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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A seller sold a property for $375,000, with the closing on July 1st, in a jurisdiction where the buyer pays for the day of closing. The seller had a mortgage balance at the time of closing of $301,000, and had recently paid invoices of $400 for the second quarter's water and electricity, $1,200 for new appliances, and roofing repairs of $700. Based only on these items, how much will the seller receive at closing?

A) $71,700
B) $74,000
C) $73,600
D) $72,400

2. A client is considering listing an industrially zoned 10-acre site. It has been vacant for several years, and was formerly used as an automobile junkyard. What would a responsible real estate licensee recommend the seller consider obtaining prior to putting the property on the market?

A) a radon measurement analysis
B) an air quality report from the Environmental Protection Agency
C) an environmental site assessment
D) an electromagnetic field determination

3. The listing broker has been presented with multiple offers. The seller would accept only a cash offer on the home, so the broker will present:

A) the highest offer to the seller.
B) only cash offers to the seller.
C) the highest cash offer to the seller.
D) all offers to the seller.

4. Written offers to purchase real estate in New Jersey must be presented to sellers within:

A) 5 days
B) 3 days
C) 48 hours
D) 24 hours

5. A married couple is planning to purchase a house that costs $86,000. If they obtain a 60% loan and the lender charges a 2.5% loan origination fee and 0.5 discount points, what is the cost of these expenses?

A) $1,548
B) $2,150
C) $2,580
D) $1,290

Solutions: