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Real Estate New Jersey Real Estate Salesperson Sample Questions:

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

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

2. A seller refuses to honor a sales agreement. The buyer could seek specific performance, which is a legal request to:

A) receive monetary damages for losses suffered.
B) cancel all contractual obligations.
C) force the seller to complete the sales agreement.
D) collect punitive damages from the seller.

3. The primary intent of the statute of frauds is to:

A) protect licensees from fraudulent activity.
B) enforce oral agreements beyond 1 year.
C) protect the rights of buyers who are disabled.
D) reduce real estate contracts to writing.

4. Under the New Jersey Real Estate Sales Full Disclosure Act, the Act does NOT apply to a development project:

A) extending over a 5 year period only.
B) where the purchaser's total financial obligation is less than $5,000.
C) consisting of 10 units.
D) already approved by the Department of Commerce.

5. A subordination agreement is used to:

A) initiate foreclosure proceedings.
B) change the priority of mortgages.
C) pledge property for a loan without giving up possession.
D) assign rents to the lender in case of borrower default.

Solutions: