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Real Estate New Jersey Real Estate Salesperson Sample Questions:

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

2. A landlord may require that a disabled tenant

A) not install grab bars in the tile shower if drilling holes in the tile is required.
B) pay an additional fee for using the swimming pool to cover the added insurance cost.
C) remove the wheelchair ramp from the apartment upon vacating the unit.
D) pay double the usual $500 security deposit.

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

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

5. Rules for Truth in Lending and RESPA call for disclosure documents to borrowers. How can a managing broker best prepare associated licensees to manage these disclosures?

A) Because the lender has primary responsibility to provide these forms, the broker and licensees should be aware of the items required for the lender to comply.
B) The buyer's broker can provide samples so that when the licensee and the borrower prepare the forms they are following a good example.
C) The managing broker should train licensees to advise borrowers to accept the Loan Estimate right away.
D) Because the listing broker will be primarily responsible for completing the Loan Estimate to send to the lender, the broker should train associated licensees to collect all the necessary information in a timely fashion.

Solutions: