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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. 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) $4,020
B) $4,000
C) $0
D) $3,200

2. Are electronic signatures enforceable on a real estate contract?

A) No, because they must be signed and witnessed.
B) No, because they are only allowed on deeds.
C) Yes, because they are legal in real estate transactions.
D) Yes, because they are allowed by the federal government.

3. As required by the New Jersey Real Estate Sales Full Disclosure Act, before signing any contract for the purchase or lease of a property registered with the New Jersey Real Estate Commission, the purchaser or lessee MUST be provided with a copy of the:

A) New Jersey Public Offering Statement approved by the Commission
B) deed or other instrument establishing title in the name of the developer
C) Statement of Record filed by the developer with the Commission
D) filed plat map identifying the location of the property being bought or leased

4. A seller places a property on the market for sale at a certain price. A buyer sees the property and makes a written offer to purchase that is 90% of the asking price. The seller rejects that offer, but will accept an offer of 95% of the original asking price. The buyer rejects that counteroffer. The original offer is:

A) binding
B) irrevocable
C) rescinded
D) null and void

5. A buyer wants to purchase a home for $400,000 with a 15% down payment. The lender charges 1.5 points.
How much money does the buyer need up front to make the purchase?

A) $60,900
B) $66,000
C) $65,100
D) $60,000

Solutions: