Last Updated: Jun 11, 2026
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1. A prospective buyer calls a licensed New Jersey salesperson to inquire about a property listed with that salesperson's brokerage. During the first substantive discussion about the property's price and terms, the salesperson must
A) provide the CIS at closing when all agency relationships are finalized.
B) immediately provide the Consumer Information Statement (CIS).
C) only provide the CIS if the buyer asks for agency representation.
D) wait until the buyer is ready to make an offer before presenting the CIS.
2. A seller refuses to honor a sales agreement. The buyer could seek specific performance, which is a legal request to:
A) force the seller to complete the sales agreement.
B) receive monetary damages for losses suffered.
C) cancel all contractual obligations.
D) collect punitive damages from the seller.
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 force the seller to correct the defect.
B) can reduce the contract sales price by the cost of correcting the defect.
C) can void the contract due to the seller's failure to disclose the latent defect.
D) must go through with the purchase because the house is being sold as is.
4. The best way to research the previous owners of the property would be to research the:
A) chain of title
B) grantor
C) abstract
D) lien records
5. A ranch house with a double garage is being valued. The house next door, which is similar except that it lacks a garage and has an outside deck, was sold last month for $138,000. Experience in that area shows that a two- car garage is probably worth $10,000 to buyers, while in general, they will pay only $500 extra for a deck.
The ranch house is most likely to sell for around:
A) $148,500
B) $128,500
C) $147,500
D) $123,500
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: A | Question # 3 Answer: C | Question # 4 Answer: A | Question # 5 Answer: C |
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