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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. 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 turned into the MLS.
D) should be given to the seller.

2. A tenant has an option to purchase leased property. The price that the tenant will pay for the property is determined by the:

A) property's market value at the time of exercising the option.
B) agreement, when the option is exercised.
C) tenant, when the option is exercised.
D) terms specified in the option.

3. A lender may add 1/12th of the estimated cost of the annual property taxes and hazard insurance on the mortgaged property to the monthly loan payment for deposit in:

A) a margin account
B) an adjustment account
C) a PMI account
D) an impound, escrow, or reserve account

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

5. A broker maintains a real estate agency and terminated two salespersons. In this situation, the broker is REQUIRED to take all the following actions with regard to these two salespersons EXCEPT:

A) pay any undisputed compensation due within ten days of the broker's receipt of such funds.
B) provide each with a written accounting of all monies due each salesperson.
C) abide by the post-termination compensation clause contained in their employment agreements or provide a written explanation for not doing so.
D) permit them to remove original sales or listing contracts from the broker's office.

Solutions: