Chapter 1: Real Estate Licensing REVIEW QUESTIONS Flashcards
New Jersey’s real estate license law is known as
Title 45.
A New Jersey resident does NOT need a license to
help a neighbor sell his or her house in return for a used car.
A real estate license is valid for
two years
According to the law, to obtain a salesperson’s license one must reach the age of
21.
A broker must have completed how many hours of study beyond the original salesperson’s course?
150
The prelicense course must be taken over if the student does not apply for a license within
six months.
A nonresident broker requesting a New Jersey license must
agree to be sued in New Jersey.
An honorably discharged war veteran with a service-connected wound or disability may
be exempt from payment of license fees.
If a principal broker dies, associated salespersons should promptly
have one of their members apply for a temporary broker’s license.
The Real Estate Commission has how many members?
Eight
Continuing education courses must be taken
in every two-year period.
Which of the following are NEVER allowed to sell real estate without a license?
Insurance brokers
The Guaranty Fund is funded by
fees paid at first-license application.
Real estate brokers may need special registration when selling some
out-of-state properties.
Rental referral agencies must
furnish prospective tenants with a written contract.
Terry, an unlicensed assistant, is asked over the telephone, “How many bedrooms are there in that house at 78 Oak Street?” Terry is allowed to
give no answer to questions about the property.
New Jersey requires the broker who sells out-of-state subdivided lands to
register with the state.
In New Jersey, the buyer who purchases out-of-state subdivided land may cancel the contract for no reason within
seven calendar days.
A developer advertises properties for sale in Vermont to New Jersey residents. The advertisements are all in French. Any additional forms, contracts, or other materials that are made available to prospective purchasers must be in
French.
An apartment is listed with a rental referral agency, but it is not actively advertised to the public. How frequently must the agency check the apartment’s availability?
Every three days
Certification that legal restrictions have been reviewed with the certifying broker is required for which license?
Referral agent
