New Jersey Real Estate Broker Exam — All Questions
4 questions
Which agency licenses and regulates real estate brokers in New Jersey?
- a.The New Jersey Division of Consumer Affairs
- b.The New Jersey Real Estate Commission (NJREC), within the Department of Banking and Insurance✓
- c.The New Jersey Association of Realtors
- d.The New Jersey Department of Community Affairs
The New Jersey Real Estate Commission (NJREC) licenses and regulates brokers and salespersons under Title 45:15 and N.J.A.C. 11:5. It sits within the Department of Banking and Insurance. A trade association is a private membership group with no licensing authority.
New Jersey real estate licensing is primarily governed by:
- a.Title 39 (Motor Vehicles)
- b.Title 54 (Taxation)
- c.Title 2C (Criminal Justice)
- d.Title 45:15 and N.J.A.C. 11:5✓
New Jersey's real estate license law is at N.J.S.A. Title 45:15, and the implementing rules are at N.J.A.C. 11:5. Together they govern broker and salesperson licensing and conduct.
In New Jersey, a licensee who has passed the broker examination but works under another broker rather than operating independently holds which license type?
- a.Broker-salesperson✓
- b.Provisional broker
- c.Transaction broker
- d.Associate salesperson
New Jersey recognizes three license types: broker, broker-salesperson, and salesperson. A broker-salesperson has passed the broker exam but works under another broker instead of operating a brokerage independently.
The New Jersey Real Estate Guaranty Fund exists primarily to:
- a.Fund continuing education for licensees
- b.Provide down-payment assistance to buyers
- c.Reimburse consumers who obtain an unpaid judgment against a licensee for fraud in a licensed transaction✓
- d.Pay the Commission's operating budget
The Real Estate Guaranty Fund can reimburse a consumer who wins a court judgment against a licensee for fraud in a licensed transaction and cannot collect it. When the fund pays, the licensee's license is affected until the fund is repaid. It is not an education or operating fund.