NEW JERSEY REAL ESTATE STATE EXAM PRACTICE QUESTIONS AND CORRECT ANSWERS

NEW JERSEY REAL ESTATE STATE EXAM
PRACTICE QUESTIONS AND CORRECT
ANSWERS

NewA2Jersey'sA2realA2estateA2licenseA2lawA2isA2knownA2as
A)A2TheA2StatueA2ofA2Frauds
B)A2TitleA2VII
C)A2TitleA245
D)A2TheA2LawA2ofA2AgencyA2-A2Ans--CA2-A2TitleA245

AnA2unlicensedA2NewA2JerseyA2ResidentA2may
A)A2HelpA2aA2neighborA2sellA2hisA2orA2herA2houseA2inA2returnA2forA2aA2usedA2car
B)A2NegotiateA2theA2purchaseA2ofA2vacantA2landA2onA2behalfA2ofA2aA2developerA2inA2return
A2forA2oneA2lot
C)A2DrawA2upA2aA2bindingA2leaseA2forA2aA2newA2tenantA2inA2aA2propertyA2theA2residentA2ow
ns
D)A2ChargeA2aA2feeA2forA2sellingA2someoneA2else'sA2pizzaA2business,A2includingA2name,A2
ovens,A2trucks,A2andA2smallA2building.
D)A2-A2Ans--CA2-
A2DrawA2upA2aA2bindingA2leaseA2forA2aA2newA2tenantA2inA2aA2propertyA2theA2residentA2owns


AA2realA2estateA2licenseA2isA2validA2for
A)A26A2months
B)A21A2year
C)A22A2years
D)A2LifeA2-A2Ans--CA2-A22A2years

AccordingA2toA2theA2law,A2toA2obtainA2aA2salesperson'sA2licenseA2oneA2mustA2reachA2theA2
ageA2of
A)A218
B)A219
C)A220
D)A221A2-A2Ans--AA2-A218

AA2brokerA2mustA2haveA2completedA2howA2manyA2hoursA2ofA2studyA2inA2additionA2toA2theA2
originalA2salesperson'sA2course?
A)A230
B)A275
C)A2150
D)A2165A2-A2Ans--CA2-A2150

,TheA2pre-
licenseA2courseA2mustA2beA2takenA2overA2ifA2theA2studentA2doesA2notA2applyA2forA2aA2licen
seA2within
A)A26A2months
B)A21A2year
C)A22A2years
D)A2UnlimitedA2amountA2ofA2timeA2-A2Ans--BA2-A21A2year

AA2nonresidentA2brokerA2requestingA2aA2NJA2licenseA2must
A)A2PostA2aA2bond
B)A2AgreeA2toA2beA2suedA2inA2NJ
C)A2OpenA2anA2officeA2inA2theA2state
D)A2HaveA2aA2licensedA2NJA2brokerA2asA2aA2sponserA2-A2Ans--BA2-
A2agreeA2toA2beA2suedA2inA2NJ


AnA2honorablyA2dischargedA2warA2veteranA2withA2service-
connectedA2woundA2orA2disabilityA2may
A)A2SellA2realA2estateA2andA2chargeA2commissionsA2withoutA2holdingA2aA2realA2estateA2lice
nse
B)A2BeA2exemptA2fromA2paymentA2ofA2licenseA2fees
C)A2ObtainA2aA2licenseA2evenA2ifA2youngerA2thanA218
D)A2BeA2excusedA2fromA2takingA2theA2stateA2licensingA2examinationA2-A2Ans--BA2-
A2BeA2exemptA2fromA2paymentA2ofA2licenseA2fees


IfA2principleA2brokerA2dies,A2associatedA2salespersonsA2shouldA2promptly
A)A2ChangeA2theirA2affiliationA2toA2anotherA2firm
B)A2HaveA2oneA2ofA2theirA2membersA2applyA2forA2aA2temporaryA2broker'sA2license
C)A2ObtainA2broker'sA2licenses
D)A2MoveA2theA2officeA2toA2anotherA2locationA2-A2Ans--BA2-
A2HaveA2oneA2ofA2theirA2membersA2applyA2forA2aA2temporaryA2broker'sA2license


