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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. 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) type of property specified in the contract
D) performance obligations of the parties

2. The Multiple Listing Service (MLS) board members decided that the population of each area of the city would be best served by the brokerages who have offices actually located within those areas. The board established boundaries dividing the city into six districts and voted to limit listings for each district to only those brokerages with offices within the district. Brokerages who tried to advertise beyond their own district would be prohibited from listing properties in the MLS. This action violates what Real Estate Law?

A) Civil Rights Act
B) Housing and Community Development Act of 1974
C) Sherman Anti-trust Act
D) Diversity Jurisdiction

3. A contract of sale prepared by a licensee MUST include an attorney review clause if it pertains to which of the following types of properties?

A) Single family residential vacant lot
B) Subdivision of fifteen or more lots
C) Commercial building that does not exceed 10,000 square feet
D) Six-family dwelling unit, a portion of which is used for non-residential purposes

4. Which of the following statements would most likely be considered mere "puffing"?

A) Children from this neighborhood have the highest SAT scores.
B) The utility costs in this home are lower than in any other home in the neighborhood.
C) This area is expected to increase in value by 25% within the next year.
D) This lot has the most beautiful view of the lake.

5. Two parcels of land priced at $2,100 per acre were purchased. One parcel was 5 acres in size, and the other was 1 square mile in size. How much should these two parcels have cost together?

A) $1,354,500
B) $1,060,500
C) $766,000
D) $914,760

Solutions: