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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. The local gas company has a 10-foot easement along the rear of a residential lot. This is best known as an easement:

A) by prescription
B) appurtenant
C) in gross
D) by necessity

2. Rules for Truth in Lending and RESPA call for disclosure documents to borrowers. How can a managing broker best prepare associated licensees to manage these disclosures?

A) The managing broker should train licensees to advise borrowers to accept the Loan Estimate right away.
B) Because the listing broker will be primarily responsible for completing the Loan Estimate to send to the lender, the broker should train associated licensees to collect all the necessary information in a timely fashion.
C) The buyer's broker can provide samples so that when the licensee and the borrower prepare the forms they are following a good example.
D) Because the lender has primary responsibility to provide these forms, the broker and licensees should be aware of the items required for the lender to comply.

3. In advertisements of individual salespersons, which of the following is permitted?

A) Linking a personal real estate webpage to the salesperson's broker's website.
B) Placing the real estate office sign on a personal residence.
C) Including reference to a home office.
D) Having the broker's name appear in smaller print than the salesperson's name in a newspaper ad.

4. The feature that most distinguishes a joint tenancy from a tenancy in common is

A) unity of possession.
B) right of transfer.
C) right of survivorship
D) undivided interests.

5. A home sold for $400,000. It was appraised for $402,000, and the assessed value was $320,000. Assume in this situation, the real estate transfer tax of 1% is paid by the grantee. How much will the seller owe at closing for transfer fees?

A) $4,000
B) $4,020
C) $3,200
D) $0

Solutions: