NJ Real Estate Exam 2023 with 100% correct answers
Broker
Broker-Salesperson
Bureau of Subdivided Land Sales Control
Continuing Education
Guaranty Fund
New Jersey Real Estate Commission
Real Estate License Act
Real Estate Sales Full Disclosure Act
REALTOR®
REALTOR-ASSOCIATE
Referral Age...
NJ Real Estate Exam 2023 with 100% correct
answers
1). Broker
Ans: Individual licensed to charge the public for real estate services
2). Broker-salesperson
Ans: fully qualified broker who remains under another broker's supervision
3). Bureau of subdivided land sales control
Ans: state agency that approves and registers some out-of-state property
4). Continuing education
Ans: Classes required for license renewal
5). Guaranty fund
Ans: Reimburses people defrauded or badly served by licensees in real estate
transactions
6). New jersey real estate commission
Ans: Administrator of real estate licenses
7). Real estate license act
Ans: Law governing the practice of real estate in New Jersey
8). Real estate sales full disclosure act
Ans: Regulations covering out-of-state properties sold in New Jersey
Realtor®
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, 9).
Ans: member of a private real estate trade organization
10). Realtor-associate
Ans: salesperson who joins a particular real estate trade group
11). Referral agent
Ans: Licensee limited to presenting prospective clients and customers to the broker
12). Referral fee
Ans: Money paid another broker for sending a client or customer
13). Salesperson
Ans: One licensed to assist a broker in real estate transactions
14). Title 11, chapter 5
Ans: state rules and regulations for real estate licensees
15). Branch office
Ans: Broker's additional place of business
16). Commingling
Ans: mixing broker's money with that of others
17). Duplicate original
Ans: Copy of a real estate contract with original signatures
18). Escrow account
Ans: Place for money belonging to clients and customers
19). Guilty knowledge
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, Ans: Awareness of wrongdoing with no attempt to stop it
20). Probation
Ans: Least severe discipline by the Real Estate Commission
21). Revocation
Ans: Cancellation of a real estate license
22). Suspension
Ans: Temporary lifting of a real estate license
23). Trust account
Ans: Another name for escrow account
24). Waiver of broker cooperation
Ans: form sellers must sign for an office-exclusive listing
25). Agent
Ans: One authorized to act for another
26). Antitrust laws
Ans: Regulations prohibiting price-fixing
27). Attorney-in-fact
Ans: Person authorized to act under a power of attorney
28). Broker
Ans: one authorized to act for another in real estate transactions
29). Buyer's broker
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, Ans: Agent who takes a buyer as the principal
30). Client
Ans: Principal who engages an agent
31). Commission
Ans: Broker's usual compensation
32). Consumer information statement
Ans: written explanation of a business relationship
33). Customer
Ans: Third party in a transaction, not the principal
34). Disclosed dual agent
Ans: One who works for both the seller and the buyer
35). Disclosure
Ans: Revealing to another any pertinent information
36). Dual agency
Ans: Brokers taking both parties as principals
37). Employee
Ans: salesperson whose broker pays Social Security, regulates hours, etc.
38). Fiduciary relationship
Ans: Trust and confidence between parties
39). Fraud
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