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Midterm Exam Questions and Complete Solutions Graded A+
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Midterm Exam Questions and Complete Solutions Graded A+
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Midterm ExamQuestions and
Complete Solutions
Graded A+
Denning [Date] [Course title]
,The New Jersey Real Estate Commission:
Meets twice annually to review license applications, disciplinary actions, etc.
Is elected in the general election every four years.
Is comprised of eight members.
All of the above. - Answer: Is comprised of eight members.
Persons holding a New Jersey real estate license have reciprocal licensing authority in the following
states:
New York.
Pennsylvania.
Delaware.
None of the above. - Answer: None of the above.
Certain persons qualify for exemptions from taking the state exam to become a New Jersey real estate
licensee including:
Attorneys.
Veterans with serious war injuries.
Both A and B.
Neither A nor B. - Answer: Neither A nor B.
When is "agency" created in a real estate setting?
When contracts or leases are signed and attorney review has been completed.
When the buyer or tenant submits an offer through a licensee.
As soon as the licensee begins a substantive real estate business conversation.
Only if and when a client signs a Consumer Information Statement. - Answer: As soon as the licensee
begins a substantive real estate business conversation.
Which of the following are requirements to obtain a New Jersey real estate broker's license:
At least 21 years old.
At least three years as full-time licensed salesperson.
, Complete an additional 75 hours of licensing class over and above the 75 hours required for salesperson
licensing.
Be a resident of New Jersey. - Answer: At least three years as full-time licensed salesperson.
To avoid the $200 late fee imposed by the Real Estate Commission, licensees must complete their
required CE classes by:
April 30 of each odd-numbered year.
April 30 of each even-numbered year.
June 30 of each odd-numbered year.
June 30 of each even-numbered year. - Answer: April 30 of each odd-numbered year.
The biennial requirements of continuing education for licensees require:
12 hours of CE for all licensees, which cannot be taken online.
12 hours of CE for salespersons and 18 hours of CE for brokers.
12 hours of CE, which must include 2 hours of ethics.
12 hours of CE for salespersons and 2 hours of CE ethics for referral agents. - Answer: 12 hours of CE,
which must include 2 hours of ethics.
An example of a principal granting a real estate agent general agency is:
A seller signing a listing agreement.
A buyer signing a buyer agency agreement.
A listing broker signing a cooperative commission agreement with a buyer's broker.
A landlord signing a contract with a property management company. - Answer: A landlord signing a
contract with a property management company.
A fiduciary duty describes:
The seller's obligation to the listing broker.
The licensee's obligation to her broker.
The licensee's duties to his real estate customer.
None of the above. - Answer: The licensee's obligation to her broker.
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