New Jersey Real Estate Broker Exam — All Questions

A New Jersey brokerage runs an advertisement stating that it charges a 2 percent listing commission. Under N.J.A.C. 11:5-6.1, the advertisement must also carry, clearly and conspicuously, the statement:

• a."Commission rates are subject to change without notice."
• b."This offer is void where prohibited by New Jersey law."
• c."Licensure by the Commission does not imply endorsement."
• d."In New Jersey, broker compensation is fully negotiable and not set by law."✓

The 2026 readoption added N.J.A.C. 11:5-6.1(q), which requires that an advertisement referring to "a commission rate or compensation amount charged by the advertising licensee's brokerage firm or by one or more other brokerage firms" include, clearly and conspicuously, the words "In New Jersey, broker compensation is fully negotiable and not set by law." It is the regulatory half of the same idea P.L. 2024, c.32 put inside the brokerage services agreement itself. The endorsement disclaimer is a real New Jersey requirement but a different one — subsection (p) attaches it to an advertisement that mentions being licensed by the Commission, not one that quotes a rate. The other two statements are ordinary commercial boilerplate that no New Jersey rule requires.

A New Jersey salesperson places an advertisement showing their own name and their affiliated broker's regular business name. Under N.J.A.C. 11:5-6.1(b), the broker's name must be displayed:

• a.in the same size and typeface as the salesperson's name
• b.in a more prominent manner than the salesperson's name✓
• c.anywhere in the advertisement, in any size the licensee chooses
• d.only where the salesperson's own license number has been omitted

N.J.A.C. 11:5-6.1(b)1 is explicit: where an advertisement contains the name of a salesperson or broker-salesperson, "the regular business name of the affiliated broker shall be displayed in a more prominent manner than the name of the salesperson or broker-salesperson." The rule exists because licensed activity is conducted through the firm that is answerable to the public, so the consumer should see the firm first. Equal prominence is the near miss and is not what the rule says. Leaving placement and size to the licensee is the practice the rule was written to stop, and tying the requirement to whether a license number appears imports a condition New Jersey does not use — the broker's name is required whenever the individual's name is used.

A New Jersey broker's advertisement states that the firm is licensed by the New Jersey Real Estate Commission. Under N.J.A.C. 11:5-6.1(p), the advertisement must immediately add:

• a."Equal Housing Opportunity."
• b."Licensed Real Estate Broker."
• c."Licensure does not imply endorsement."✓
• d."Each office is independently owned and operated."

N.J.A.C. 11:5-6.1(p) permits a licensee to say in an advertisement that they are licensed by the Commission, but requires the reference to "immediately thereafter include the following statement: 'Licensure does not imply endorsement,'" in a clear and conspicuous manner. The concern is that invoking the regulator reads as a state recommendation. "Licensed Real Estate Broker" is a genuine New Jersey requirement in a different place — N.J.S.A. 45:15-12 puts it on the sign conspicuously displayed on the exterior of every place of business, and subsection (p)1 expressly exempts that display from the disclaimer. "Each office is independently owned and operated" attaches to advertising that uses a franchisor's trade name under subsection (j)2, and the equal-housing legend comes from fair-housing law rather than from this section.

Under N.J.A.C. 11:5-4.1(a), the written agreement setting out the terms of a New Jersey broker's business relationship with a salesperson must be entered into:

• a.before the salesperson engages in any brokerage activity✓
• b.within 10 business days of the salesperson's first closing
• c.at any point during the salesperson's first license term
• d.before the broker submits the salesperson's license transfer

The rule sets a hard sequence: "Prior to engaging in any brokerage activity, the broker and salesperson must enter into a written agreement that contains the terms of their business relationship," and it goes on to require the compensation rate, the rate payable on transactions closing after the affiliation ends, a payment provision, and a clause that later changes bind no one unless memorialised and signed by both. A copy of the fully executed agreement goes to the salesperson when the affiliation begins. Tying the deadline to a first closing would leave the salesperson working the whole listing-and-showing phase with nothing in writing, which is the gap the rule closes. Allowing any time in the license term abandons the deadline altogether, and the license-transfer filing is a separate Commission step that says nothing about the private terms between the two licensees.

A New Jersey broker receives a commission check and it clears the brokerage's bank account. Absent a payment schedule explicitly set out in the written agreement, the salesperson's share must be paid within:

• a.5 business days
• b.10 business days✓
• c.20 business days
• d.30 business days

N.J.A.C. 11:5-4.1(a)2 requires the written business relationship agreement to contain "[a] provision that the broker will pay the salesperson their portion of commissions earned within 10 business days of their receipt, as soon as such funds have cleared the broker's bank account, or in accordance with a payment schedule explicitly set forth in the written agreement." If the broker misses it, subsection (d) requires a written explanation of the failure. Five business days is the neighboring deadline in the same rule but governs a different movement of money — subsection (c) gives the broker five business days to deposit compensation into the general business account. Twenty business days appears nowhere in the chapter, and the only 30-day period in this section is the post-termination accounting owed to a departing salesperson.

Compensation paid to a New Jersey broker that is not debited from escrow under N.J.A.C. 11:5-5.1(d) must be deposited into the broker's general business account within:

• a.5 business days of its receipt✓
• b.10 business days of its receipt
• c.5 calendar days of the closing
• d.10 calendar days of the closing

N.J.A.C. 11:5-4.1(c) states that all compensation paid to brokers shall, unless debited from funds held in escrow in accordance with N.J.A.C. 11:5-5.1(d), "be deposited into the general business account of the broker within five business days of their receipt." Two details in that sentence are the question: the clock runs in business days, and it runs from receipt rather than from the closing. Ten business days is the deadline in the adjoining paragraph for paying the salesperson their share, so it is the closest wrong answer. Recasting the period in calendar days from the closing changes both the unit and the trigger, and a commission can be received well after the closing date or, in a rental, without a closing at all.

A salesperson leaves a New Jersey brokerage with several transactions still pending. Under N.J.A.C. 11:5-4.1(e), the broker must provide a written accounting of all monies due and monies that may become due within:

• a.10 days of the termination of the affiliation
• b.30 days of the termination of the affiliation✓
• c.60 days of the termination of the affiliation
• d.90 days of the termination of the affiliation

The rule reads: "Within 30 days of the termination of the affiliation of a salesperson, the broker shall provide a written accounting of all monies due the salesperson as of the date of termination and/or monies that may become due in the future." If that accounting does not match the post-termination compensation clause in the written agreement, the broker must also supply a written explanation of the difference. The 10-day figure belongs to the paragraph on paying a cleared commission, and 90 days belongs to the advance-fee accounting rule at N.J.A.C. 11:5-5.3, so both are real New Jersey deadlines pointed at other duties. Sixty days appears nowhere in the compensation rule.

A New Jersey brokerage designates one salesperson to represent the seller and a different salesperson to represent the buyer in the same residential transaction. Under P.L. 2024, c.32, those two designated agents:

• a.are dual agents and owe a divided loyalty to both parties
• b.are transaction brokers and owe fiduciary duties to neither party
• c.are subagents of the firm and owe fiduciary duties only to the seller
• d.are not dual agents and owe fiduciary duties only to their principals✓

Section 8.a(1) of the Act says it in terms: "For the purposes of designated agency, the seller's designated agent and the buyer's designated agent are not dual agents and owe fiduciary duties solely to their respective principals." That is the whole point of the relationship the Act created — it lets one firm serve both sides without collapsing each licensee's loyalty. The Commission's Bulletin 24-11 adds the part candidates miss: the brokerage firm itself, apart from those two designated licensees, does act in the capacity of a disclosed dual agent, so the firm-level and licensee-level answers differ. Calling the designated agents transaction brokers gets it backwards, since a transaction broker has no agency relationship at all, and subagency describes acting for another firm's principal rather than an in-house designation.

Under P.L. 2024, c.32, when must a New Jersey brokerage firm enter into a written brokerage services agreement with a buyer in a residential transaction?

• a.Before the firm shows the buyer any property that is listed for sale in New Jersey
• b.Before the buyer signs a written offer on a property, or as soon as reasonably practical after
• c.Before the firm accepts any compensation from the seller, the buyer, or a cooperating firm
• d.Before, or as soon as reasonably practical after, the firm begins rendering brokerage services✓

Section 3.b(1) sets the trigger at the start of service, not at any transaction milestone: "a brokerage firm shall enter into a brokerage services agreement with the buyer before, or as soon as reasonably practical after, the firm commences rendering real estate brokerage services to, or on behalf of, the buyer." Section 5.b(1) states the same rule for sellers, and Bulletin 24-11 quotes the phrase back. Making the deadline the first showing is the natural guess and the one to unlearn, because it converts a flexible standard tied to when service begins into a rigid event the statute never names. The offer is the trigger for a different obligation, delivering the Consumer Information Statement to an unrepresented party. Compensation is governed by section 11.g, which conditions payment on having the agreement rather than setting when it must be signed.

