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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A buyer-broker locates a property that is listed with another broker. The buyer makes an offer through the buyer-broker and an agreement of sale results. In this situation, the buyer-broker is acting as a:

A) representative of the buyer and owes no fiduciary obligations to the seller
B) subagent of the listing broker
C) referring broker with the listing broker
D) representative of the seller and owes no fiduciary obligations to the buyer

2. Rents on a duplex total $600 monthly and are due the first of each month. If the sale of the duplex closes on the 15th of a month, the rental income will be reflected on the closing statement as a

A) credit of $600 to the buyer only.
B) credit of $600 to the seller only.
C) debit to the seller of $300 and a credit to the buyer of $300.
D) credit to the seller of $300 and a debit to the buyer of $300.

3. The Multiple Listing Service (MLS) board members decided that the population of each area of the city would be best served by the brokerages who have offices actually located within those areas. The board established boundaries dividing the city into six districts and voted to limit listings for each district to only those brokerages with offices within the district. Brokerages who tried to advertise beyond their own district would be prohibited from listing properties in the MLS. This action violates what Real Estate Law?

A) Civil Rights Act
B) Sherman Anti-trust Act
C) Housing and Community Development Act of 1974
D) Diversity Jurisdiction

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

5. A property was listed for $110,000. It sold for $106,000. A 6.5% fee was split equally between the listing and selling real estate firms. The listing licensee received 55% of the listing office share. How much did the listing licensee receive?

A) $1,966.25
B) $3,575.00
C) $3,789.50
D) $1,894.75

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