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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A property was listed for $110,000. It sold for $106,000. A 6.5% fee was split equally between the listing and selling real estate firms. The listing licensee received 55% of the listing office share. How much did the listing licensee receive?

A) $3,575.00
B) $1,894.75
C) $1,966.25
D) $3,789.50

2. A salesperson working with buyers secures an offer on a property. The offer calls for an initial deposit of
$1,000 to be held in escrow. The salesperson instructs the buyer to issue a personal check in that amount payable to the salesperson. This action is

A) permissible, because the salesperson is acting as agent for the broker.
B) prohibited, because checks for deposits to be held in escrow may only be payable to the broker's escrow account.
C) prohibited, because the salesperson accepted a personal check.
D) permissible if the salesperson immediately writes a check for the deposit amount payable to their broker's escrow account.

3. Broker P is the sole proprietor of XYZ Realty. P employs five salespersons, all of whom have been practicing real estate for at least two years. Under the license law, if P should die, which of the following actions can be taken?

A) The Real Estate Commission can direct an experienced broker with another firm to conclude all pending business.
B) The most experienced salesperson can act as broker for a maximum of six months until a permanent replacement broker is licensed.
C) All sales contracts can be declared null and void and all salespersons will lose their licenses until establishing employment with another broker.
D) A salesperson holding a real estate license for at least three years can apply for a temporary broker's license in order to continue the firm's activity.

4. A listing agent presents a signed offer to a seller who then changes the amount of the down payment. Before presenting the counteroffer to the buyer, the New Jersey Real Estate License Law requires the listing agent to

A) prepare a separate addendum that reflects the revision.
B) verbally inform any buyer's agent of the proposed revision.
C) obtain the consent of the listing broker.
D) secure the seller's initials confirming the revision.

5. A buyer wants to purchase a home for $400,000 with a 15% down payment. The lender charges 1.5 points.
How much money does the buyer need up front to make the purchase?

A) $60,900
B) $65,100
C) $60,000
D) $66,000

Solutions: