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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. Who may give a supportable opinion of market value to be used in seeking a federally-related loan to finance a real estate transaction?

A) any real estate licensee, in each state in which the licensee is licensed
B) a Certified Public Accountant
C) a certified appraiser
D) a licensed real estate broker

2. Prospective buyers asked the licensee representing them if it would be a good idea to check the property they wish to purchase for radon. The licensee's best response would be to tell the buyers that:

A) as long as they are non-smokers, it should not be an issue.
B) they should do so, because radon is now considered to be one of the causes of lung cancer.
C) they need not do so, because if radon were present, there would be an odor that would make it easy to detect.
D) it is unlikely that radon would be a problem in that area.

3. In surveying, monuments are used to establish:

A) flood elevation
B) historical sites
C) real estate boundaries
D) a common address

4. Which of the following items would be prorated at closing with the credit going to the seller?

A) unearned rent collected in advance
B) earnest money
C) prepaid property taxes
D) accrued interest on an assumed mortgage

5. A home sold for $400,000. It was appraised for $402,000, and the assessed value was $320,000. Assume in this situation, the real estate transfer tax of 1% is paid by the grantee. How much will the seller owe at closing for transfer fees?

A) $4,020
B) $4,000
C) $3,200
D) $0

Solutions: