New Jersey questions Flashcards

New Jersey questions Flashcards New Jersey law requires that real estate sales contracts contain language alerting buyers and sellers of their right to Have an attorney review the contract within three business days.How are members of the New Jersey Real Estate Commission selected?By the governor A seller's listing agreement has expired, and the seller lists with a different brokerage firm. Jim, the original listing agent, now has a buyer interested in the seller's property.Based on this information, Jim Cannot disclose to the buyer offers received on the seller's property while it was listed with him.A real estate broker representing a seller knows that the property has a cracked foundation and that its former owner committed suicide in the kitchen. The broker must volunteer The cracked foundation, but disclosing the suicide could constitute a breach of duty A seller tells her broker that the roof leaks. They agree that they won't lie about it, but won't mention the problem unless the buyers ask. The buyers do not ask about the condition of the roof. Six months after the house is sold, the new owner finds the roof leaking during a rainstorm. In this situation the Broker is liable for non-disclosure under license law.Any Web page that lists a salesperson's home telephone number must also include the Broker's office phone number.The commission has the power to revoke a salesperson's license if the salesperson Deposits a buyer's down payment into his or her own bank account.What are the procedures that a salesperson must follow when the salesperson decides to terminate his or her affiliation with the employing broker?the broker is responsible for notifying the Real Estate Commission of the change.Maria, a licensed salesperson, obtains a listing. Several days later, the salesperson meets prospective buyers at the property and tells them, "I am the listing agent for this property, and so I'm very familiar with it." Under these circumstances, Maria Should also have furnished the Consumer Information Statement.Personal real estate assistants in New Jersey May insert factual information into form contracts under the employing broker's supervision and approval.All of the following provisions are included in the New Jersey Real Estate Commission's rules regarding listing agreements EXCEPT that A listing agreement must be accompanied by a qualified expert's report of the property's condition.In New Jersey, brokers and salespeople who are not lawyers may Fill in blanks on preprinted form contracts for one-to-four family homes and vacant single lots.Commissions earned by a broker in a real estate sales transaction Are determined by agreement of the broker and his or her principal.An applicant for a real estate license in New Jersey mustNot have been convicted of a felony within before applying.five years

All of the following must appear in a written listing agreement EXCEPT The complete legal description of the property being sold.If a broker gives a lender a contract stating that the sale price on a property is above its actual sale price, the Broker can lose his or her license and be fined and imprisoned.Which of the following is a requirement to obtain a real estate salesperson's license in New Jersey?Successful completion of a course of 75 classroom hours in general principles of real estate In New Jersey, all of the following are requirements for obtaining a broker's license EXCEPT Having been actively engaged as licensed salesperson for at least two years.Which of the following situations is TRUE regarding the CE requirement in New Jersey?There are 12 hours of CE requirements in New Jersey.All funds received by a broker on behalf of his or her principal must be deposited in an escrow or trust account within Five business days after the money is received by the licensee.When a sole proprietor has his or her license suspended for two years, what effect does this have on the associate brokers and salespeople affiliated with the proprietor?Affiliates' licenses are suspended until they associate themselves with another broker.What are the three types of agency recognized in New Jersey?Seller's, buyer's, disclosed dual In New Jersey, when a broker is listing a home and asks the seller to complete a property condition disclosure, which of the following statements is true?An agent should not give the seller advice regarding which property Who may receive a portion of the broker's commission in the form of a rebate?Buyer The Real Estate Commission has the authority to Make and enforce rules governing real estate licensees.Which of the following persons must have a real estate license in order to transact business?Person who negotiates the sales of entire businesses, including their stock equipment and buildings, for a promised fee The office manager for a local real estate firm is

responsible for the following activities: coordinating the flow

of paperwork through the office, preparing forms and advertising copy, and hiring and supervising clerical personnel. The office manager is Exempt from real estate licensing requirements.All of the following are exempt from the provisions of the New Jersey Real Estate License Act EXCEPT a (n) Individual who receives compensation for procuring prospective buyers or renters of real estate.When a broker represents a seller of real estate, an agency disclosure must be given to the Broker from another office who wishes to show the property.If engaged in real estate activities, which of the following are exempt from the real estate licensing requirement?Owners of the properties broker's unlicensed assistant worked late nights and weekends to help ensure the successful closing of a difficult transaction. The assistant's extra work included making several phone calls to the prospective buyers, encouraging them to accept the seller's counteroffer.Largely because of the assistant's efforts, the sale went through with no problem. Now the broker wants to pay the

assistant a percentage of the commission "because the assistant has really earned it." Under New Jersey law, the broker may compensate the assistant in the form of a commission under the circumstances described here.Not pay a commission to the assistant under the facts presented here.New Jersey's License Law states that when salesperson's license is suspended for violations, the supervising broker's license is also suspended.Only if he or she knew about the violations and did nothing about them.The Realty Company has entered into agency agreements with both a seller and a buyer. The seller and the buyer

have signed the dual agency consent agreement. The salesperson with the Realty Company has been working with the buyer. Legally, the salesperson may provide comparable market data to the seller after the buyer requests and receive such a data from the sales