes the broker through a limited power of attorney to accept any offer of all cash at a price of $108,000 or more pending his return. The broker receives an offer for $110,000 all cash.
The broker

A) must forward the offer to the seller's attorney for consideration.
B) may not accept the offer until the seller returns.
C) may accept the offer.
D) may sign a deed of conveyance if the seller does not return on time.

3. A buyer's agent is NOT permitted to tell a buyer that:

A) the property was the scene of a serious crime
B) the seller is willing to accept less than the listing price because of financial circumstances
C) the roof leaked recently but was patched by the owner
D) a former occupant of a property had AIDS

4. A couple who sell their principal residence may take up to $500,000 in federal capital gains tax-free only if:

A) at least one of them has reached the age of 65.
B) they have owned and occupied the house for at least 2 of the previous 5 years.
C) they buy a replacement home of equal or greater value than the one being sold within a year.
D) neither has ever used the Homesellers Exclusion in the past.

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

Solutions: