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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A licensee faxes a list of available properties to prospective buyers. Which of the following is true?

A) The licensee must include only a phone number to reply.
B) The licensee's company's name does not need to be listed.
C) The licensee must mail an identical list to all parties.
D) The fax must contain an opt-out provision for future communications.

2. A listing agent presents a signed offer to a seller who then changes the amount of the down payment. Before presenting the counteroffer to the buyer, the New Jersey Real Estate License Law requires the listing agent to

A) prepare a separate addendum that reflects the revision.
B) verbally inform any buyer's agent of the proposed revision.
C) secure the seller's initials confirming the revision.
D) obtain the consent of the listing broker.

3. According to the New Jersey Real Estate Time Share Act, if a licensee is selling a timeshare located within the state of New Jersey, all of the following are true EXCEPT that the:

A) timeshare must be approved by the Real Estate Commission.
B) licensee must hold a timeshare sales license.
C) licensee must provide the buyer with a copy of the Public Offering Statement.
D) contract of sale must provide notice of a seven calendar day rescission period.

4. A real estate licensee is a partial owner of a local inspection company. It is permissible for the licensee to tell all clients to use this company when:

A) the client does not ask for other recommendations
B) it is in the best interest of the client
C) the licensee does not know any of the other title companies in the area
D) the licensee discloses the interest in the company to the client

5. 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 most experienced salesperson can act as broker for a maximum of six months until a permanent replacement broker is licensed.
C) The Real Estate Commission can direct an experienced broker with another firm to conclude all pending business.
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.

Solutions: