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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. A small broker committee in the local county has set up a new marketing idea. They will give every seller the same commission rate and it will not be negotiable. This will allow the consumers to know exactly what it will cost to list a property. This marketing plan is an example of:

A) apostille
B) market allocation
C) consumer protection
D) price-fixing

2. A broker who charges or collects an advance fee in excess of $25 for services to be rendered MUST:

A) furnish within ninety days of its collection an accounting of how the money was used
B) retain the difference between the amount of money collected and the amount spent
C) deduct the amount collected from the commission or settlement
D) give the principal receipts for all expenditures

3. A salesperson is convicted of a crime which involved activities as a real estate licensee. The Commission obtains a certified copy of the judgment of conviction against the salesperson. According to the New Jersey Real Estate License Law, the Commission MUST:

A) notify the salesperson's employing broker of the circumstances pertaining to the conviction
B) suspend the salesperson's license
C) revoke the salesperson's license
D) determine, at its discretion, what disciplinary action to take against the salesperson

4. A private integrated club refused to rent one of its condos to a minority family. The club explained that it did not rent the condos to the public since the condos were for members only. Is the club in violation of the federal Fair Housing Act, and if so, how?

A) No, because a private club may restrict the rental of its own lodgings to its members as long as the lodgings are not operated commercially.
B) No, because as an integrated club, they could discriminate on the basis of race in renting facilities.
C) Yes, because the club had minority members, and therefore was not eligible for exemptions from the federal Fair Housing Act.
D) Yes, because when race is involved, no exceptions to the federal Fair Housing Act exist.

5. The common area of a condominium development is owned by:

A) any individuals who pay a prorated share of the taxes and maintenance.
B) all owners as tenants in common.
C) those owners who were original owners of the units.
D) its duly elected Board of Directors.

Solutions: