New Jersey Real Estate Broker Exam — All Questions
3 questions
In New Jersey, the document a licensee must provide and review to explain the available business relationships is the:
- a.Property Condition Disclosure Statement
- b.Consumer Information Statement (CIS) on New Jersey Real Estate Relationships✓
- c.Affiliated Business Arrangement Disclosure
- d.Seller's Estimated Net Proceeds sheet
New Jersey requires licensees to provide and review the Consumer Information Statement (CIS) on New Jersey Real Estate Relationships, which explains seller's agent, buyer's agent, disclosed dual agent, and transaction broker so the consumer can choose how to work with the licensee.
When must the New Jersey Consumer Information Statement be provided and reviewed with a consumer?
- a.At the first contact at which a substantive discussion about a specific property occurs✓
- b.Only at the closing
- c.Only after an offer is accepted
- d.Only when the consumer requests representation
The CIS must be provided and reviewed at the first contact at which there is a substantive discussion about a specific property, before the consumer relies on the licensee. This lets the consumer make an informed choice about the business relationship.
Which New Jersey relationship describes a licensee who works with a party but does not represent that party as an agent?
- a.Disclosed dual agent
- b.Designated seller's agent
- c.Subagent
- d.Transaction broker✓
New Jersey recognizes the transaction broker, who works with a party to a transaction without representing that party as an agent. The CIS explains this option alongside seller's agency, buyer's agency, and disclosed dual agency.