New Jersey Real Estate Practice Exam Latest Update Questions and Answers New Jersey Real Estate Salesperson Professional Practice
- 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?
- It is up to the customer.
- No, most people in this area don't use them.
- Yes. You should never buy a property without an attorney.
- I can help you with everything the lawyer would do and save you money.
- 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?
- Bill, who promised you the commission
- Broker A
- The seller
- The co-operating broker
- What is the difference between a client and a customer?
- A client is someone you have a contract with to perform services for a fee and a customer is someone looking to
buy something for no additional fee.
- A client is looking to buy something for no additional fee. You have a contract with a customer to perform
duties for a fee.
- A client is someone who provides money and a customer owes money.
- A client has not yet begun a business relationship and a customer has already paid a fee for service.
- Which of the following is true regarding commissions?
- They are due and payable to the agent within 10 days of the broker's receipt of funds.
- The agent who is the procuring cause will earn the commission when the sale is completed.
- A listing broker will earn his commission if a sale is completed within the 90-day broker protection period, even
if the property is listed with another broker.
- All of the above.
- Businesses with what number of employees must
be compliant with the standards of the American with Disabilities Act?
- Less than 100
- More than 14
- More than 49
- All businesses must be ADA
compliant.
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- A licensed real estate broker can refuse to rent
to the following tenants:
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- A person from a minority ethnic group with
substandard credit
- A single mother
- An older gentleman on social security
- A family with a section 8 voucher for the
rental amount.
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- 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?
- A cost approach valuation
- An appraisal
- A market analysis
- A supply and demand report
- 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?
- $14,820
- $7,410
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