In a New Jersey residential transaction, a seller's consent to the firm acting as a disclosed dual agent or designated agent must be given:

• a.by separate initialization or signature by the seller✓
• b.orally, with the licensee noting the consent in the transaction file
• c.by the seller's signature on the listing agreement's signature block
• d.at closing, on the settlement statement the seller signs

Sections 3.b(2)(d) and 5.b(2)(d) of P.L. 2024, c.32 require the consent to appear "in the brokerage services agreement or another document requiring separate initialization or signature by the seller," together with an acknowledgment that a disclosed dual agent shall not advocate terms favorable to one principal to the detriment of the other. The word doing the work is "separate," which is why a single signature at the foot of the agreement will not carry it even though the consent may live inside that same agreement. An oral consent noted in the file is not consent under a statute that speaks of initialization and signature. Consent at closing arrives after every negotiation the dual agency touched, which is the opposite of informed consent.

At a New Jersey residential open house that is generally open to the public, the sign required by P.L. 2024, c.32 tells prospective buyers that the agent conducting it:

• a.represents the seller and must promote the seller's interests✓
• b.represents neither party and owes its duties equally to both of them
• c.represents the buyer from the moment the buyer signs the sign-in sheet
• d.represents the seller unless the buyer asks to be represented instead

Section 14 requires a sign at the entrance or at the sign-in sheet whose text the statute fixes word for word, beginning "the agent who is conducting this Open House REPRESENTS THE SELLER AND IS REQUIRED BY LAW TO PROMOTE THE INTERESTS OF THE SELLER," and warning that anything the visitor tells that agent is not confidential and could be disclosed to the seller. The sign then tells the visitor they are entitled to their own buyer's agent and, if already exclusively represented, must disclose that on the sign-in sheet. A neutral posture describes a transaction broker, which is not what the sign says the host is. Signing in creates no representation, and asking for representation is not the switch either — the sign explains that the host may become a disclosed dual agent or designated agent through the relationships described in the Consumer Information Statement.

Under P.L. 2024, c.32, a New Jersey firm must give the Consumer Information Statement to a party in the transaction who is NOT represented by any brokerage firm:

• a.at the first showing of any property to that party
• b.only if that party asks the firm to explain the available relationships
• c.no later than the closing at which title is transferred to the buyer
• d.before that party signs an offer, or as soon as reasonably practical after✓

The Act splits the timing in two at section 2.h. To a party the firm actually serves, the statement goes out as soon as reasonably practical but no later than when that party signs a brokerage services agreement; to "any party not represented by a brokerage firm in a transaction," it goes out "before the party signs an offer or as soon as reasonably practical thereafter." Bulletin 24-11 adds that the Act does not make a signed acknowledgment a precondition to viewing a property at an open house, which is why the first-showing answer overstates the duty. Waiting for the consumer to ask inverts a disclosure written for people who do not yet know what to ask, and delivery at closing comes after every decision the statement exists to inform.

N.J.A.C. 11:5-6.9 still sets out a four-relationship Consumer Information Statement last amended in 1998. Which form must a New Jersey licensee use today?

• a.The revised statement issued as Appendix A to DOBI Bulletin 24-11✓
• b.The text printed at N.J.A.C. 11:5-6.9(h), because a rule outranks a bulletin
• c.Either form, at the brokerage firm's option, until new rules are adopted
• d.A form of the firm's own drafting that names all five relationships

Bulletin 24-11 issued a revised Consumer Information Statement as Appendix A and directed that it "must be used by real estate licensees in lieu of the text set out at N.J.A.C. 11:5-6.9(h)" until conforming rules are promulgated, because designated agency did not exist when the rule text was written. The gap is deliberate and on the record: adopting the 2026 readoption of N.J.A.C. 11:5, the Commission answered a request to conform the rules to P.L. 2024, c.32 by stating that "the balance of the changes to the law made at P.L. 2024, c. 32 are not addressed in this rulemaking" and that it anticipates a later rulemaking. So the 1998 text is not the current form, the choice is not the firm's to make, and drafting a substitute in-house is not permitted — the Commission prescribes the form.

