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Real Estate New Jersey Real Estate Salesperson Sample Questions:

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

2. Prospective buyers asked the licensee representing them if it would be a good idea to check the property they wish to purchase for radon. The licensee's best response would be to tell the buyers that:

A) as long as they are non-smokers, it should not be an issue.
B) they should do so, because radon is now considered to be one of the causes of lung cancer.
C) they need not do so, because if radon were present, there would be an odor that would make it easy to detect.
D) it is unlikely that radon would be a problem in that area.

3. Which of the following differentiates a bilateral contract from a unilateral contract?

A) number of parties involved
B) relative value of the object of the contract
C) performance obligations of the parties
D) type of property specified in the contract

4. In many states, usury laws:

A) determine the possible legal use of land.
B) provide a right to use property belonging to another.
C) establish a maximum rate of interest allowed for loans.
D) impose a tax on a purchaser of personal property for resale or use.

5. A couple who sell their principal residence may take up to $500,000 in federal capital gains tax-free only if:

A) they buy a replacement home of equal or greater value than the one being sold within a year.
B) they have owned and occupied the house for at least 2 of the previous 5 years.
C) at least one of them has reached the age of 65.
D) neither has ever used the Homesellers Exclusion in the past.

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