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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. Which of the following statements correctly describes a standard feature of a buyer-agency agreement?

A) A retainer fee is normally paid at the time the agreement is signed.
B) It establishes a fiduciary relationship with the buyer.
C) The source of compensation determines the agency relationship.
D) A buyer-agency agreement is an option rather than an employment contract.

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

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

3. Prospective buyers for a house want to operate a recycling center in their backyard. Local zoning laws do not allow this. What do they need to do first?

A) Obtain a modification to the local master plan.
B) Obtain a variance or special exception.
C) Obtain a building permit.
D) File an appeal with the local court.

4. A real estate broker's maintained place of business MUST conspicuously display on the exterior the broker's name and the word(s):

A) Licensed Realtor
B) Licensed Real Estate Broker
C) Real Estate Broker
D) Realtor

5. A deposit check from a buyer paid upon the submission of an offer may be held without being deposited into the broker's escrow account:

A) for no more than five business days after receipt of the money
B) for no more than five business days after the termination of the attorney review period
C) until negotiations are concluded and the seller has accepted the offer
D) until all inspections required by the contract have been performed

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