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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. Two parcels of land priced at $2,100 per acre were purchased. One parcel was 5 acres in size, and the other was 1 square mile in size. How much should these two parcels have cost together?

A) $914,760
B) $766,000
C) $1,060,500
D) $1,354,500

2. Which of the following actions is a function of a municipal planning board?

A) Creating a master plan for all the land in a particular county
B) Unilaterally approving subdivisions in a jurisdiction
C) Prescribing and controlling the development and use of all land in a municipality
D) Approving a variance for an addition to a garage on a residential property

3. A seller is offering his property for sale in as-is condition. A buyer enters into a contract with the seller and has the home inspected. The inspection reveals a latent defect known to, but not disclosed by, the seller. The buyer:

A) can void the contract due to the seller's failure to disclose the latent defect.
B) must go through with the purchase because the house is being sold as is.
C) can reduce the contract sales price by the cost of correcting the defect.
D) can force the seller to correct the defect.

4. The main purpose of a deed is to

A) record and acknowledge title transfer.
B) guarantee clear title.
C) provide documentation of legal possession.
D) convey title.

5. The following statement was found in a real estate sales contract: "In the event of a default by the purchaser, the forfeiture of the earnest money to the seller will be the only compensation to which the seller will be entitled." This statement most likely describes a:

A) indemnification clause
B) liquidated damages clause
C) broker protection clause
D) default delivery clause

Solutions: