Real Estate New Jersey Real Estate Salesperson : New-Jersey-Real-Estate-Salesperson

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Real Estate New-Jersey-Real-Estate-Salesperson Exam Syllabus Topics:

Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A seller places a property on the market for sale at a certain price. A buyer sees the property and makes a written offer to purchase that is 90% of the asking price. The seller rejects that offer, but will accept an offer of 95% of the original asking price. The buyer rejects that counteroffer. The original offer is:

A) irrevocable
B) null and void
C) rescinded
D) binding

2. A buyer is looking in several different cities for land to purchase for a shopping center. The buyer has decided to hire several real estate licensees, each representing the buyer in that licensee's city. Which type of agreement would protect the buyer from owing multiple commissions?

A) exclusive agency representation
B) exclusive right to sell
C) nonexclusive right-to-lease
D) nonexclusive buyer-agency

3. A buyer made an offer to purchase a home using a VA loan, but the property's appraised value was determined to be less than the contract price. If the buyer really wants the property, which of the following choices is the buyer's best option?

A) Seek an FHA lender who will automatically make up the difference between the contract price and the appraised value.
B) Hire an appraiser and see if a second appraisal yields a higher appraised value.
C) Do nothing, because the seller must sell the property at the appraised value.
D) Make up the difference between the contract price and appraised value in cash.

4. Written offers to purchase real estate in New Jersey must be presented to sellers within:

A) 48 hours
B) 3 days
C) 24 hours
D) 5 days

5. A lender whose mortgagor has defaulted may be offered a deed in lieu of foreclosure. If accepted, which of the following will be true?

A) The loan will still be assumable.
B) The lender will take the title subject to any junior liens.
C) The lender will usually retain rights under mortgage insurance or VA guarantee.
D) Because it is voluntary, it will not be an adverse item on the buyer's credit.

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