Real Estate New Jersey Real Estate Salesperson : New-Jersey-Real-Estate-Salesperson Exam

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Real Estate New-Jersey-Real-Estate-Salesperson Exam Syllabus Topics:

Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. In surveying, monuments are used to establish:

A) real estate boundaries
B) a common address
C) historical sites
D) flood elevation

2. 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) 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) must go through with the purchase because the house is being sold as is.

3. In a jurisdiction where the common law of agency applies, a broker has listed a home and then presented to the seller an offer from another client of the broker. The offer has been accepted. The broker has what type of agency relationship with the parties?

A) dual agency
B) no agency relationship; in this situation the broker becomes a facilitator only
C) seller agency, no agency relationship with buyer
D) seller agency, buyer sub-agency

4. A seller sold a property for $375,000, with the closing on July 1st, in a jurisdiction where the buyer pays for the day of closing. The seller had a mortgage balance at the time of closing of $301,000, and had recently paid invoices of $400 for the second quarter's water and electricity, $1,200 for new appliances, and roofing repairs of $700. Based only on these items, how much will the seller receive at closing?

A) $72,400
B) $71,700
C) $73,600
D) $74,000

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

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

Solutions: