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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A small broker committee in the local county has set up a new marketing idea. They will give every seller the same commission rate and it will not be negotiable. This will allow the consumers to know exactly what it will cost to list a property. This marketing plan is an example of:

A) consumer protection
B) market allocation
C) price-fixing
D) apostille

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

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

3. Which of the following differentiates a bilateral contract from a unilateral contract?

A) relative value of the object of the contract
B) number of parties involved
C) performance obligations of the parties
D) type of property specified in the contract

4. Broker P is the sole proprietor of XYZ Realty. P employs five salespersons, all of whom have been practicing real estate for at least two years. Under the license law, if P should die, which of the following actions can be taken?

A) All sales contracts can be declared null and void and all salespersons will lose their licenses until establishing employment with another broker.
B) The Real Estate Commission can direct an experienced broker with another firm to conclude all pending business.
C) The most experienced salesperson can act as broker for a maximum of six months until a permanent replacement broker is licensed.
D) A salesperson holding a real estate license for at least three years can apply for a temporary broker's license in order to continue the firm's activity.

5. Which of the following statements would most likely be considered mere "puffing"?

A) This area is expected to increase in value by 25% within the next year.
B) Children from this neighborhood have the highest SAT scores.
C) This lot has the most beautiful view of the lake.
D) The utility costs in this home are lower than in any other home in the neighborhood.

Solutions: