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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A city has built a new library and has contacted the broker to list and sell the old library building. Which approach should the broker use to estimate the fair market value for the purpose of listing and selling this property?

A) sales comparison
B) income approach
C) gross rent multiplier
D) replacement cost

2. A licensee listed a house for $187,500, and a dual agency does not exist. A buyer is willing to offer $184,000.
The licensee explains that the seller will take no less than $186,500. The buyer agrees to offer $186,500. Did the licensee act properly?

A) No, the licensee should not have disclosed that the seller would accept less than the listing price.
B) No, the licensee should have accepted the first offer and persuaded the seller to accept it.
C) Yes, because the licensee persuaded the buyer to raise the price $2,500.
D) Yes, to ensure acceptance of an offer, the licensee needed to disclose the lowest price the seller would accept.

3. When MUST a listing broker provide a copy of a fully executed written listing agreement to the owner?

A) Within five business days of execution of the listing agreement
B) Upon execution of the listing agreement by all parties
C) Within three days of execution of the listing agreement by registered mail, return-receipt-requested
D) At the time of presentation of a written offer

4. A property that contains a 2,500-square-foot house has a land value of $45,000. The house suffers from
$7,000 of physical depreciation and $2,500 of functional obsolescence. If the replacement cost of the house is
$75 per square foot, what is the value of the property?

A) $187,500
B) $223,000
C) $178,000
D) $232,500

5. A buyer's agent is NOT permitted to tell a buyer that:

A) the roof leaked recently but was patched by the owner
B) the seller is willing to accept less than the listing price because of financial circumstances
C) a former occupant of a property had AIDS
D) the property was the scene of a serious crime

Solutions: