Real Estate New Jersey Real Estate Salesperson Sample Questions:
1. A public utility company is installing power lines across several counties. Will the utility company be more likely to be granted an easement appurtenant or an easement in gross?
A) easement in gross because it allows the holder of the easement to eventually gain title to the encumbered property
B) easement appurtenant because it cannot be extinguished by merger of the dominant and servient tenements
C) easement appurtenant because it cannot run with the land
D) easement in gross because it does not require ownership of real property adjacent to the property that is subject to the easement
2. Are electronic signatures enforceable on a real estate contract?
A) Yes, because they are allowed by the federal government.
B) No, because they must be signed and witnessed.
C) Yes, because they are legal in real estate transactions.
D) No, because they are only allowed on deeds.
3. Which of the following statements correctly describes a standard feature of a buyer-agency agreement?
A) A buyer-agency agreement is an option rather than an employment contract.
B) The source of compensation determines the agency relationship.
C) A retainer fee is normally paid at the time the agreement is signed.
D) It establishes a fiduciary relationship with the buyer.
4. A buyer is looking in several different cities for land to purchase for a shopping center. The buyer has decided to hire several real estate licensees, each representing the buyer in that licensee's city. Which type of agreement would protect the buyer from owing multiple commissions?
A) exclusive right to sell
B) exclusive agency representation
C) nonexclusive buyer-agency
D) nonexclusive right-to-lease
5. The Multiple Listing Service (MLS) board members decided that the population of each area of the city would be best served by the brokerages who have offices actually located within those areas. The board established boundaries dividing the city into six districts and voted to limit listings for each district to only those brokerages with offices within the district. Brokerages who tried to advertise beyond their own district would be prohibited from listing properties in the MLS. This action violates what Real Estate Law?
A) Sherman Anti-trust Act
B) Civil Rights Act
C) Diversity Jurisdiction
D) Housing and Community Development Act of 1974
Solutions:
Question # 1 Answer: D | Question # 2 Answer: C | Question # 3 Answer: D | Question # 4 Answer: C | Question # 5 Answer: A |