New Jersey Real Estate Salesperson Exam — All Questions
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Real estate salespersons in New Jersey are licensed and regulated by:
- a.The New Jersey Association of Realtors
- b.The New Jersey Real Estate Commission, within the Department of Banking and Insurance✓
- c.The New Jersey Department of Community Affairs
- d.The New Jersey Superior Court
The New Jersey Real Estate Commission (REC) operates within the Department of Banking and Insurance and licenses and disciplines brokers, broker-salespersons, and salespersons under N.J.S.A. 45:15-1 et seq. A trade association is a private membership organization and has no licensing authority.
A New Jersey salesperson may accept a commission for brokerage services:
- a.Directly from the buyer at closing
- b.From any licensee involved in the deal
- c.Only from the broker with whom the salesperson is licensed✓
- d.From the Real Estate Commission's fee account
A New Jersey salesperson works under and is paid only by the broker who holds the salesperson's license. A salesperson may not accept compensation directly from a buyer, seller, or another broker. The employing broker is responsible for supervising the salesperson and for handling escrow money.
The New Jersey Real Estate Guaranty Fund exists primarily to:
- a.Reimburse consumers for an actual monetary loss from certain fraudulent acts of a licensee when a judgment cannot be collected✓
- b.Insure the value of properties sold through licensed brokers
- c.Provide down-payment assistance to buyers
- d.Pay the salaries of Commission staff
The Guaranty Fund reimburses members of the public who obtain a final judgment against a licensee for an actual loss caused by fraud, misrepresentation, or deceit in a licensed transaction and cannot otherwise collect, subject to statutory limits. When the fund pays, the licensee's license is suspended until the fund is repaid. It is not an insurance or assistance program.