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Real Estate New Jersey Real Estate Salesperson Sample Questions:

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

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

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

3. A listing agent presents a signed offer to a seller who then changes the amount of the down payment. Before presenting the counteroffer to the buyer, the New Jersey Real Estate License Law requires the listing agent to

A) verbally inform any buyer's agent of the proposed revision.
B) obtain the consent of the listing broker.
C) prepare a separate addendum that reflects the revision.
D) secure the seller's initials confirming the revision.

4. A salesperson is selling a leased commercial property. What will happen to the lease after the sale is consummated?

A) The lease is assigned to the new owner.
B) The new owner has the option of canceling the lease or accepting the lease.
C) The lease expires and the tenant must move.
D) The tenant and the new owner must negotiate a new lease.

5. Which of the following can hold escrow accounts?

A) lenders, brokers, and real estate commissions
B) salespersons, brokers, and lenders
C) banks, brokers, and attorneys
D) banks, salespersons, and title companies

Solutions: