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Real Estate New Jersey Real Estate Salesperson Sample Questions:

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

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

2. The heir to a large estate will be of legal age within 30 days. The heir lists for sale with a broker one of the properties held by the estate. The broker knows of a buyer for the property and sells it within 24 hours of listing, with closing to be in 45 days. Both listing and sale contracts are:

A) executory
B) executed
C) fulfilled
D) voidable

3. A lender may add 1/12th of the estimated cost of the annual property taxes and hazard insurance on the mortgaged property to the monthly loan payment for deposit in:

A) an impound, escrow, or reserve account
B) a margin account
C) a PMI account
D) an adjustment account

4. A real estate broker's maintained place of business MUST conspicuously display on the exterior the broker's name and the word(s):

A) Licensed Real Estate Broker
B) Real Estate Broker
C) Realtor
D) Licensed Realtor

5. The Multiple Listing Service (MLS) board members decided that the population of each area of the city would be best served by the brokerages who have offices actually located within those areas. The board established boundaries dividing the city into six districts and voted to limit listings for each district to only those brokerages with offices within the district. Brokerages who tried to advertise beyond their own district would be prohibited from listing properties in the MLS. This action violates what Real Estate Law?

A) Housing and Community Development Act of 1974
B) Sherman Anti-trust Act
C) Diversity Jurisdiction
D) Civil Rights Act

Solutions: