New Jersey Real Estate Salesperson Exam — All Questions

Which four business relationships does New Jersey's Consumer Information Statement describe?

• a.Seller's agent, buyer's agent, dual agent, transaction broker✓
• b.Seller's agent, buyer's agent, subagent, and designated agent
• c.Listing agent, selling agent, dual agent, and referral agent
• d.Seller's agent, buyer's agent, dual agent, and facilitator broker

The four relationships are seller's agent, buyer's agent, disclosed dual agent and transaction broker, and licensees must verbally inform buyers and sellers of all four before the first substantive discussion. The transaction broker, who works with a party without representing them, is the relationship candidates most often miss. Cite: N.J.A.C. 11:5-6.9

To which transactions does the Consumer Information Statement requirement apply?

• a.All sales of real property located in New Jersey
• b.Residential one-to-four unit sales and most leases✓
• c.Commercial leases of more than five years' term
• d.Any transaction in which a licensed buyer's agent acts

The rule covers residential property of one to four dwelling units, vacant one-family lots, and residential leases other than short-term rentals. Commercial and industrial transactions are outside it. Cite: N.J.A.C. 11:5-6.9

A New Jersey licensee acts as a disclosed dual agent with both parties' written consent. May the licensee be compensated by both parties?

• a.Yes, once both parties consent in writing
• b.Yes, if the split is stated in the contract
• c.Yes, provided the broker keeps a record of it
• d.No, dual compensation is barred regardless✓

Licensees are prohibited from receiving compensation from both a seller and a buyer for representing both in the same sales transaction, and from both a landlord and a tenant in the same rental, even when the dual agency has been fully disclosed to both parties. Disclosure cures the agency conflict, not the compensation one. Cite: N.J.A.C. 11:5-7.1

How long is the attorney-review period in a New Jersey contract of sale prepared by a real estate licensee?

• a.Three business days, excluding weekends and holidays✓
• b.Three calendar days, including weekends and legal holidays
• c.Five business days, excluding weekends and legal holidays
• d.Seven calendar days from the date of the contract

The required clause counts three days from the date of delivery of the signed contract to the buyer and the seller, not counting Saturdays, Sundays or legal holidays. If no attorney disapproves within that period, the contract is legally binding as written. Cite: N.J.A.C. 11:5-6.2

An attorney disapproves a contract during the New Jersey attorney-review period. Who must be notified for the disapproval to be effective?

• a.Only the broker who prepared the contract form
• b.Only the other party named in the contract
• c.The broker or brokers and the other party✓
• d.The county clerk and both parties' lawyers

The attorney must notify the broker or brokers and the other party named in the contract within the three-day period. The contract must also list the names and full addresses of everyone to whom a notice of disapproval must be sent for it to be effective. Cite: N.J.A.C. 11:5-6.2