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Real Estate New Jersey Real Estate Salesperson Sample Questions:

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

2. A couple who sell their principal residence may take up to $500,000 in federal capital gains tax-free only if:

A) they buy a replacement home of equal or greater value than the one being sold within a year.
B) neither has ever used the Homesellers Exclusion in the past.
C) at least one of them has reached the age of 65.
D) they have owned and occupied the house for at least 2 of the previous 5 years.

3. The best way to research the previous owners of the property would be to research the:

A) chain of title
B) lien records
C) grantor
D) abstract

4. Which of the following best describes the Housing for Older Persons Act?

A) It allows the awarding of monetary damages against those who believed that property designated as housing for older persons was exempt.
B) It requires that at least 80% of occupied units have one person age 55 or older living there.
C) It requires that 55-and-older housing have significant facilities and services designed for seniors.
D) It allows grandparents with grandchildren to be exempt from the provisions of the Act.

5. As required by the New Jersey Real Estate Sales Full Disclosure Act, before signing any contract for the purchase or lease of a property registered with the New Jersey Real Estate Commission, the purchaser or lessee MUST be provided with a copy of the:

A) deed or other instrument establishing title in the name of the developer
B) Statement of Record filed by the developer with the Commission
C) filed plat map identifying the location of the property being bought or leased
D) New Jersey Public Offering Statement approved by the Commission

Solutions: