Who is often referred to as the broker of record ?

the one person every real estate company must have who is the authorized broker for the entire company

a person licensed for activities restricted to only making referrals and not any other real estate activity

a person who has fulfilled all of the requirements of a broker yet chooses to work in a sales capacity

the salesperson working under a sponsoring licensed broker and doing business in the name of the broker

A broker from another state wants to obtain a New Jersey real estate license and has received a waiver for the education requirement. What else is required for this broker's application?

must consent to being sued in New Jersey

must open an office in the state

must be sponsored by a New Jersey broker

What benefit is available to an honorably discharged war veteran with a service-connected wound or disability?

may be exempt from payment of license fees

may sell real estate and charge commissions without holding a real estate license

may obtain a license even if younger than 18

may be excused from taking the state licensing examination

Which of the following is a strict rule for the licenses of a salesperson licensed with a real estate referral company?

they must be licensed with a real estate referral company, not a full-service real estate firm

they must be licensed with a full-service real estate firm, not a real estate referral company

they must also be licensed as the main authorized broker used for the company

they must renew their license annually rather than the typical biennial terms of other salespersons

The principal broker unexpectedly died during a very busy time. Under what circumstances, if any, can the affiliated salespeople complete current real estate transactions?

a salesperson with at least three years' experience can be issued a temporary broker's license to conduct business

salespeople must transfer to another brokerage office to complete their transactions

all transactions must be transferred to an attorney who specializes in real estate transactions

existing transactions must be referred to the Real Estate Commission for completion

Which of the following is true about the renewal of real estate licenses?

renewals are issued on a biennial term by June 30

renewals must be done every year by June 30

renewals are not needed, licenses are perminant once earned

renewals are issued every four years by June 30

A real estate license is not required for:

owners selling their own property by themselves; insurance, bank, and trust companies; real estate being handled under the order of a court

when the work is being performed for another person and in anticipation of a fee or commission

selling lots or other parcels for a developer for a commission

negotiating the purchase, sale, or exchange of real estate for a fee

When must continuing education courses be taken by all licensees who are required to fulfill the education requirement?

before applying for an initial broker's license

within a year after license renewal

Which of the following is one of the main requirements for a broker's license?

have served three years full-time as a licensed salesperson

obtain a B.A. or M.A degree from a credited university

successfully complete a 75-hour prelicensing course

An unlicensed assistant or secretary is allowed to do which of the following?

schedule appointments for showing listed properties

answer any questions about listing properties

discuss a contract with anyone outside the brokerage firm

How long do applications for a real estate license have to be submitted to the commission once the candidate successfully completed the prelicense course before it expires?

within one year of the date the course was finished

within two years of the date the course was finished

within 6 months of the date the course was finished

within 30 days of the day the course was finished

How is the Guaranty Fund financed?

fees paid at first license application

fines paid by brokers who violate license law

a 1% tax on real estate sales over $500,000

If a broker dies or becomes mentally or physically incapacitated and the firm has no other broker to carry on transactions already in progress, a temporary broker's license may be issued to a salesperson under which of the following requirements?

the salesperson has at least three years experience

the salesperson has at least two years experience

the salesperson has a valid salesperon license

the salesperson has been supervised by the prior broker

A broker charges prospective tenants an advance fee of $50. Where should this money be held?

in a safe in the broker's office

License renewal is on July 1 every two years (on odd numbered years). What must all broker, broker-salesperson, and salesperson licensees do to earn valid renewals every two years?

they must complete 12 hours of approved continuing education courses

they must complete another 75 hour prelicensing course

they must earn a specific amount of compensation established by the company

they must pass another state examination

Which of the following is required of rental referral companies?

must furnish prospective tenants with a written contract

may not charge prospective tenants more than $25

must obtain a special rental license

must check once a week to see if apartments are still available

An unlicensed assistant is asked over the phone, "How many bedrooms are there in that house at 78 Oak Street?" How should the assistant respond?

the assistant should refer the caller to a licensed agent

the assistant should read from the description in the written listing contract

the assistant should repeat only what her broker has told her about the property

the assistant should say that yesterday's classified ad (which she wrote) mentions four bedrooms

Every two years, license renewal takes place. It's required on every renewal year for 12 hours of approved continuing education courses to be completed. What must these 12 hour courses consist of?

at least 6 hours of core topics (including 1 hour on fair housing and discrimination, 2 hours on ethics)

at least 6 hours of compensation topics (including 1 hour on taxes, 2 hours on legal fees)

at least 6 hours of cultural topics (including 1 hour on world languages, 2 hours on dialects)

at least 6 hours of salesperson knowledge (including 1 hour on house designs; 2 hours on terminology)

A salesperson licensed with a real estate referral company is not required to complete the 12 hours of continuing education unless:

they want to convert to actively listing and selling real estate

they are seeking higher compensation

Renewal fees every two years are as follows:

$100 for a salesperson's license and $200 for a broker's license

$100 for a broker's license and $200 for a salesperson's license

$300 for a salesperson's license and $500 for a broker's license

$300 for a broker's license and $500 for a salesperson's license

Who is responsible for administrating real estate licenses in New Jersey?

New Jersey Real Estate Commission

individual realtor company CEOs

What continuing education topics are mandated for all licensees to complete in order to renew their license?

one hour of fair housing and two hours of ethics

two hours of fair housing and three hours of ethics

two hours of agency and two hours of fair housing

three hours of agency and three hours of ethics

Every person working in rental referral companies who for a fee refers prospective tenants to rental units is required to have a real estate license and must:

enter into a written contract with each prospective tenant

establish a verbal lease with each tenant

have written confirmation via email from each tenant

perform background checks on each tenant

In order to avoid an additional processing fee, by what date should licensees complete their required continuing education courses?

prior to May 1 of the renewal year

prior to May 31 of the second year

Rental units have certain requirements that need to be followed by the salesperson working with the rental company. What is the requirement for unit checking?

Advertised units must be checked daily to see if they're still available; units simply listed must be checked every three days

Advertised units must be checked weekly to see if they're still available; units simply listed must be checked every two weeks

Advertised units must be checked daily to see if they're still available; units simply listed must be checked monthly

Advertised units must be checked monthly to see if they're still available; units simply listed must be checked daily

State rules and regulations for real estate licensees is labeled under:

New Jersey Real Estate Commission

Rental units have certain requirements that need to be followed by the salesperson working with the rental company. What is the requirement for charging tenants an advanced fee?

if prospective tenants are charged an advanced fee of more than $25, the funds must be deposited in an escrow account

if prospective tenants are charged an advanced fee of more than $25, the funds can be collected as normal

if prospective tenants are charged an advanced fee of more than $25, the funds can only be accepted in cash form

if prospective tenants are charged an advanced fee of more than $25, the funds can only be accepted in check form

Who makes up the New Jersey Real Estate Commission?

5 real estate brokers; 2 members of the general public; 1 government representative

5 salespersons; 2 government representative; 1 member of the general public

3 real estate brokers; 2 members of the general public; 1 government representative; 1 accountant

3 real estate brokers; 2 salespersons; 1 member of the general public; 1 government representative

Real Estate Ch. 1

Authored by Cory Roesing

Other

Professional Development

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MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Under the Real Estate License Act, there are four types of licensees. What are they?

broker; salesperson; broker-salesperson; salesperson licensed with a real estate referral company

broker; salesperson; salesperson licensed with a real estate referral company; accountant

salesperson; salesperson licensed with a real estate referral company; accountant; realtor

salesperson licensed with a real estate referral company; realtor; broker; salesperson

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Under the Real Estate License Act, which type of license allows authorization to operate a real estate business, hire salespersons, and charge the public for services?

salesperson

broker

broker-salesperson

salesperson licensed with a real estate referral company

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

What is an unlicensed New Jersey resident permitted to do?

help a neighbor sell his or her house in return for a used car

negotiate the purchase of vacant land on behalf of a developer in return for one lot

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

charge a fee for selling someone else's pizza business, including names, ovens, a truck, and a small building

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Under the Real Estate License Act, which type of license is for someone who works under a sponsoring licensed broker, doing business in the name of the broker and receiving compensation only from that broker?

broker

salesperson

broker-salesperson

salesperson licensed with a real estate referral company

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

For how long is a New Jersey real estate license valid?

six months

one year

until June 30 of the next odd-numbered year

until June 30 of an even-numbered year

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Who is personally responsible for the real estate acts of salespersons under his or her supervision?

the corresponding salespersons

the primary accountants

the realtor CEO

the supervising broker

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

According to the law, what is the minimum age to obtain a saleperson's license in New Jersey?

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Real Estate Ch. 1

Under the Real Estate License Act, there are four types of licensees. What are they?

Under the Real Estate License Act, which type of license allows authorization to operate a real estate business, hire salespersons, and charge the public for services?

What is an unlicensed New Jersey resident permitted to do?

Under the Real Estate License Act, which type of license is for someone who works under a sponsoring licensed broker, doing business in the name of the broker and receiving compensation only from that broker?

For how long is a New Jersey real estate license valid?

Who is personally responsible for the real estate acts of salespersons under his or her supervision?

According to the law, what is the minimum age to obtain a saleperson's license in New Jersey?

Other than directly supervising the real estate acts of salespersons under his or her supervision, what is another role of the supervising broker?

A real estate salesperson wants to open her own office. How many additional hours of education must she complete?

Under the Real Estate License Act, which type of license applies to a person that has fulfilled all of the requirements of a broker yet chooses to work in a sales capacity for and in the name of another broker?

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