TheA2RealA2EstateA2CommissionA2hasA2howA2manyA2members?A2-A2Ans--8

ContinuingA2educationA2coursesA2mustA2beA2taken
A)A2ByA2allA2licensees
B)A2InA2everyA2twoA2yearA2period
C)A2ForA2anA2initialA2broker'sA2licnese
D)A2WithinA2aA2yearA2afterA2licenseA2renewalA2-A2Ans--BA2-A2InA2everyA2twoA2yearA2period

WhichA2ofA2theA2followingA2areA2neverA2allowedA2toA2sellA2realA2estateA2withoutA2aA2licens
e?
A)A2Banks
B)A2InsuranceA2brokers
C)A2Attorneys
D)A2OwnersA2-A2Ans--BA2-A2InsuranceA2brokers

,TheA2GuarantyA2FundA2isA2fundedA2by
A)A2finesA2paidA2byA2brokersA2whoA2violateA2licenseA2law
B)A2AA21%A2taxA2onA2realA2estateA2salesA2overA2$500k
C)A2FeesA2paidA2atA2firstA2licenseA2application
D)A2RealA2propertyA2taxesA2-A2Ans--CA2-A2FeesA2paidA2atA2firstA2-A2licenseA2application

RealA2estateA2brokersA2mayA2needA2specialA2registrationA2whenA2sellingA2some
A)A2Out-of-stateA2property
B)A2PreviouslyA2ownedA2condo
C)A2BusinessA2opportunities
D)A2RealA2estateA2atA2anA2auctionA2-A2Ans--AA2-A2OutA2ofA2stateA2property

RentalA2referralA2companiesA2must
A)A2ChargeA2prospectiveA2tenantsA2noA2moreA2thanA2$25
B)A2CheckA2onceA2aA2weekA2toA2seeA2ifA2apartmentsA2areA2stillA2available
C)A2ObtainA2aA2specialA2rentalA2license
D)A2FurnishA2prospectiveA2tenantsA2withA2aA2writtenA2contractA2-A2Ans--DA2-
A2FurnishA2prospectiveA2tenantsA2withA2aA2writtenA2contract


AnA2unlicensedA2assistantA2isA2askedA2overA2theA2telephoneA2"howA2manyA2bedroomsA2ar
eA2thereA2inA2thatA2houseA2atA278A2OakA2Street?"A2TheA2assistantA2isA2allowedA2to
A)A2ReadA2fromA2theA2descriptionA2inA2theA2writtenA2listing
B)A2RepeatA2onlyA2whatA2herA2brokerA2hasA2toldA2herA2aboutA2theA2property
C)A2SayA2thatA2yesterday'sA2classifiedA2adA2(whichA2sheA2wrote)A2mentionsA24A2bedrooms
D)A2GiveA2noA2answerA2toA2questionsA2aboutA2theA2propertyA2-A2Ans--DA2-
A2GiveA2noA2answerA2toA2questionsA2aboutA2theA2property


AnA2apartmentA2isA2listedA2withA2aA2rentalA2referralA2company,A2butA2itA2isA2notA2activelyA2
advertisedA2toA2theA2public.A2HowA2frequentlyA2mustA2theA2companyA2checkA2theA2apartm
ent'sA2availability?A2-A2Ans--EveryA23A2days

CertificationA2thatA2legalA2restrictionsA2haveA2beenA2reviewedA2withA2theA2certifyingA2brok
erA2isA2requiredA2forA2whichA2license?A2-A2Ans--SLWRERC

ContinuingA2educationA2requirementsA2mandateA2atA2leastA22A2hoursA2instructionA2in
A)A2Ethics
B)A2LawA2ofA2agencyA2
C)A2CurrentA2financingA2options
D)A2LocalA2issuesA2-A2Ans--AA2-A2Ethics

