New Jersey Real Estate Salesperson Exam — All Questions
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In New Jersey, the document a licensee uses to explain the types of business relationships available to a consumer is the:
- a.Property Condition Disclosure Statement
- b.Affiliated Business Arrangement notice
- c.Settlement Statement
- d.Consumer Information Statement (CIS)✓
New Jersey licensees must provide and review the Consumer Information Statement on New Jersey Real Estate Relationships at the first contact with a consumer. The CIS describes the roles of seller's agent, buyer's agent, disclosed dual agent, and transaction broker so the consumer can choose how to work with the licensee before sharing confidential information.
New Jersey recognizes a working relationship in which a licensee helps a buyer and seller with a transaction without representing either as an agent. This is a:
- a.Disclosed dual agent
- b.Transaction broker✓
- c.Designated subagent
- d.Universal agent
New Jersey recognizes the transaction broker (transaction-broker relationship), a non-agency arrangement in which the licensee provides services to complete the transaction but does not act as the agent of, or advocate for, either party. The licensee must still be honest and disclose known material information. This differs from a disclosed dual agent, who represents both parties as clients.