Under P.L. 2024, c.32, a New Jersey brokerage firm engaged as a transaction broker by both the buyer and the seller:

• a.represents neither party and need not keep any information confidential✓
• b.represents both parties and owes fiduciary duties to each of them
• c.represents whichever party is paying its compensation in the transaction
• d.represents whichever party it first began working with in the transaction

Section 9.a provides that a firm engaged as a transaction broker "shall not act as an agent for and shall not represent any party in the transaction, shall not promote the interest of one party over the interest of the other party, and shall not be required to keep any information confidential." The confidentiality point is the one candidates get wrong, because non-representation is easy to remember and its consequence is not. The firm still has real duties under section 9.b — to treat all parties honestly, present all written offers, keep the parties informed and manage the transaction to closing — but they are contractual and statutory rather than fiduciary. Section 11.b forecloses the compensation answer directly, providing that paying a firm does not establish an agency relationship with the payer, and who the firm met first is irrelevant because the relationship is the one the brokerage services agreement establishes.

A buyer's attorney disapproves a New Jersey contract of sale on the third day of attorney review and sends the notice of disapproval to the broker by certified mail. The letter reaches the broker on the fifth day. The contract is:

• a.binding, because the notice had to reach the broker within the three days
• b.binding, because certified mail is not a permitted method of disapproval
• c.disapproved, because a certified letter is effective upon sending✓
• d.disapproved, but only if the attorney also proposed revised terms

The attorney-review clause the Commission prescribes at N.J.A.C. 11:5-6.2(g)2 sets out the delivery rule expressly: the attorney "must send the notice of disapproval to the Broker(s) by certified mail, by telegram, or by delivering it personally. The telegram or certified letter will be effective upon sending. The personal delivery will be effective upon delivery to the Broker's office." So the asymmetry is the whole question — mailing inside the period is enough, while hand delivery must actually arrive. The clause also provides that the three days are counted from delivery of the signed contract to buyer and seller, excluding Saturdays, Sundays and legal holidays, and that the attorney "may but need not also inform the Broker(s) of any suggested revisions," which is why a disapproval does not depend on offering alternative terms.

Under P.L. 2024, c.32, when a New Jersey seller in a residential transaction is not represented by and is not working with any brokerage firm, the property condition disclosure statement must be provided:

• a.by the seller to the buyer before the buyer becomes obligated under a contract✓
• b.by the buyer's agent to the buyer at the first showing of that property
• c.by the seller to the Real Estate Commission before the property is advertised
• d.by the closing agent to the buyer at the settlement table on closing day

Section 2.e requires a brokerage firm whose principal is a residential seller to obtain a signed property condition disclosure statement, then addresses the case where there is no such firm: where "the seller is not represented by a brokerage firm or working with a brokerage firm that is a transaction broker, then the seller shall be required to provide the statement to the buyer before the buyer becomes obligated under any contract for the purchase of the property." The deadline is being bound, not being shown a house, so moving delivery to the first showing changes the rule's anchor. There is no filing of the statement with the Real Estate Commission; the form itself is promulgated by the Division of Consumer Affairs at N.J.A.C. 13:45A-29.1(d). Delivery at settlement would come after the buyer was already obligated, which is the outcome the sentence is written to prevent.

N.J.A.C. 11:5-5.1(a) requires a resident New Jersey broker to hold the money of others in a special account that is:

• a.held at an authorized New Jersey institution, apart from other accounts✓
• b.held at any federally insured institution, under a separate client ledger card
• c.held at the broker's ordinary business bank, in the name of each client served
• d.held at an institution of the seller's choosing, apart from the buyer's accounts

The rule requires every resident broker to "establish and maintain, in an authorized financial institution in New Jersey ... a special account or special accounts, separate and apart from other business or personal accounts, for the deposit of all moneys" of others received as broker, escrow agent or temporary custodian. Two things are being tested: the account must be at an authorized New Jersey institution, and the separation is from the broker's own business and personal accounts. A ledger card records what happened without segregating anything, which is why bookkeeping cannot substitute for a separate account — commingling is a specific ground for discipline at N.J.S.A. 45:15-17(o) and one of only two grounds that can support a temporary suspension. The escrow account is the broker's own responsibility, so neither the seller nor the client picks the bank, and a reciprocally licensed broker may use an institution in the state of their resident license.

