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Practice for New Jersey Real Estate Test Questions and Complete Solutions Graded A+
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Practice for New Jersey Real Estate Test Questions and Complete Solutions Graded A+
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Practice for New JerseyReal Estate Test
Questions and Complete
Solutions Graded A+
Denning [Date] [Course title]
, Who appoints the 8 members of the New Jersey Real Estate Commission? - Answer: Governor
Who makes the payments to a claimant from the Guaranty Fund? - Answer: The state treasurer
Agent Louis Lee is working with several people from his home town in Hong Kong. They sought him out
because he speaks their native language. The Chans are anxious to purchase a house before the school
year starts. Agent Lee listens to their needs and tells them, "I know exactly where you will be
comfortable". Has agent Lee committed any violation? - Answer: For Steering
Beth decides she wants to change brokers. How long does her broker have to return her license? -
Answer: 5 days after her request
Agent Mike Brown is representing both buyer and seller in the same transaction. Since the contract was
signed by all parties, did Mike have any other obligation? - Answer: Obtain written consent of principals
At time of license renewal, what is the renewal charge for a salespersons license? - Answer: 100
Marie is a buyer agent. She shows many listings each week. Marie has a very good working relationship
with both buyers and sellers. Who does Marie owe a fiduciary relationship to? - Answer: The buyer
John a licensee is a dual agent in this transaction. Both parties have agreed to compensate him for a job
well done. John is very happy about the dual payment. He feels he deserves it as a top notch producer.
What statement is true regarding this transaction? - Answer: John violated the NJ License Act
Julie is the new owner of a house and decides to remove the carpet. After doing so, she discovers there
is significant pet damage to the hardwood floor beneath the carpet. Julie cuts most of the center of the
floor out and replaces it with subfloor. Julie then places a Persian rug over the subfloor. When the Julie
sells, can she remove the Persian rug? - Answer: No, anything that covers subflooring becomes real
property
Property accumulated by husband and wife by the efforts of either, which is equally divisible at time of
divorce or dissolution, is called - Answer: community property
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