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NJ Real Estate Practice Questions And Answers( Download)
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NJ Real Estate Practice Questions And Answers( Download)
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NJ Real Estate Practice Questions And Answers( Download) Minimum formal education for real estate licensure - High school diploma (T/F) In New Jersey, an individual to apply for licensure must be a US citizen - False - they must be legally permitted to work in the United States The New Jersey Real Estate Commission has how many commissioners? - Eight The New Jersey Real Estate Commission is a division within what department? - The Department of Banking and Insurance (T/F) An applicant for real estate license will NOT be denied if he/she has been convicted of shoplifting within the last five years. - True To become a NJ real estate broker, the applicant must provide evidence of: - Continual employment and licensing as a real estate agent for the past three years (T/F) An unlice nsed assistant may type sales and listing contracts. - True (T/F) An unlicensed assistant may collect rent from a client's tenant. - False (T/F) An unlicensed assistant may write ads for her broker's upcoming open house. - True (T/F) An unlicensed assis tant may sit an open house for her own for -sale -by-owner property. - True (T/F) A Realtor's real estate license (or the pocket -size replica) must be carried any time the licensee is engaged in real estate. - True Who is NOT required to hold a real estate license to sell real estate in New Jersey? - A person acting under a court order After successfully completing the 75 -hour pre -licensure course for real estate salespersons, students must do what to obtain license? - Pass state exam, complete criminal ba ckground check, and join an employing broker within 365 days. A seller is so pleased with her agent's job of selling her home at full list price that she gives him an enveloped at settlement with a $500 cash bonus. The bonus is: - Illegal because the agen t can only accept payment through her broker Vicarious liability means: - One person can be held responsible for the actions of another An agency relationship created by a written agreement between the principal and the agent is called: - An express agency Janet, a local Realtor, places a FaceBook ad for the sale of her friend Jane's house, even though she has no listing agreement with he r. This is an example of: - An implied agency Stan is the owner of an apartment building and asks his agent Arlene to show an apartment to a possible tenant. Arlene goes ahead and negotiates a lease even though Stan didn't give her written authority to do so. The tenant assumes Arlene has the authority and thus what sort of agency has been created? - An implied agency When a landlord hires a property manager to take care of duties on his rental property such as tenant selection, maintenance calls, rent co llection, etcetera, the property manager is a: - General agent What roles do each of the people in the following scenario play: Annie Agent is a licensed salesperson for Uptown Realty, where Bobby Broker is the Broker of Record. Annie lists a house owned by Sam Seller. - A. Annie is the subagent and Sam is the principal B. Bobby is the agent of Sam and Annie is the subagent of Sam C. Sam is the client of Annie and Bobby, and Annie is the agent of her principal, Bobby Licensees must use the Consumer Inform ation Statement for all clients and potential clients with whom they are working on what kind of transactions? - The sale or listing of all one- to four -unit residential properties A key difference between the New Jersey Law Against Discrimination and the Federal Fair Housing Act of 1968 is that the New Jersey law: - Covers both residential and business sales and rentals and the federal law does not A real estate agent meets a white couple who are looking to rent an apartment and then takes them to see pr operties in a predominantly white neighborhood, even though there are many comparable properties in areas with greater diversity. This practice could be called: - Steering Joan and Mary decide to build an addition to their home and the local supply compan y just delivered a load of lumber and placed it in their front yard. At this point, the lumber is considered: - Chattel Frank's property is on the Mullica River. As such, Frank likely has: - Riparian rights Colin is broker owner of MyWay Realty, and when a physically disabled person complains that she cannot access his office because there is no curb cut, Colin refuses to go to the expense of providing wheelchair access. "99% of our business is done either by phone, internet, or in the client's home, so i t's not worth the cost of the modifications," he explains. Has Colin done anything wrong? If so, what? - He has violated the Americans with Disabilities ActThe benefits of buying summaries with Stuvia:
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