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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A licensee must provide disclosure of licensed status when acting as a principal if

A) the licensee has any economic interest in the property.
B) the agent of the other party asks about this specifically.
C) any relative of the licensee has ever lived in the residence.
D) the licensee does not have errors and omission insurance.

2. The feature that most distinguishes a joint tenancy from a tenancy in common is

A) undivided interests.
B) right of survivorship
C) right of transfer.
D) unity of possession.

3. The listing broker has been presented with multiple offers. The seller would accept only a cash offer on the home, so the broker will present:

A) the highest offer to the seller.
B) only cash offers to the seller.
C) all offers to the seller.
D) the highest cash offer to the seller.

4. A purchase money note need NOT contain the:

A) loan-to-value ratio.
B) principal amount of the loan.
C) rate of interest.
D) time and method of payment.

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: