give no answer to questions about the property.

NJ Real Estate Section 2 Flashcards Terry, an unlicensed assistant, is asked over the telephone, "How many bedrooms are there in that house at 78 Oak Street?" Terry is allowed toa) read from the description in the written listing contract. b) repeat only what her broker has told her about the property.c) say that yesterday's classified ad (which she wrote) mentions four bedrooms.d) give no answer to questions about the property.give no answer to questions about the property The Real Estate Commissioners are appointed or selected by what method?By the governor of the state.Which of the following is the only capacity in which a licensed salesperson may act?As an agent of an employing broker.A broker may agree to share a commission with any licensed broker.Continuing education requirements mandate at least two hours' instruction in ethics.To maintain a valid license, a licensee needs to satisfy educational requirements for license renewal Certification that legal restrictions have been reviewed with the certifying broker is required for which license?Referral agent After an applicant has passed the license examination and been notified, how long does the person have to apply for a license?One year from completion of the course.If a principal broker dies and there are no other brokers-salespersons to take his place, associated salespersons should promptly have one of their members apply for a temporary broker's license.When brokers' licenses are suspended or revoked, their salespersons' licenses are suspended until they affiliate with another broker State real estate license laws set a minimum level of competence for real estate professionals and, also, set ethical and professional standards.A rental referral agency charges prospective tenants an advance fee of $50. This fee must be deposited in an escrow account To obtain a real estate salesperson's license, an individual must pass a state license examination.If the state licensing authority finds that a consumer's complaint against a licensee is justified, the authority may suspend or revoke the license as well as report the case to an appropriate judicial authority.Who must possess a real estate license in New Jersey?Anyone who receives consideration for taking part in a real estate transaction The Guaranty Fund is funded byfees paid at first-license application.What is the maximum age for a real estate broker in New Jersey?No limit A New Jersey Resident does NOT need a license to draw up a binding lease for a new tenant in a property the resident owns

Continuing education requires how many hours? 12 The New Jersey Real Estate Commission operates withinDepartment of Banking and Insurance Mary is selling her house. Betty wants to buy it. Margaret intends to help Mary and Betty with the sale contract. In return, Mary will send her son to paint Margaret's house.Which of the following circumstances will probably allow Margaret to help Mary and Betty without holding a real estate license?a) Margaret and Mary are sisters.b) Betty is Mary's daughter. c) Margaret is Mary's attorney.d) Margaret works in the office of a licensed broker.Margaret is Mary's attorney An attorney in New Jersey is also a licensed real estate and insurance broker. If he receives a listing, sells the listed property, places insurance for the buyer, and also prepares the paperwork, what commissions or fees is he entitled to receive?a) Real estate brokers fee onlyb) Real estate brokers fee and insurance feec) Real estate brokers fee, insurance fee, and fee for preparing papersd) Deed fee and broker's commission Real estate brokers fee and insurance fee In New Jersey, real estate licenses are administered by theReal Estate Commission.The authorized broker for a real estate company is officially called the broker of record.Who of the following needs a real estate license?a) A lawyer selling a house for a client who lives in a nursing homeb) A son selling a house for his parents in exchange for a new carc) An executor selling a house for a fee under the terms of a willd) An investor selling his eight rental properties A son selling a house for his parents in exchange for a new car An honorably discharged war veteran with a service-connected wound or disability may be exempt from payment of license fees.A failure to renew will void a license after two years A rental referral agency advertises the availability of an apartment. How often must they check the availability of the unit?Every day The Guaranty Fund provides for a payment of a loss up to a maximum of

$20,000

An unlicensed assistant in a real estate broker's office maypick up keys.Which of the following is NEVER allowed to sell real estate without a license?a) Banksb) Insurance brokersc) Attorneysd) Owners Insurance brokers Which of the following acts is illegal?a) A non-licensed property owner sells a lot to a developer.b) A non-licensed banker collects rents on behalf of the bank.c) A licensed broker shares a commission with a real estate attorney.d) A licensed salesperson assists a licensed broker with purchase negotiations.A licensed broker shares a commission with a real estate attorney

New Jersey's real estate license law is known as Title 45 A non-resident broker requesting a New Jersey license must agree to be sued in New Jersey An active broker's license generally authorizes the holder to perform services anywhere in the state.The Real Estate Commission has how many members? eight A licensee who is qualified to be a broker but wishes to work for another broker rather than for herselfa) must obtain a salesperson's license.b) can do so, provided she is the broker of record.c) must return her broker's license to the state.d) would be acting as a broker-salesperson.would be acting as a broker-salesperson To be licensed as a broker in New Jersey, you mustto be of legal age Rental referral agencies mustfurnish prospective tenants with a written contract According to the law, to obtain a salesperson's license one must reach the age of 18 How many real estate brokers serve on the New Jersey Real Estate Commission?five If a licensee's license is voidedthe licensee may not practice real estate.The state of New Jersey created real estate licensing regulations to protect the general public from unscrupulous brokers and salespeople.Under what type of employer other than a licensed broker may a salesperson be licensed?a) Attorneyb) Associate brokerc) Property ownerd) None of the above None of the above A broker must have completed how many hours of study beyond the original salesperson's Course?225 hours.Continuing education course must be taken in every two-year period.Licensing fee for a beginning salesperson, including application fee, criminal history check, and Guaranty Fund fee, is $160 An apartment is listed with a rental referral agency, but it is NOT actively advertised to the public. How frequently must the agency check the apartment's availability?Every three days A referral agent is allowed to only refer prospects for brokerage services to the supervising broker or the broker's designate.The pre-license course must be taken over if the student does not apply for a license within one year of completing the pre-license course.A real estate license is required forpersons employed on a fee basis by a rental referral agency.A real estate license is valid fortwo years