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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A subordination agreement is used to:

A) assign rents to the lender in case of borrower default.
B) pledge property for a loan without giving up possession.
C) initiate foreclosure proceedings.
D) change the priority of mortgages.

2. If a salesperson or broker-salesperson maintains a webpage that is not linked to the webpage of their broker, the licensee's webpage must display the name of the broker as well as the

A) address of the broker's main office.
B) address of the branch office from which the licensee operates.
C) broker's telephone number.
D) broker's email address.

3. 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) $71,700
B) $73,600
C) $74,000
D) $72,400

4. In commercial property leasing, listing agents should ensure that the owner complies with:

A) market lease rates
B) state and federal Fair Housing laws
C) the Americans with Disabilities Act
D) their fiduciary responsibilities to the tenant

5. The following statement was found in a real estate sales contract: "In the event of a default by the purchaser, the forfeiture of the earnest money to the seller will be the only compensation to which the seller will be entitled." This statement most likely describes a:

A) broker protection clause
B) default delivery clause
C) indemnification clause
D) liquidated damages clause

Solutions: