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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A purchase money note need NOT contain the:

A) loan-to-value ratio.
B) principal amount of the loan.
C) time and method of payment.
D) rate of interest.

2. Who may give a supportable opinion of market value to be used in seeking a federally-related loan to finance a real estate transaction?

A) a licensed real estate broker
B) a Certified Public Accountant
C) any real estate licensee, in each state in which the licensee is licensed
D) a certified appraiser

3. The common area of a condominium development is owned by:

A) its duly elected Board of Directors.
B) those owners who were original owners of the units.
C) any individuals who pay a prorated share of the taxes and maintenance.
D) all owners as tenants in common.

4. Which of the following statements about branch offices is INCORRECT?

A) Two salespersons may be designated to share supervising responsibilities.
B) A licensed broker-salesperson must supervise the office on a full-time basis.
C) The employing broker is ultimately responsible for all licensees employed at the branch office.
D) The name of the branch office supervisor must be recorded with the commission.

5. Which of the following is a radioactive odorless gas which may require mitigation?

A) formaldehyde
B) carbon monoxide
C) asbestos
D) radon

Solutions: