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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A seller places a property on the market for sale at a certain price. A buyer sees the property and makes a written offer to purchase that is 90% of the asking price. The seller rejects that offer, but will accept an offer of 95% of the original asking price. The buyer rejects that counteroffer. The original offer is:

A) rescinded
B) irrevocable
C) binding
D) null and void

2. A buyer made an offer to purchase a home using a VA loan, but the property's appraised value was determined to be less than the contract price. If the buyer really wants the property, which of the following choices is the buyer's best option?

A) Seek an FHA lender who will automatically make up the difference between the contract price and the appraised value.
B) Do nothing, because the seller must sell the property at the appraised value.
C) Make up the difference between the contract price and appraised value in cash.
D) Hire an appraiser and see if a second appraisal yields a higher appraised value.

3. Which of the following is least likely to be considered in establishing the value of a property by the sales comparison approach?

A) the capitalization rate
B) the date of sale
C) the size of the lot
D) the square footage of the building

4. What is the difference between a license to use property and an easement?

A) A license can be cancelled by the issuer.
B) There must be consideration paid for a license.
C) An easement can be cancelled by the issuer.
D) There must be consideration paid for an easement.

5. Limiting the neighborhoods in which a licensee shows houses because of a buyer's race is:

A) puffing
B) blockbusting
C) steering
D) redlining

Solutions: