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Real Estate New-Jersey-Real-Estate-Salesperson Exam Syllabus Topics:

Real Estate New Jersey Real Estate Salesperson Sample Questions:

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

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

2. A lender whose mortgagor has defaulted may be offered a deed in lieu of foreclosure. If accepted, which of the following will be true?

A) The lender will take the title subject to any junior liens.
B) The lender will usually retain rights under mortgage insurance or VA guarantee.
C) Because it is voluntary, it will not be an adverse item on the buyer's credit.
D) The loan will still be assumable.

3. A seller places a property on the market for sale at a certain price. A buyer sees the property and makes a written offer to purchase that is 90% of the asking price. The seller rejects that offer, but will accept an offer of 95% of the original asking price. The buyer rejects that counteroffer. The original offer is:

A) rescinded
B) binding
C) irrevocable
D) null and void

4. An appraisal made by a certified appraiser is required:

A) before real property can transfer from one owner to another.
B) before any property settlement in a divorce.
C) when heirs receive property.
D) when the buyer is using an FHA loan to purchase.

5. A city has built a new library and has contacted the broker to list and sell the old library building. Which approach should the broker use to estimate the fair market value for the purpose of listing and selling this property?

A) gross rent multiplier
B) sales comparison
C) replacement cost
D) income approach

Solutions: