Chapter 1 Real Estate Licensing Exam Questions and Answers
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Course
Licensed Realtor
Institution
Licensed Realtor
Broker - Answer-Individual licensed to charge the public for real estate services
Broker-Salesperson - Answer-Fully qualified broker who remains under another broker's supervision
Bureau of Subdivided Land Sales Control - Answer-State agency that approves and registers some out-of-state prope...
Chapter 1 Real Estate Licensing Exam
Questions and Answers
Broker - Answer-Individual licensed to charge the public for real estate services
Broker-Salesperson - Answer-Fully qualified broker who remains under another broker's
supervision
Bureau of Subdivided Land Sales Control - Answer-State agency that approves and
registers some out-of-state property
Continuing Education - Answer-Classes required for license renewal
Guaranty Fund - Answer-Reimburses people defrauded or badly served by licensees in
real estate transactions
- Salesperson contribute $10
- Brokers/Broker-salesperson contribute $20
- Max payment for a single claim is $20,000
Broker/salesperson license revoked until they pay claim with interest and it may/may not
be reinstated
New Jersey Real Estate Commission - Answer-Administrator of real estate licenses
Real Estate License Act (Title 45, Chapter 15) - Answer-Law governing the practice of
real estate in New Jersey
Real Estate Sales Full Disclosure Act - Answer-Regulations covering out-of-state
properties sold in New Jersey
REALTOR - Answer-Member of a private real estate trade organization
REALTOR-ASSOCIATE - Answer-Salesperson who joins a particular real estate trade
group
Referral Agent - Answer-Licensee limited to presenting prospective clients and
customers to the broker
Referral Fee - Answer-Money paid another broker for sending a client or customer
Salesperson - Answer-One licensed to assist a broker in real estate transactions. Works
under a sponsoring licensed broker, doing business in the name of the broker and
receiving compensation only from that broker.
Title 11, Chapter 5 - Answer-State rules and regulations for real estate licensees
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