InA2orderA2toA2avoidA2anA2additionalA2processingA2fee,A2licenseesA2shouldA2completeA2thei
rA2requiredA2continuingA2educationA2coursesA2duringA2theA2renewalA2yearA2onA2orA2before
A2whatA2date?A2-A2Ans--AprilA230thA2ofA2theA2renewalA2year


AA2brokerA2whoA2goesA2outA2ofA2businessA2mustA2provideA2aA2nameA2andA2addressA2wher
eA2pastA2recordsA2willA2beA2availableA2forA2howA2long?A2-A2Ans--6A2years

, AA2licensedA2salespersonA2isA2allowedA2to
A)A2KeepA2earnestA2moneyA2depositsA2inA2aA2specialA2escrowA2account
B)A2LeaveA2oneA2brokerA2andA2affiliateA2withA2another
C)A2KeepA2aA2licenseA2withoutA2aA2sponsoringA2broker
D)A2WorkA2forA22A2brokersA2ifA2eachA2isA2informedA2andA2consentsA2-A2Ans--BA2-
A2LeaveA2oneA2brokerA2andA2affiliateA2withA2another


UnderA2someA2circumstances,A2aA2realA2estateA2officeA2mayA2beA2inA2theA2homeA2of
A)A2AA2broker
B)A2AA2salesperson
C)A2AA2broker-salesperson
D)A2No-oneA2-A2Ans--A)A2AA2broker

AA2brokerA2wantsA2toA2openA2aA2branchA2officeA2inA2aA2newA2shoppingA2mallA2inA2theA2next
A2town.A2TheA2officeA2canA2beA2supervisedA2by
A)A2AA2salespersonA2withA2atA2leastA22A2yearsA2ofA2experience
B)A2TheA2brokerA2byA2phoneA2eachA2day
C)A2AA2friendlyA2brokerA2inA2theA2nextA2town
D)A2AA2broker-salespersonA2-A2Ans--D)A2AA2broker-salesperson

AA2salespersonA2acceptsA2anA2earnestA2moneyA2depositA2andA2turnsA2itA2overA2toA2hisA2br
oker.A2TheA2brokerA2must
A)A2OpenA2aA2separateA2bankA2accountA2forA2theA2deposit
B)A2KeepA2itA2inA2theA2accountA2usedA2forA2theA2salesperson'sA2transactions
C)A2PromptlyA2depositA2itA2inA2theA2office'sA2businessA2accountA2andA2keepA2aA2carefulA2re
cordA2soA2thatA2itA2won'tA2getA2confusedA2withA2theA2broker'sA2funds
D)A2DepositA2itA2withinA2fiveA2daysA2inA2aA2trustA2accountA2-A2Ans--DA2-
A2DepositA2itA2withinA25A2daysA2inA2aA2trustA2account


AnA2escrowA2accountA2mayA2beA2openedA2in
A)A2AnyA2authorizedA2NJA2financialA2institution
B)A2AA2NJA2stockbroker'sA2office
C)A2AA2TexasA2bankA2thatA2offersA2highA2interest
D)A2AnyA2ofA2theseA2-A2Ans--AA2-A2AnyA2authorizedA2NJA2financialA2institution

AA2brokerA2mustA2keepA2copiesA2ofA2contractsA2forA2howA2long?A2-A2Ans--6A2years

EveryA2personA2whoA2signsA2aA2contractA2isA2entitledA2toA2receiveA2aA2duplicateA2original.A
2WhenA2areA2theyA2entitledA2toA2receiveA2it?A2-A2Ans--Immediately


EveryA2salesA2contractA2preparedA2byA2aA2brokerA2mustA2containA2aA2noticeA2that
A)A2TheA2broker'sA2commissionA2ratesA2doA2notA2exceedA2communityA2standards
B)A2TheA2buyerA2mayA2notA2purchaseA2insuranceA2fromA2theA2sameA2companyA2thatA2sold
A2theA2property
C)A2EarnestA2moneyA2willA2beA2depositedA2inA2aA2trustA2account