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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. Which of the following actions is NOT a cause for suspension or revocation of a New Jersey real estate license?

A) payment of a referral fee by a licensed New Jersey broker to a broker licensed in another state
B) delivering a consumer information statement to a seller after having made a listing presentation
C) collecting a commission as a broker from both parties to a transaction while representing both parties as their agent
D) failing to provide a client with a copy of the signed exclusive listing contract

2. A deposit check from a buyer paid upon the submission of an offer may be held without being deposited into the broker's escrow account:

A) for no more than five business days after receipt of the money
B) until all inspections required by the contract have been performed
C) until negotiations are concluded and the seller has accepted the offer
D) for no more than five business days after the termination of the attorney review period

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

4. A married couple is planning to purchase a house that costs $86,000. If they obtain a 60% loan and the lender charges a 2.5% loan origination fee and 0.5 discount points, what is the cost of these expenses?

A) $2,150
B) $1,290
C) $2,580
D) $1,548

5. Salesperson P leaves the employ of Broker A. One of the listings at Broker A's firm has agreed to list with Salesperson P at the new firm. In this instance the listing file:

A) can be taken to the new firm so there is no interruption of service to the client.
B) cannot be taken because it belongs to Broker A.
C) should be given to the seller.
D) should be turned into the MLS.

Solutions: