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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. The heir to a large estate will be of legal age within 30 days. The heir lists for sale with a broker one of the properties held by the estate. The broker knows of a buyer for the property and sells it within 24 hours of listing, with closing to be in 45 days. Both listing and sale contracts are:

A) voidable
B) executory
C) executed
D) fulfilled

2. The listing broker has been presented with multiple offers. The seller would accept only a cash offer on the home, so the broker will present:

A) all offers to the seller.
B) the highest offer to the seller.
C) only cash offers to the seller.
D) the highest cash offer to the seller.

3. Evergreen bushes and apple trees on a property that were planted by the current owner are examples of:

A) real estate
B) trade fixtures
C) chattels
D) personal property

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

5. Which of the following can hold escrow accounts?

A) banks, salespersons, and title companies
B) banks, brokers, and attorneys
C) lenders, brokers, and real estate commissions
D) salespersons, brokers, and lenders

Solutions: