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Real Estate New Jersey Real Estate Salesperson Sample Questions:

1. The feature that most distinguishes a joint tenancy from a tenancy in common is

A) right of transfer.
B) right of survivorship
C) unity of possession.
D) undivided interests.

2. A couple who sell their principal residence may take up to $500,000 in federal capital gains tax-free only if:

A) they buy a replacement home of equal or greater value than the one being sold within a year.
B) at least one of them has reached the age of 65.
C) they have owned and occupied the house for at least 2 of the previous 5 years.
D) neither has ever used the Homesellers Exclusion in the past.

3. A salesperson is convicted of a crime which involved activities as a real estate licensee. The Commission obtains a certified copy of the judgment of conviction against the salesperson. According to the New Jersey Real Estate License Law, the Commission MUST:

A) suspend the salesperson's license
B) notify the salesperson's employing broker of the circumstances pertaining to the conviction
C) determine, at its discretion, what disciplinary action to take against the salesperson
D) revoke the salesperson's license

4. After announcing that a new city park will soon be developed, homes in the immediate area experience a rise in value. This is an example of which of the following principles of value?

A) contribution
B) change
C) highest and best use
D) anticipation

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

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

Solutions: