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

2. Which of the following best describes the Housing for Older Persons Act?

A) It requires that at least 80% of occupied units have one person age 55 or older living there.
B) It requires that 55-and-older housing have significant facilities and services designed for seniors.
C) It allows grandparents with grandchildren to be exempt from the provisions of the Act.
D) It allows the awarding of monetary damages against those who believed that property designated as housing for older persons was exempt.

3. A married couple is purchasing a home. They ask the salesperson to advise them regarding the best way to take title. The salesperson should

A) ask a broker to make a recommendation.
B) explain the possible types of joint ownership so they understand the options.
C) decline to advise them and suggest that they consult an attorney.
D) advise them to take title as tenants by the entirety.

4. The best way to research the previous owners of the property would be to research the:

A) chain of title
B) abstract
C) grantor
D) lien records

5. A home sold for $400,000. It was appraised for $402,000, and the assessed value was $320,000. Assume in this situation, the real estate transfer tax of 1% is paid by the grantee. How much will the seller owe at closing for transfer fees?

A) $4,000
B) $4,020
C) $3,200
D) $0

Solutions: