Chapter 1 Real Estate Licensing

Question 1

NJ real estate license act is known as

Answer 1

Title 45, chapter 15

Question 2

A real estate license is valid for

Answer 2

2 years. Renewed on July 1 in odd-numbered years after 12 hrs of continued education. 6 hrs of core topics and 2 hrs of ethics.

Question 3

Individual licensed to charge the public for Real State Services

Answer 3

Broker

Question 4

administrator of real estate licenses

Answer 4

New Jersey Real State Commission

Question 5

state rules and regulations for real estate licenses

Answer 5

Title 11 Chapter 5 Administrative code

Question 6

fully qualify broker who remains under another broker’s supervision

Answer 6

broker-salesperson

Question 7

law governing the practice of real estate in new jersey

Answer 7

real estate license Act

Question 8

member of a private real estate trade organization

Answer 8

REALTOR

Question 9

money paid another broker for sending a client or customer

Answer 9

Referral Fee

Question 10

regulations covering out- of- state properties sold in New Jersey, protection from unscrupulous developers or marketers.

Answer 10

Real Estate Sales full Disclosure Act

Question 11

one licensed to assist a broker in real estate transactions

Answer 11

Sales person

Question 12

reimburses people defrauded or badly served by a licensees in real estate transaction

Answer 12

Guaranty Fund

Question 13

salesperson who joins a particular real estate trade group

Answer 13

REALTOR-ASSOCIATE

Question 14

state agency that approves and registers some out-of-state property

Answer 14

Bureau of subdivided land sales control

Question 15

licensee limited to presenting prospective clients and customers to the broker

Answer 15

Referral Agent

Question 16

classes required for license renewal

Answer 16

Continuing education

Question 17

A new jersey resident does not need a license to

Answer 17

draw up a binding lease for a new tenant in a property the resident own

Question 18

how many hours of continuing education is need it in order to renew your real estate license

Answer 18

12 Hours

Question 19

how much is to renew your real estate license

Answer 19

$100

Question 20

according to the law, to obtain a salesperson’s license one must reach the age of

Answer 20

18

Question 21

a broker must have completed how many hours of study beyond the original salesperson’s course

Answer 21

150

90 hrs general broker / 30 hrs ethics and law / 30 hrs management

Question 22

the pre-license course must be taken over if the student does not apply for a license within

Answer 22

one year

Question 23

a nonresident broker requesting a New Jersey license must

Answer 23

agree to be sued in New Jersey

Question 24

an honorably discharged war veteran with a service-connected wound or disability may

Answer 24

be exempt from payment of license fee

Question 25

if a principle broker dies, associated salespersons should promptly

Answer 25

have one of their members apply for a temporary broker’s license. the request must be made within 30 days of the date of the brokers death and if effective for 1 year from the date of issuance.

Question 26

the real estate commission has how many member

Answer 26

8 members. five of them are real estate brokers with at least 10 years of experience, 2 general public individuals and 1 appointed by the government

Question 27

continuing education courses must be taken

Answer 27

in every two year period.

Question 28

which of the following are NEVER allowed to sell real estate with out a license

Answer 28

Insurance brokers

Question 29

the Guaranty fund is funded by

Answer 29

fees paid at first-license applications. $10 for salesperson / $20 for brokers. Maintained by the State treasurer. Maximum payment for a single claim is $20,000 per offense.

Question 30

real estate brokers may need special registration when selling some

Answer 30

out of state properties

Question 31

rental referral agencies must

Answer 31

furnish prospective tenants with a written contract

Question 32

an unlicensed assistant is allow to

Answer 32

give no answer to questions about a property

Question 33

New Jersey requires the broker who sells out of state subdivided land to

Answer 33

register with the state

Question 34

in new jersey the buyer who purchases out of state subdivided land may cancel the contract for no reason within

Answer 34

seven calendar days

Question 35

if a property advertises for sale and advertisements are all in French. Any additional forms, contracts or other material that are made available to prospective purchasers must be in

Answer 35

French. Must be the language in which it was originally advertised

Question 36

Units that are advertised must be checked (rental)

Answer 36

everyday. no rental property may be offered without the landlord’s consent, oral consent must be confirmed in writing within 24 hours.

Question 37

Rental referral agencies- Units that are simply listed (MLS) must be checked

Answer 37

every 3 days
Simply listed- 3 days
Advertised- everyday

Question 38

which license is required a certification that legal restrictions have been reviewed with the brokers

Answer 38

Referral Agent

Question 39

Continuing education requirements mandates at least two hours’ instruction in

Answer 39

Ethics

Question 40

Sales persons license qualifications

Answer 40

be 18 years old
prove a high school diploma
furnish evidence of good moral character 
successfully complete 75 hour pre-licensing course
disclose SS for child support
proof citizenship
pass state test
be sponsored by a broker

Question 41

No license will be issued to anyone convicted within the preceding ___ years of forgery, burglary, robbery, any theft other than shoplifting

Answer 41

5 years