2020 Edition

New Jersey Real Estate Practice Exam

Take this free New Jersey Real Estate Salesperson Pracice Exam to prepare for the actual exam administered by the New Jersey Real Estate Commission. The actual exam has 120 questions and you are given 4 hours to complete it.  

1. You are working with a customer and have found the perfect property. You are getting ready to prepare an offer when they ask, "Do we need a lawyer?" How should you answer?
2. You work for Broker A. Agent Bill, who also works for Broker A, asks you for help in closing a sale he is working on, and offers you 10 percent of his commission for the assistance. After the settlement, who will pay your commission to you?
3. A franchise office running an advertisement in the local newspaper must make sure the ad includes the following statement?
4. Which type of ownership can only be held by a husband and wife?
5. Your municipality is building a new shopping mall. In order to safely control traffic entering and leaving the mall, they will need to remove all the homes on your block to build an access road. They will pay fair compensation for the taking. What is this process called?
6. What is the function of an acceleration clause in a mortgage document?
Study Online Instantly
CDA Practice Test
Click to Save 50% Now
7. What is the difference between a client and a customer?
8. Which of the following is true regarding commissions?
9. You have been pre-qualified so you can start looking at houses for sale, but the lenders tell you that due to poor credit they cannot help you. You continue to look anyway hoping for a miracle, and you find a home for sale with seller financing. The house is an investment property for sale by owner. Your down payment is sufficient but the seller considers you a bad risk due to your credit history. Finally, he agrees to hold a mortgage but at a 19 percent interest rate. What, if anything would protect you from such high interest rates?
10. What is a latent defect?
11. When a contract is made for an illegal purpose, such as deflating the purchase price to pay lower taxes, the contract becomes:
12. A seller is approached by a buyer who is interested in an option contact on the seller's property. They agree to a sale price, consideration and a thirty day option term. Which of the following is true regarding an option contract?
13. If a client or customer were dissatisfied with the service they received from their salesperson, they could send a written complaint to the Real Estate Commission. Once the complaint is filed, what are the investigatory powers of the commission?
14. You and your family are renting a house at the Jersey Shore this summer. The landlord gave you a lease to sign explaining the terms such as move in and move out times and dates, amount of rent and other stipulations. What kind of tenancy does your rental fall under?
15. What does it mean to alienate title?
16. Businesses with what number of employees must be compliant with the standards of the American with Disabilities Act?
17. A licensed real estate broker can refuse to rent to the following tenants:
18. Knowing that you have been a licensed real estate agent for some time, your neighbor asks you if you could give her an idea of what her house may be worth. She is retiring and has been thinking of downsizing. You are glad to assist her, so you go into your local multiple listing service and search for comparable homes. You chose a few homes that have the most features in common with her home. Features would include size of the house and lot, number of bedrooms and baths, condition, location, age and any other information that would be helpful. You prepare a report that shows her how these homes compare to hers and how you arrived at the value based on these comparisons. What is the report that you present called?
19. You have just completed a settlement for a home that sold for $380,000 and you are calculating your commission. It was a 6 percent commission and a co-op broker had the listing. Your employment agreement has your commission split set at 65 percent. How much will your broker retain after he has paid you?
20. Putting aside the rights of owners to manage their own properties, for which of the following do you need to be a licensed New Jersey real estate salesperson?