N.J.A.C. 11:5-5.1(e) defines the word "promptly," as the trust account rules use it, to mean not more than:

• a.three business days following receipt of the money of another
• b.five business days following receipt of the money of another✓
• c.seven calendar days following receipt of the money of another
• d.ten calendar days following receipt of the money of another

The rule supplies its own definition: "Within the meaning of this section, the word 'promptly' means not more than five business days next following the receipt of the money or property of another." The same subsection carves out one narrow case — if within those five business days the offer is withdrawn before acceptance, or is rejected with no counteroffer, the licensee may return the funds to the offeror in the same form in which they were received rather than depositing them, and "[i]n all other cases, the licensee must deposit such monies within five business days of receipt." The unit is business days, so the calendar-day options change the measure as well as the number. Three business days is the attorney-review period rather than a deposit deadline.

Under N.J.A.C. 11:5-5.1(h), who must be a signatory on a New Jersey brokerage firm's escrow or trust accounts?

• a.Any two salespersons the broker of record designates in writing
• b.The firm's bookkeeper, together with one licensed salesperson
• c.The office supervisor of each branch office the firm maintains
• d.The broker of record, or sole proprietor broker, of the firm✓

The rule places the requirement on one identified licensee: "Every person licensed as a broker of record or as a sole proprietor broker shall be a signatory on the escrow or trust account(s) of their brokerage firm." It then limits who else may be added — "[o]nly individuals who are actively licensed by the Commission as a real estate broker-salesperson or salesperson may be additional signatories" — which rules out an unlicensed bookkeeper however trusted. Delegating signature authority to two salespersons instead of the broker of record inverts the rule, because the point is that the licensee answerable to the Commission for the firm cannot be off the account. A branch office supervisor is a broker-salesperson and so may be an additional signatory, but that is permission rather than the mandatory signatory the question asks about.

Under N.J.S.A. 45:15-17(f), a New Jersey exclusive sales listing contract exposes the licensee to discipline unless it specifies:

• a.a commission rate no higher than the rate customary in the market area
• b.a definite terminal date not subject to qualifying terms or conditions✓
• c.a protection period extending at least 90 days beyond the listing term
• d.a clause permitting the seller to cancel on 30 days' written notice

The statute makes it a ground for suspension or revocation to fail to give the client a fully executed copy of any sale or exclusive sales or rental listing contract at the time of execution, or to fail "to specify therein a definite terminal date which terminal date shall not be subject to any qualifying terms or conditions." The second half is the one that catches drafters: an end date that renews automatically, or that runs until some event occurs, is qualified and therefore not definite. Setting a commission ceiling would be the opposite of New Jersey law, which requires advertisements quoting a rate to say that compensation is fully negotiable and not set by law. A protection period and a cancellation clause are terms the parties may negotiate, but neither is required, and neither cures the absence of a definite terminal date.

A New Jersey broker replaces the broker-salesperson who supervises one of the firm's branch offices. The change must be reported to the Commission within:

• a.24 hours
• b.48 hours✓
• c.10 days
• d.30 days

N.J.A.C. 11:5-4.5(g) states that "[a] change of the broker-salesperson supervising a branch office must be reported to the Commission within 48 hours." The short clock follows from the rest of the section: a branch office must be under the direct supervision of a licensed broker employed as a broker-salesperson who manages it full time during usual business hours, and the supervisor's name must be recorded with the Commission at all times, so a gap in that record is a gap in supervision. The same section bars licensing a branch office in the dwelling premises of a salesperson or broker-salesperson. Twenty-four hours is not a period this chapter uses for branch offices; 10 days is the deadline for updating a broker's official email address, and 30 days belongs to the accounting owed a departing salesperson.

Under N.J.A.C. 11:5-5.4(a), a New Jersey broker must keep records of all funds of others received, dating from the receipt of those funds, for not less than:

• a.two years
• b.three years
• c.six years✓
• d.ten years

The rule requires every broker to "keep records as prescribed herein of all funds of others received by him or her for not less than six years from the date of receipt of any such funds," and applies the same six years to transactions where no funds were held, running from the earlier of the listing or management agreement or the contract or lease. One exception cuts it much shorter: unaccepted offers, and expired listing agreements during whose term no contract of sale was executed and no tenancy entered into, need be kept only six months. Six years is chosen so the file outlives the period in which a dispute can realistically be brought. Two and three years are retention periods borrowed from other states, and ten years is longer than anything this chapter imposes.

N.J.A.C. 11:5-5.4(b) requires a New Jersey broker to keep records showing a reconciliation of the trust account checkbook balance, the bank statement balance and the client trust ledger sheet balances:

• a.at least monthly
• b.at least quarterly✓
• c.at least annually
• d.at each closing

The rule requires "[c]opies of all records, showing that at least quarterly a reconciliation has been made of the checkbook balance, the bank statement balance and the client trust ledger sheet balances." Three figures, reconciled together, is what makes a shortfall visible; reconciling only two of them can hide it. The same subsection adds two more bookkeeping rules worth knowing: trust or escrow withdrawals may be made only by authorized bank transfer or by check payable to a named payee "and not to cash," and the Commission "will not deem a regular checkbook ledger as sufficient to constitute an appropriate ledger book." Monthly is the common practice and the tempting answer, but the rule sets quarterly as the floor; annually and at each closing are neither the floor nor a workable substitute for a periodic reconciliation.

A New Jersey licensee promotes an offer of free services to prospective clients. Under N.J.A.C. 11:5-6.1(m), a written disclosure to the recipient becomes mandatory once the monetary benefit conferred exceeds:

• a.$250 retail
• b.$500 retail
• c.$1,000 retail✓
• d.$2,500 retail

The rule sets the threshold at retail value: "[w]henever a licensee participates in a promotion or offering of free, discounted, or other services or products that confers upon the recipient a monetary benefit of greater than $1,000 retail, the licensee shall provide written disclosure to the recipient," stating whether the recipient must do anything to qualify, when the benefit will be delivered, and what compensation the licensee receives. Attending a listing presentation counts as an action the consumer must take, so it has to be disclosed. Separately, subsection (m)2 forbids any such offering "where the promotion or offering involves a lottery, a contest, a game or a drawing, or the offering of a lot or parcel," a prohibition mirrored in the statute at N.J.S.A. 45:15-17(g). The lower and higher figures are plausible round numbers, but $1,000 is the one the rule uses.

New Jersey permits a broker to rebate part of the commission to a purchaser of residential real property. Under N.J.S.A. 45:15-17(k), the rebate must be agreed:

• a.at any time before the buyer signs the contract of sale for the property
• b.at the closing, on the settlement statement both parties sign
• c.at the onset of the broker relationship, in a written or electronic document✓
• d.at the point the buyer's mortgage commitment is issued by the lender

The statute makes paying a rebate or commission to an unlicensed person a ground for discipline, then carves out this exception: a broker may rebate part of the commission to a purchaser of residential real property, and no other third party, "so long as: the broker and the purchaser contract for such a rebate at the onset of the broker relationship in a written document, electronic document or a buyer agency agreement," the broker complies with State and federal disclosure requirements, and the broker recommends that the purchaser consult a tax professional about the tax implications. N.J.S.A. 45:15-16a adds that the rebate must be disclosed to all parties including any mortgage lender, may not be contingent on using other services the broker offers, and may not be based on a lottery, contest or game. Payment happens at closing, as a credit reducing the commission or a check from the closing agent, but agreeing it then would be far too late.

A prospective buyer makes an oral offer to a New Jersey listing licensee. Under N.J.A.C. 11:5-6.4(g), the licensee must:

• a.present it to the owner within 24 hours of receiving it
• b.reduce it to writing and present it to the owner without the offeror's signature
• c.decline to discuss it further until the offeror retains an attorney
• d.advise the offeror that an offer need not be presented unless it is in writing✓

The rule distinguishes oral from written offers and puts the burden of the distinction on the licensee: "If any offer on any real property or interest therein is made orally, the licensee shall advise the offeror that he is not obligated to present to the owner or his authorized representative any offer unless the offer is in writing." The 24-hour clock in the same subsection attaches to written offers, which must be transmitted to the owner within 24 hours of the firm receiving them, and an orally given acceptance must be secured in writing within 24 hours — so the timing answer is a real rule pointed at the wrong kind of offer. Writing up someone else's offer for them and presenting it unsigned substitutes the licensee's account for the buyer's, which is what the writing requirement exists to prevent. And while subsection (i) makes it a duty to recommend legal counsel whenever a party's interests seem to require it, refusing to talk is not the response the rule prescribes.

A New Jersey home sells for $2,750,000 in 2026. Under N.J.S.A. 46:15-7.2 as amended by P.L. 2025, c.69, the supplemental fee on that transfer is:

• a.paid by the buyer, at 1 percent of the whole consideration
• b.paid by the buyer, at 2.5 percent of the amount above $2,500,000
• c.paid by the seller, at 2.5 percent of the amount above $2,500,000
• d.paid by the seller, at 2.5 percent of the whole consideration✓

P.L. 2025, c.69, approved 30 June 2025 and applying to transfers occurring on or after 10 July 2025, did two things at once, and a candidate has to get both. It struck "grantee" from N.J.S.A. 46:15-7.2 and substituted "grantor," moving what everyone still calls the mansion tax onto the seller; and it replaced the flat 1 percent with graduated tiers — 1 percent above $1,000,000, 2 percent above $2,000,000, 2.5 percent above $2,500,000, 3 percent above $3,000,000, and 3.5 percent above $3,500,000. The Division of Taxation's notice of 2 July 2025 settles how the rate is applied: "[t]his is a straight application of a percentage of total consideration," and its own worked example is a $2.75 million deed at 2.5 percent, "resulting in $68,750 due at recording." It is not a marginal bracket, and it is no longer the buyer's. This charge is separate from, and on top of, the base Realty Transfer Fee the grantor pays under N.J.S.A. 46:15-7.

A buyer purchases New Jersey land that has been farmland-assessed and converts it to residential use. Roll-back taxes are imposed for:

• a.the tax year of the change in use only
• b.the three tax years immediately preceding the change in use
• c.the tax year of the change in use and the five tax years immediately preceding
• d.the tax year of the change in use and the two tax years immediately preceding✓

N.J.A.C. 18:15-7.4(a), implementing N.J.S.A. 54:4-23.8, states that "[r]oll-back taxes are applied to land for the tax year in which the change in the use of the land occurs and for such of the two tax years immediately preceding such year if assessed under the Act" — so up to three tax years in all, and the liability follows the land to whoever owns it when the use changes. To have qualified in the first place the land must be at least five acres actively devoted to agricultural or horticultural use, and must have been so devoted "for at least two successive years immediately preceding the tax year for which such assessment is requested" under N.J.A.C. 18:15-3.1(a). Note also that PSI's outline calls this the "Farmland Reassessment Act"; New Jersey's statute is the Farmland Assessment Act of 1964, and there is no act by the bulletin's name.

The Truth-in-Renting Act requires a New Jersey landlord to distribute the State's statement of tenant rights. The Act does not reach a landlord renting:

• a.a unit in a building containing not more than eight dwelling units
• b.a unit in any building the owner has held for less than one year
• c.a unit in premises containing not more than two dwelling units✓
• d.a unit under a lease with a term of more than one year

The Act works through its definition of "landlord" at N.J.S.A. 46:8-44(a), which covers anyone renting dwelling units for a term of at least one month "except dwelling units in rental premises containing not more than two such units, or in owner-occupied premises of not more than three dwelling units, or in hotels, motels or other guest houses serving transient or seasonal guests." So the exemption turns on the size of the premises, not on how long the owner has held them or how long the lease runs. A covered landlord must give each new tenant a copy of the current statement at or before the tenant takes occupancy and keep a copy posted where tenants can see it; N.J.S.A. 46:8-49 adds that no waiver or refusal by a tenant alters the landlord's duty, and N.J.S.A. 46:8-47 sets a penalty of not more than $100 for each offense.

Under the Municipal Land Use Law, a municipal zoning board of adjustment may grant a use variance under N.J.S.A. 40:55D-70(d) only by the affirmative vote of:

• a.a simple majority of the members present and voting
• b.a simple majority of the full authorized membership of the board
• c.at least five members of the board✓
• d.every member of the board who is present at the hearing

The Municipal Land Use Law treats a use variance as the most consequential thing a board of adjustment can do, because it permits a use the zoning ordinance does not allow in that district at all, and it sets a supermajority accordingly: "[a] variance under this subsection shall be granted only by affirmative vote of at least five members, in the case of a municipal board, or two-thirds of the full authorized membership, in the case of a regional board." A simple majority, whether of those present or of the full membership, is the standard for the ordinary bulk or hardship variance under subsection (c), which is granted where narrowness, shallowness, shape or topography would make strict application of a regulation an undue hardship. Requiring unanimity of those present is not a standard the statute uses anywhere.