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State Section Review
State Section Review
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State Section Review
Flashcards
40 cards
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Practice quiz
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Questions
40
Answers
1
All of the following are exempt from needing a RE license to sell property, except
Owner selling their own property
Banks
Attorney handling real estate under the order of a court
Insurance Brokers
2
How long of a term do most RE Commission members serve?
3 years
2 years
1 Year
5 years
3
Upon request, how long does a broker have to present records to RE Commission?
3 business days
Immediately on demand
10 Days
5 business days
4
Mixing broker's funds with client's funds is called
legal
redlining
blockbusting
commingling
5
How long does a broker have to pay his salespersons
7 days
5 days
10 days
30 days
6
A real estate Broker has what type of agency with his principal
General
Specific
Universal
Special
7
All advertisements for a property must include
The municipal location of the property
number of bedrooms and bathrooms
The price
The closest school
8
Which of the following will terminate a listing agreement
broker gets divorced
House is in a flood zone
House has mold
broker files bankruptcy
9
All of the following are required to be a RE salesperson except
85 Hour prelicensing course
Be 18 years or older
Sponsored by licensed Broker
Evidence of "good moral character"
10
Who sets the commission
local Custom
negotiation between broker and seller
Buyer
Brokers in the MLS
11
All of the following are duties of the listing agent except
determine financial qualification of customers
Ascertain material info about physical condition of property
do a physical inspection of the roof
a visual inspection of the property
12
A licensee quilty of a third violation on RE Commission Articles may
be suspended for 3 years
Will need to retake the license class
pay of fine of a total of $15,000
be denied ever holding a license again
13
Broker must keep all signed contracts for how long
6 years
60 days
1 year
6 months
14
When a Broker's license is suspended, what happens to the salesperson's license?
Nothing
they must transfer their license to another broker
It is suspended until the next renewal term
It is revoked
15
A transaction broker represents
No One
Buyer
Seller
His own interest
16
A contract becomes legally binding after the attorney review period, which is
3 business days
one week
3 calendar days
48 hours
17
The Real Estate Commission has how many members?
2
5
8
6
18
The term Realtor is given to
Anyone who is licensed to sell real estate
A member of a private trade organization
Those who pass the Realtor test
Brokers
19
Broker escrow accounts must be
deposited in any US bank
held by the closest bank
held in a NJ financial institution
interest bearing
20
Who signs the Waiver of Broker Cooperation
Buyer
Seller
salesperson
Broker
21
Financing advertisements must include
the words "to a qualified buyer "
the amount of the monthly payment
the interest rate
the term of the loan
22
A Salesperson can accept payment for services from
the seller directly
a cooperating broker
His/Her own broker
the title company
23
The licensee owes the following to the customer in a transaction
Fair and honest dealing
Accounting
Loyalty
obedience
24
Any nonresident of NJ must
put funds in an escrow account in case of wrongdoing
consent to be sued
publish their net worth
retain an attorney at all times
25
Leading buyers to a particular area due to their race is called
Blockbusting
Steering
leadership
Redlining
26
How much time do licencees have to give a duplicate of contracts to signers
withing 3 business days
48 hours
24 hours
Immediately
27
When must we disclose agency (CIS)
after showing 1 property
When contracts are being signed
Upon first discussion of financial motivation
at closing
28
All of the following are required to become a broker except
Be 21 years of age or older
High school education or its equivalent
Take 150 hour additional education
Disclose SS# for chld support enforcement
29
A licensee's license will be revoked for all of the following except
Forgery
Shoplifting
Robbery
Criminal conspiracy to defraud
30
If a broker enters into an oral listing agreement, how long does he have to put it in writing
3 days
5 days
doesn't have to
10 days
31
When a seller hires one broker to sell his home but retains the right to sell it himself
Exclusive-Agency Listing
Exclusive-Right-to-Sell Listing
open listin
Net listing
32
A broker may receive a referral fee from
Mortgage Representative
A cooperating broker
Title Clerk
Insurance Broker
33
Initial, renewed and reinstated licenses are issue for a term of
2 years
1 year
4 years
3 years
34
Written offers must be presented to seller within
48 hours
24 hours
whenever the agent has time
36 hours
35
If a broker is acting as a disclosed dual agent in a transaction he can not
be present at closing
fill out the contracts
give advice as to what price to accept / what price to offer
represent both parties
36
A licensee can offer
a free appraisal
a free CMA
A free TV to winner of a drawing
A free dinner
37
The main branch of a real estate office can be
In a broker saleperson's house
Must not be in a residence
In an agents house
In a Broker's house
38
All unaccepted offers to purchase must be kept for how long
6 months
6 years
120 days
90 days
39
A broker that represents both the seller and the buyer is operating as
a dual agent
a sellers agent
a buyers agent
a duplicate agent
40
Licencees are permitted to give information on the presence of convicted sex offenders nearby
after closing
after a buyer agency form is signed
before showing a property
before signing contracts
