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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A small broker committee in the local county has set up a new marketing idea. They will give every seller the same commission rate and it will not be negotiable. This will allow the consumers to know exactly what it will cost to list a property. This marketing plan is an example of:

A) price-fixing
B) apostille
C) market allocation
D) consumer protection

2. An intoxicated buyer made an offer on a house. The owners accepted the offer. This contract is

A) illegal.
B) void.
C) voidable.
D) unilateral.

3. A broker is offering a $100 gift certificate at a jewelry store to all sellers who list with the broker during a specified time period. According to the New Jersey Real Estate License Law, such a promotion is prohibited because it:

A) discriminates against sellers who do not list with the broker during the specified time period
B) makes the receipt of the free offering contingent upon sellers listing their properties with the broker
C) offers compensation for brokerage activity to unlicensed persons
D) discriminates against sellers whose religion prohibits the wearing of jewelry

4. A contract is delivered to the listing broker by a cooperating broker. The listing broker makes an appointment with the owner to present the offer at 7 p.m. of that day. Before 7 p.m., two more offers arrive on the same property. Which offer should be presented to the owner at the 7 p.m. appointment?

A) the offer with the highest sale price
B) all three of the offers
C) the first offer received
D) the offer most favorable to the seller, including price and all terms

5. A couple who sell their principal residence may take up to $500,000 in federal capital gains tax-free only if:

A) neither has ever used the Homesellers Exclusion in the past.
B) they buy a replacement home of equal or greater value than the one being sold within a year.
C) at least one of them has reached the age of 65.
D) they have owned and occupied the house for at least 2 of the previous 5 years.

Solutions: