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Real Estate New Jersey Real Estate Salesperson Sample Questions:
1. A salesperson is selling a leased commercial property. What will happen to the lease after the sale is consummated?
A) The tenant and the new owner must negotiate a new lease.
B) The lease is assigned to the new owner.
C) The new owner has the option of canceling the lease or accepting the lease.
D) The lease expires and the tenant must move.
2. 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
3. If an owner wants to list a property for sale "as is," the listing agent should:
A) question the seller as to any known defects.
B) conclude that if the buyer later discovers defects that were not disclosed the listing agent is relieved of any responsibility.
C) assume that the house is a "fixer-upper."
D) assume that the owner will accept a relatively low price for the property.
4. Which of the following is least likely to be considered in establishing the value of a property by the sales comparison approach?
A) the capitalization rate
B) the date of sale
C) the square footage of the building
D) the size of the lot
5. Under New Jersey Real Estate Commission rules, a licensee's obligations to the public include all of the following responsibilities EXCEPT:
A) accepting any reasonable commission offered by a seller in the course of negotiating a listing agreement
B) dealing honestly with all parties
C) disclosing material defects in a property to a prospective purchaser
D) protecting and promoting the interests of the licensee's principal when acting as an agent
Solutions:
Question # 1 Answer: B | Question # 2 Answer: C | Question # 3 Answer: A | Question # 4 Answer: A | Question # 5 Answer: A |