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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. What is the difference between a license to use property and an easement?

A) A license can be cancelled by the issuer.
B) An easement can be cancelled by the issuer.
C) There must be consideration paid for a license.
D) There must be consideration paid for an easement.

2. 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) Real Estate Broker
C) Licensed Realtor
D) Licensed Real Estate Broker

3. Which of the following can hold escrow accounts?

A) lenders, brokers, and real estate commissions
B) banks, salespersons, and title companies
C) banks, brokers, and attorneys
D) salespersons, brokers, and lenders

4. A seller is offering his property for sale in as-is condition. A buyer enters into a contract with the seller and has the home inspected. The inspection reveals a latent defect known to, but not disclosed by, the seller. The buyer:

A) must go through with the purchase because the house is being sold as is.
B) can void the contract due to the seller's failure to disclose the latent defect.
C) can reduce the contract sales price by the cost of correcting the defect.
D) can force the seller to correct the defect.

5. Which of the following statements correctly describes a standard feature of a buyer-agency agreement?

A) The source of compensation determines the agency relationship.
B) It establishes a fiduciary relationship with the buyer.
C) A retainer fee is normally paid at the time the agreement is signed.
D) A buyer-agency agreement is an option rather than an employment contract.

Solutions: