New Jersey’s real estate license law is known as
the Statute of Frauds.
Title VII
Title 45
The Law of Agency
A New Jersey resident does NOT need a license to
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 the resident owns. charge a fee for selling someone else’s pizza business, including name, ovens, truck, and small building.
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 the resident owns.
charge a fee for selling someone else’s pizza business, including name, ovens, truck, and small building.
A real estate license is valid for
six months.
one year.
two years
life
According to the law, to obtain a salesperson’s license one must reach the age of
18
19
20
21
A broker must have completed how many hours of study beyond the original salesperson’s course?
30
75
150
165
The prelicense course must be taken over if the student does not apply for a license within
6 months
2 years
1 year
an unlimited amount of time
A nonresident broker requesting a New Jersey license must
Post a bond
Agree to be sued in NJ
Open an office in the state
Have a licensed NJ Broker as a sponsor
An honorably discharged war veteran with a service-connected wound or disability may
be exempt from payment of license fees.
obtain a license even if younger than 18.
be excused from taking the state licensing examination.
sell real estate and charge commissions without holding a real estate license.
The Real Estate Commission has how many members?
3
5
8
10
Continuing education courses must be taken
By all licensees
for an initial broker's license
within a year after license renewal
in every 2-year period
Which of the following are NEVER allowed to sell real estate without a license?
Banks
Insurance Brokers
Attorneys
Owners
If a principal broker dies, associated salespersons should promptly
change their affiliation to another firm.
have one of their members apply for a temporary broker’s license.
move the office to another location.
obtain broker's licenses
The Guaranty Fund is funded by
fines paid by brokers who violate license law.
a 1% tax on real estate sales over $500,000.
fees paid at first-license application.
real property taxes.
