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Real Estate New Jersey Real Estate Salesperson Sample Questions:

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

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

2. In commercial property leasing, listing agents should ensure that the owner complies with:

A) their fiduciary responsibilities to the tenant
B) state and federal Fair Housing laws
C) the Americans with Disabilities Act
D) market lease rates

3. Are electronic signatures enforceable on a real estate contract?

A) Yes, because they are allowed by the federal government.
B) Yes, because they are legal in real estate transactions.
C) No, because they are only allowed on deeds.
D) No, because they must be signed and witnessed.

4. What is the difference between a license to use property and an easement?

A) An easement can be cancelled by the issuer.
B) There must be consideration paid for a license.
C) A license can be cancelled by the issuer.
D) There must be consideration paid for an easement.

5. A buyer made an offer to purchase a home using a VA loan, but the property's appraised value was determined to be less than the contract price. If the buyer really wants the property, which of the following choices is the buyer's best option?

A) Do nothing, because the seller must sell the property at the appraised value.
B) Seek an FHA lender who will automatically make up the difference between the contract price and the appraised value.
C) Hire an appraiser and see if a second appraisal yields a higher appraised value.
D) Make up the difference between the contract price and appraised value in cash.

Solutions: