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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A broker maintains a real estate agency and terminated two salespersons. In this situation, the broker is REQUIRED to take all the following actions with regard to these two salespersons EXCEPT:

A) provide each with a written accounting of all monies due each salesperson.
B) permit them to remove original sales or listing contracts from the broker's office.
C) pay any undisputed compensation due within ten days of the broker's receipt of such funds.
D) abide by the post-termination compensation clause contained in their employment agreements or provide a written explanation for not doing so.

2. A tenant has an option to purchase leased property. The price that the tenant will pay for the property is determined by the:

A) property's market value at the time of exercising the option.
B) tenant, when the option is exercised.
C) terms specified in the option.
D) agreement, when the option is exercised.

3. A private integrated club refused to rent one of its condos to a minority family. The club explained that it did not rent the condos to the public since the condos were for members only. Is the club in violation of the federal Fair Housing Act, and if so, how?

A) No, because as an integrated club, they could discriminate on the basis of race in renting facilities.
B) No, because a private club may restrict the rental of its own lodgings to its members as long as the lodgings are not operated commercially.
C) Yes, because the club had minority members, and therefore was not eligible for exemptions from the federal Fair Housing Act.
D) Yes, because when race is involved, no exceptions to the federal Fair Housing Act exist.

4. Prospective buyers asked the licensee representing them if it would be a good idea to check the property they wish to purchase for radon. The licensee's best response would be to tell the buyers that:

A) as long as they are non-smokers, it should not be an issue.
B) they need not do so, because if radon were present, there would be an odor that would make it easy to detect.
C) they should do so, because radon is now considered to be one of the causes of lung cancer.
D) it is unlikely that radon would be a problem in that area.

5. Who may give a supportable opinion of market value to be used in seeking a federally-related loan to finance a real estate transaction?

A) any real estate licensee, in each state in which the licensee is licensed
B) a licensed real estate broker
C) a certified appraiser
D) a Certified Public Accountant

Solutions: