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

2. The feature that most distinguishes a joint tenancy from a tenancy in common is

A) undivided interests.
B) right of transfer.
C) unity of possession.
D) right of survivorship

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 most experienced salesperson can act as broker for a maximum of six months until a permanent replacement broker is licensed.
B) The Real Estate Commission can direct an experienced broker with another firm to conclude all pending business.
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 prospective buyer calls a licensed New Jersey salesperson to inquire about a property listed with that salesperson's brokerage. During the first substantive discussion about the property's price and terms, the salesperson must

A) only provide the CIS if the buyer asks for agency representation.
B) immediately provide the Consumer Information Statement (CIS).
C) wait until the buyer is ready to make an offer before presenting the CIS.
D) provide the CIS at closing when all agency relationships are finalized.

5. A salesperson is selling a leased commercial property. What will happen to the lease after the sale is consummated?

A) The new owner has the option of canceling the lease or accepting the lease.
B) The lease is assigned to the new owner.
C) The tenant and the new owner must negotiate a new lease.
D) The lease expires and the tenant must move.

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