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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A licensee must provide a Consumer Information Statement in all of the following transactions EXCEPT the:

A) lease of a three-bedroom apartment for one year
B) sale of a vacant one-family lot
C) sale of a three-family house in a mixed-use zone
D) sublease of a studio apartment for two months

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

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

3. New Jersey Real Estate Commission regulations require a licensee to terminate membership in a real estate board or multiple listing service whenever the organization:

A) charges dues that the licensee feels are excessive
B) advocates rules, practices, and/or standards with which the licensee does not agree
C) suggests uniform commission rates among all member brokers
D) lobbies against legislation that the licensee personally favors

4. Limiting the neighborhoods in which a licensee shows houses because of a buyer's race is:

A) steering
B) redlining
C) blockbusting
D) puffing

5. A licensee listed a house for $187,500, and a dual agency does not exist. A buyer is willing to offer $184,000.
The licensee explains that the seller will take no less than $186,500. The buyer agrees to offer $186,500. Did the licensee act properly?

A) No, the licensee should not have disclosed that the seller would accept less than the listing price.
B) Yes, because the licensee persuaded the buyer to raise the price $2,500.
C) No, the licensee should have accepted the first offer and persuaded the seller to accept it.
D) Yes, to ensure acceptance of an offer, the licensee needed to disclose the lowest price the seller would accept.

Solutions: