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Real Estate New-Jersey-Real-Estate-Salesperson Exam Syllabus Topics:

Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. 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) $4,000
B) $0
C) $4,020
D) $3,200

2. 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

3. The primary intent of the statute of frauds is to:

A) reduce real estate contracts to writing.
B) enforce oral agreements beyond 1 year.
C) protect the rights of buyers who are disabled.
D) protect licensees from fraudulent activity.

4. Which of the following best describes the Housing for Older Persons Act?

A) It requires that at least 80% of occupied units have one person age 55 or older living there.
B) It requires that 55-and-older housing have significant facilities and services designed for seniors.
C) It allows the awarding of monetary damages against those who believed that property designated as housing for older persons was exempt.
D) It allows grandparents with grandchildren to be exempt from the provisions of the Act.

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

Solutions: