Chapter 1

Description

Licensing Real Estate Quiz on Chapter 1, created by Gail Hansche on 04/12/2016.
Gail Hansche
Quiz by Gail Hansche, updated more than 1 year ago
Gail Hansche
Created by Gail Hansche over 7 years ago
14
1

Resource summary

Question 1

Question
New Jersey’s real estate license law is known as
Answer
  • the Statute of Frauds.
  • Title VII
  • Title 45
  • The Law of Agency

Question 2

Question
A New Jersey resident does NOT need a license to
Answer
  • 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.

Question 3

Question
A real estate license is valid for
Answer
  • six months.
  • one year.
  • two years
  • life

Question 4

Question
According to the law, to obtain a salesperson’s license one must reach the age of
Answer
  • 18
  • 19
  • 20
  • 21

Question 5

Question
A broker must have completed how many hours of study beyond the original salesperson’s course?
Answer
  • 30
  • 75
  • 150
  • 165

Question 6

Question
The prelicense course must be taken over if the student does not apply for a license within
Answer
  • 6 months
  • 2 years
  • 1 year
  • an unlimited amount of time

Question 7

Question
A nonresident broker requesting a New Jersey license must
Answer
  • Post a bond
  • Agree to be sued in NJ
  • Open an office in the state
  • Have a licensed NJ Broker as a sponsor

Question 8

Question
An honorably discharged war veteran with a service-connected wound or disability may
Answer
  • 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.

Question 9

Question
The Real Estate Commission has how many members?
Answer
  • 3
  • 5
  • 8
  • 10

Question 10

Question
Continuing education courses must be taken
Answer
  • By all licensees
  • for an initial broker's license
  • within a year after license renewal
  • in every 2-year period

Question 11

Question
Which of the following are NEVER allowed to sell real estate without a license?
Answer
  • Banks
  • Insurance Brokers
  • Attorneys
  • Owners

Question 12

Question
If a principal broker dies, associated salespersons should promptly
Answer
  • 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

Question 13

Question
The Guaranty Fund is funded by
Answer
  • 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.
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