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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A buyer and broker enter into a 3-month exclusive buyer agency agreement. With regard to the broker's right to be compensated and to work with other clients, this means that during the term of this agreement, the broker

A) is entitled to compensation even if the buyer purchases a property that they locate.
B) may not show a property to other buyers until the buyer decides if they want to make an offer.
C) must be compensated by the seller.
D) is only due compensation if the buyer purchases one of the broker's listings.

2. Two real estate firms shared equally a 6% commission on the sale of a house. The listing licensee was paid
60% of the broker's share. The house was sold for $110,000. How much did the listing agent earn?

A) $1,320
B) $1,980
C) $2,640
D) $3,980

3. If an owner wants to list a property for sale "as is," the listing agent should:

A) question the seller as to any known defects.
B) conclude that if the buyer later discovers defects that were not disclosed the listing agent is relieved of any responsibility.
C) assume that the house is a "fixer-upper."
D) assume that the owner will accept a relatively low price for the property.

4. When MUST a listing broker provide a copy of a fully executed written listing agreement to the owner?

A) Within five business days of execution of the listing agreement
B) Upon execution of the listing agreement by all parties
C) At the time of presentation of a written offer
D) Within three days of execution of the listing agreement by registered mail, return-receipt-requested

5. A real estate broker's maintained place of business MUST conspicuously display on the exterior the broker's name and the word(s):

A) Licensed Real Estate Broker
B) Realtor
C) Real Estate Broker
D) Licensed Realtor

Solutions: