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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. Standard title insurance would protect a buyer:

A) when the seller has forged an ex-partner's signature on the deed.
B) in a purchase where the buyer had knowledge of a shed violating setback requirements.
C) for the purchase of a property bought sight unseen where the buyer discovers a tenant living at the property.
D) if after closing, the HOA placed a lien on the property for the previous owners' unpaid dues.

2. A buyer-broker locates a property that is listed with another broker. The buyer makes an offer through the buyer-broker and an agreement of sale results. In this situation, the buyer-broker is acting as a:

A) referring broker with the listing broker
B) subagent of the listing broker
C) representative of the buyer and owes no fiduciary obligations to the seller
D) representative of the seller and owes no fiduciary obligations to the buyer

3. Which of the following items would be prorated at closing with the credit going to the seller?

A) accrued interest on an assumed mortgage
B) prepaid property taxes
C) unearned rent collected in advance
D) earnest money

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

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

5. 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) Yes, because when race is involved, no exceptions to the federal Fair Housing Act exist.
C) No, because as an integrated club, they could discriminate on the basis of race in renting facilities.
D) Yes, because the club had minority members, and therefore was not eligible for exemptions from the federal Fair Housing Act.

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