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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. Two real estate firms shared equally a 6% commission on the sale of a house. The listing licensee was paid
60% of the broker's share. The house was sold for $110,000. How much did the listing agent earn?

A) $1,980
B) $2,640
C) $1,320
D) $3,980

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

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

3. A tenant has an option to purchase leased property. The price that the tenant will pay for the property is determined by the:

A) terms specified in the option.
B) property's market value at the time of exercising the option.
C) agreement, when the option is exercised.
D) tenant, when the option is exercised.

4. A salesperson working with buyers secures an offer on a property. The offer calls for an initial deposit of
$1,000 to be held in escrow. The salesperson instructs the buyer to issue a personal check in that amount payable to the salesperson. This action is

A) prohibited, because checks for deposits to be held in escrow may only be payable to the broker's escrow account.
B) permissible, because the salesperson is acting as agent for the broker.
C) permissible if the salesperson immediately writes a check for the deposit amount payable to their broker's escrow account.
D) prohibited, because the salesperson accepted a personal check.

5. According to the Real Estate Licensing Law, a real estate licensee can provide a rebate of the commission to a buyer

A) if a writing confirming the terms of the rebate is provided to the buyer at closing.
B) provided it does not exceed 50% of the total commission.
C) if the licensee is the broker.
D) if notated on the contract of sale.

Solutions: