New Jersey Real Estate Broker

Under the New Jersey Real Estate Licensing Act, what is the minimum pre-license education requirement for a broker license?

• A75 hours
• B90 hours
• C120 hours
• D150 hours

A New Jersey real estate broker receives an earnest money deposit. Within how many business days must the deposit be placed in the trust account?

• A1 business day
• B2 business days
• C3 business days
• D5 business days

What is the attorney review period for residential real estate contracts in New Jersey?

• A3 business days
• B5 business days
• C7 calendar days
• D10 business days

Under NJREC regulations, a broker must maintain trust account records for how long?

• A3 years
• B5 years
• C6 years
• D10 years

A New Jersey broker discovers that one of their salespersons has been operating under an expired license for the past month. What is the broker's liability?

• ANo liability since the salesperson is responsible for their own license renewal
• BThe broker may face disciplinary action for failure to supervise and permitting unlicense…
• CThe broker is only liable if they were specifically notified of the expiration
• DThe broker must pay a fine but cannot lose their license

What is the New Jersey realty transfer fee for the first $150,000 of a residential property sale?

• A$1 per $500
• B$2 per $500
• C$3.35 per $500
• D$4.25 per $500

Under New Jersey's Law Against Discrimination (LAD), which protected class is included that is NOT covered under the federal Fair Housing Act?

• ARace
• BFamilial status
• CSexual orientation
• DNational origin

A New Jersey broker operates a brokerage with 15 salespersons. What is the broker's primary supervisory obligation?

• APersonally accompany each salesperson on at least one showing per month
• BEnsure adequate supervision of all licensees and their real estate activities
• CReview every offer before it is submitted to a seller
• DHold weekly mandatory training sessions for all salespersons

In New Jersey, what is the Industrial Site Recovery Act (ISRA) designed to address?

• AWorkplace safety in construction sites
• BEnvironmental contamination cleanup requirements when industrial properties are sold or c…
• CZoning regulations for industrial development
• DTax incentives for industrial property owners

A New Jersey broker places a 'For Sale' sign on a listed property. What must the sign include?

• AThe salesperson's cell phone number
• BThe brokerage firm name as licensed with NJREC
• CThe property's asking price
• DThe broker's license number

Under the New Jersey Consumer Fraud Act, which of the following practices by a real estate broker constitutes an unconscionable commercial practice?

• ACharging a commission rate agreed upon in the listing agreement
• BMaking material misrepresentations about a property's condition to induce a sale
• CDeclining to represent a buyer who cannot demonstrate financial qualification
• DRecommending a home inspection to a prospective buyer

In New Jersey, when must a broker provide the Consumer Information Statement (CIS) to a prospective buyer or seller?

• AAt the closing of the transaction
• BWithin 5 days of the first meeting
• CAt the first substantive contact regarding a specific property
• DOnly when the consumer requests it

A New Jersey broker holds earnest money in an interest-bearing trust account. Who is entitled to the interest earned?

• AThe broker, as compensation for managing the trust account
• BThe buyer, since they made the deposit
• CThe party designated in the contract, or as otherwise agreed upon by the parties
• DThe interest must be donated to the NJ Affordable Housing Trust Fund

Under the New Home Warranty and Builders Registration Act in New Jersey, what warranty protection is provided for a newly constructed home's structural elements?

• A1 year
• B2 years
• C5 years
• D10 years

A New Jersey broker is calculating the realty transfer fee on a residential (Class 2) property that sold for $300,000 with no exemptions. What is the total realty transfer fee?

• A$1,515
• B$1,715
• C$1,935
• D$2,010

In New Jersey, a salesperson who is transferring to a new brokerage must do which of the following?

• ANotify NJREC within 30 days of the transfer
• BTake their listings with them to the new brokerage
• CHave both the old and new broker sign the transfer application and submit it to NJREC bef…
• DWait 90 days before affiliating with a new broker

A New Jersey broker is representing a seller and receives an offer from a buyer who is also represented by the same brokerage. What type of agency situation does this create?

• ASingle agency
• BDesignated agency (dual agency with designated representatives)
• CTransaction brokerage
• DSub-agency

Under NJREC regulations, what is the maximum penalty for a first-time violation of the Real Estate Licensing Act?

• A$1,000 fine
• B$5,000 fine and/or license suspension
• C$10,000 fine and/or license revocation
• D$25,000 fine and imprisonment

A New Jersey broker manages rental properties. Under the NJ Security Deposit Act, what is the maximum security deposit a landlord can charge?

• AOne month's rent
• BOne and one-half months' rent
• CTwo months' rent
• DThere is no statutory maximum

In New Jersey, who typically pays the realty transfer fee?

• AThe buyer
• BThe seller
• CSplit equally between buyer and seller
• DThe real estate broker

A New Jersey broker receives multiple offers on a listed property. What is the broker's legal obligation?

• APresent only the highest offer to the seller
• BPresent all offers to the seller in a timely manner
• CPresent offers in the order they were received, one at a time
• DScreen out offers below the listing price

Under NJREC regulations, what type of bank account must a New Jersey broker use for trust funds?

• AA money market account in the broker's name
• BA separate trust/escrow account in a federally insured NJ bank or financial institution
• CThe broker's general operating account with a separate ledger
• DAny account approved by the NJ Division of Banking

A New Jersey broker wants to advertise on social media. What specific element must be included in the advertisement?

• AThe broker's personal phone number
• BThe MLS listing number
• CThe brokerage firm name as licensed with NJREC
• DThe property's tax assessment

In New Jersey, during the attorney review period, the buyer's attorney sends a letter disapproving the contract. What is the effect?

• AThe contract becomes voidable at the buyer's option
• BThe contract is void and the earnest money must be returned to the buyer
• CThe contract remains binding and the parties must negotiate
• DThe seller has 5 additional days to respond to the disapproval