Unit 1 Flashcards
(50 cards)
A New Jersey broker named Socrates, first listed a house at 326 Main street in Hackensack, he may refuse to cooperate with another licensee if:
a) the owner of the home signs a statement directing her not to cooperate.
b) the other broker refused to cooperate with her last month.
c) she has an exclusive agency listing.
d) she has an exclusive right to sell listing.y
a) the owner of the home signs a statement directing her not to cooperate.
The maximum fine for violations of the Real Estate Sales Full Disclosure Act is:
a) five thousand per violation.
b) fifty thousand per violation.
c) two thousand per violation.
d) two hundred and fifty per violation.
b) fifty thousand per violation.
When a broker prepares a document pertaining to a real estate transaction:
a) he should record the contract
b) he is violating the law.
c) he must sign the document himself.
d) he must give a copy to all parties signing it at the time the signature is obtained.
d) he must give a copy to all parties signing it at the time the signature is obtained.
Funds received for deposit in the Guaranty Fund:
a) may not exceed $150,000.00
b) may be used for educational purposes by the Board of Realtors.
c) are used to indemnify aggrieved participants in real estate transactions.
d) may be used to settle commission disputes between licensees.
c) are used to indemnify aggrieved participants in real estate transactions.
Every broker must maintain records of all funds and property of others for not less than six exceptions:
a) copies of leases and property management agreements.
b) unaccepted offers and expired listings that did not sell.
c) copies of all offers and contracts of sale.
d) all bank statements and duplicate deposits.
b) unaccepted offers and expired listings that did not sell.
A salesperson has listed a house for sale and has knowledge of a latent defect in the building. His / her responsibility is to:
a) correct the condition.
b) report it to the building department.
c) disclose it to the buyer.
d) ignore it
c) disclose it to the buyer.
When money is deposited in a broker trust account:
a) interest must be paid to the buyer until closing.
b) the deposit cannot be released without written authorization.
c) deposit money must be promptly returned to the buyer if the offer is not accepted.
d) the maintenance of nominal amount of the licensees’ funds in the trust account to meet service charges constitutes commingling.
c) deposit money must be promptly returned to the buyer if the offer is not accepted.
Which of the following will not be a cause for disciplinary action:
a) failure to include a specific termination date in an exclusive listing.
b) making promises of a nature likely to persuade or induce a prospective buyer.
c) acquiring a listing in which the broker gets to keep all monies in the purchase price above a
specified amount.
d) failure to submit to an owner, before his acceptance of an offer, all written offers received for property listed for sale.
b) making promises of a nature likely to persuade or induce a prospective buyer.
If the broker terminates employment of a salesperson, he must:
a) state reason for termination on the back of the license.
b) immediately return the salesperson’s license to the REC
c) return the license within ten days.
d) give the salesperson his license.
b) immediately return the salesperson’s license to the REC
When there is a first violation of the licensing act, the REC is empowered to:
a) impose monetary fines.
b) revoke the license.
c) suspend the license.
d) All of the above.
d) All of the above.
A broker’s records must be made available:
a) to agents of the Commission providing broker receives 10 days’ notice of inspection.
b) to members of the public as they contain public information.
c) to members of the Commission without notice.
d) to agents of the Commission upon receipt of 30 days’ notice by registered or certified mail.
c) to members of the Commission without notice.
Fiduciary relationship refers to:
a) the relationship between two brokers.
b) the relationship created between plaintiff and defendant.
c) the position of trust between broker and his principal.
d) None of the above
c) the position of trust between broker and his principal.
A broker incorporates his business and subsequently dies, and another person becomes the broker for the corporation.
a) Any listing he has secured are immediately terminated.
b) All his listings may e canceled by the principals without further cause.
c) New listings must be secured from the owners of all properties being handled by the office.
d) Contracts with principals do not terminate upon death of the broker under these circumstances.
d) Contracts with principals do not terminate upon death of the broker under these circumstances.
A newly licensed broker can maintain an office in ALL BUT ONE of the following:
a) His residence, provided that it is zoned for that use.
b) A commercial building.
c) The home of a salesperson in his employ.
d) A marina.
c) The home of a salesperson in his employ.
When a licensee is guilty of violating the New Jersey Real Estate License Act or the Rules and Regulations for the New Jersey Real Estate Commission the Commission may, for the first violation:
a) Impose a fine of not more than $500.
b) impose a fine of not more than $5,000.
c) impose a fine of not more than $2,000.
d) The Real Estate Commission cannot impose fines.
b) impose a fine of not more than $5,000.
A real estate broker typically can:
a) prepare an abstract of title.
b) prepare a deed.
c) prepare a purchase and sale agreement.
d) None of the above.
c) prepare a purchase and sale agreement.
Unless otherwise agreed to in writing, the employing broker must pay all commissions due a salesperson within how many days after receipt by the broker?
a) Ten days.
b) Thirty days.
c) Immediately.
d) Seven calendar days.
a) Ten days.
The Realtor@ Code of Ethics is:
a) a code put into law by the Real Estate Commission of New Jersey.
b) a code obligatory upon members of the National Association of Realtors@.
c) part of an act pertaining to prevention of discrimination in real property transactions.
d) part of the Statutes of New Jersey pertaining to licensed real estate salespersons and brokers.
b) a code obligatory upon members of the National Association of Realtors@.
Who is required to comply with the State licensing laws?
a) An individual employed to handle the sale of units in a condominium building.
b) One who for compensation effects an “exchange” of real estate.
c) One who auctions real estate.
d) All of the above.
d) All of the above.
A principal broker for a corporation must be:
a) a citizen of the United States.
b) a New Jersey resident.
c) responsible for every licensee and clothed with full authority even if he has no ownership interest.
d) given a contract for a fixed term unless he has a substantial ownership interest.
c) responsible for every licensee and clothed with full authority even if he has no ownership interest.
A salesperson who has completed a sale would ordinarily receive his commission from the:
a) seller.
b) buyer.
c) seller and buyer with their permission
d) none of the above
d) none of the above
A real estate deal is made between a seller and buyer, without the services of a broker. They arrange with a licensed broker, for a fee, to prepare certain instruments. He may lawfully prepare:
a) agreement of sale.
b) deed.
c) purchase money mortgage
d) none of the above
d) none of the above
If a licensee is convicted of forgery, the REC will NOT grant a license within:
a) one year.
b) two years.
c) three years.
d) five years.
d) five years.
To be licensed as a New Jersey Real Estate Broker, you must be:
a) of legal age.
b) a citizen of the United States.
c) a resident of New Jersey.
d) Al of the above.
a) of legal age.
