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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A licensee listed a house for $187,500, and a dual agency does not exist. A buyer is willing to offer $184,000.
The licensee explains that the seller will take no less than $186,500. The buyer agrees to offer $186,500. Did the licensee act properly?

A) No, the licensee should have accepted the first offer and persuaded the seller to accept it.
B) No, the licensee should not have disclosed that the seller would accept less than the listing price.
C) Yes, because the licensee persuaded the buyer to raise the price $2,500.
D) Yes, to ensure acceptance of an offer, the licensee needed to disclose the lowest price the seller would accept.

2. A broker may legally refuse to accept a listing:

A) at any time, for any legitimate reason.
B) only if the owner's instructions are illegal.
C) only if the seller cannot give clear title to the property.
D) under no circumstances; all owners are entitled to professional representation in the sale of their property.

3. A licensee must provide disclosure of licensed status when acting as a principal if

A) any relative of the licensee has ever lived in the residence.
B) the agent of the other party asks about this specifically.
C) the licensee has any economic interest in the property.
D) the licensee does not have errors and omission insurance.

4. The Multiple Listing Service (MLS) board members decided that the population of each area of the city would be best served by the brokerages who have offices actually located within those areas. The board established boundaries dividing the city into six districts and voted to limit listings for each district to only those brokerages with offices within the district. Brokerages who tried to advertise beyond their own district would be prohibited from listing properties in the MLS. This action violates what Real Estate Law?

A) Civil Rights Act
B) Diversity Jurisdiction
C) Sherman Anti-trust Act
D) Housing and Community Development Act of 1974

5. A seller refuses to honor a sales agreement. The buyer could seek specific performance, which is a legal request to:

A) receive monetary damages for losses suffered.
B) collect punitive damages from the seller.
C) cancel all contractual obligations.
D) force the seller to complete the sales agreement.

Solutions: