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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A ranch house with a double garage is being valued. The house next door, which is similar except that it lacks a garage and has an outside deck, was sold last month for $138,000. Experience in that area shows that a two- car garage is probably worth $10,000 to buyers, while in general, they will pay only $500 extra for a deck.
The ranch house is most likely to sell for around:

A) $148,500
B) $128,500
C) $123,500
D) $147,500

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 purchase money note need NOT contain the:

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

4. A lender whose mortgagor has defaulted may be offered a deed in lieu of foreclosure. If accepted, which of the following will be true?

A) The lender will usually retain rights under mortgage insurance or VA guarantee.
B) The loan will still be assumable.
C) The lender will take the title subject to any junior liens.
D) Because it is voluntary, it will not be an adverse item on the buyer's credit.

5. The heir to a large estate will be of legal age within 30 days. The heir lists for sale with a broker one of the properties held by the estate. The broker knows of a buyer for the property and sells it within 24 hours of listing, with closing to be in 45 days. Both listing and sale contracts are:

A) executed
B) voidable
C) fulfilled
D) executory

Solutions: