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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A broker who charges or collects an advance fee in excess of $25 for services to be rendered MUST:

A) furnish within ninety days of its collection an accounting of how the money was used
B) give the principal receipts for all expenditures
C) deduct the amount collected from the commission or settlement
D) retain the difference between the amount of money collected and the amount spent

2. Two parcels of land priced at $2,100 per acre were purchased. One parcel was 5 acres in size, and the other was 1 square mile in size. How much should these two parcels have cost together?

A) $914,760
B) $1,060,500
C) $1,354,500
D) $766,000

3. An appraisal made by a certified appraiser is required:

A) when the buyer is using an FHA loan to purchase.
B) before real property can transfer from one owner to another.
C) before any property settlement in a divorce.
D) when heirs receive property.

4. After announcing that a new city park will soon be developed, homes in the immediate area experience a rise in value. This is an example of which of the following principles of value?

A) contribution
B) anticipation
C) change
D) highest and best use

5. Which of the following statements correctly describes a standard feature of a buyer-agency agreement?

A) It establishes a fiduciary relationship with the buyer.
B) A buyer-agency agreement is an option rather than an employment contract.
C) The source of compensation determines the agency relationship.
D) A retainer fee is normally paid at the time the agreement is signed.

Solutions: