Gail Hansche
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Licensing Real Estate Quiz on Chapter 1, created by Gail Hansche on 04/12/2016.

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Gail Hansche
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Chapter 1

Question 1 of 13

1

New Jersey’s real estate license law is known as

Select one of the following:

  • the Statute of Frauds.

  • Title VII

  • Title 45

  • The Law of Agency

Explanation

Question 2 of 13

1

A New Jersey resident does NOT need a license to

Select one of the following:

  • help a neighbor sell his or her house in return for a used car.
    negotiate the purchase of vacant land on behalf of a developer in return for one lot.
    draw up a binding lease for a new tenant in a property the resident owns.
    charge a fee for selling someone else’s pizza business, including name, ovens, truck, and small building.

  • negotiate the purchase of vacant land on behalf of a developer in return for one lot.

  • draw up a binding lease for a new tenant in a property the resident owns.

  • charge a fee for selling someone else’s pizza business, including name, ovens, truck, and small building.

Explanation

Question 3 of 13

1

A real estate license is valid for

Select one of the following:

  • six months.

  • one year.

  • two years

  • life

Explanation

Question 4 of 13

1

According to the law, to obtain a salesperson’s license one must reach the age of

Select one of the following:

  • 18

  • 19

  • 20

  • 21

Explanation

Question 5 of 13

1

A broker must have completed how many hours of study beyond the original salesperson’s course?

Select one of the following:

  • 30

  • 75

  • 150

  • 165

Explanation

Question 6 of 13

1

The prelicense course must be taken over if the student does not apply for a license within

Select one of the following:

  • 6 months

  • 2 years

  • 1 year

  • an unlimited amount of time

Explanation

Question 7 of 13

1

A nonresident broker requesting a New Jersey license must

Select one of the following:

  • Post a bond

  • Agree to be sued in NJ

  • Open an office in the state

  • Have a licensed NJ Broker as a sponsor

Explanation

Question 8 of 13

1

An honorably discharged war veteran with a service-connected wound or disability may

Select one of the following:

  • be exempt from payment of license fees.

  • obtain a license even if younger than 18.

  • be excused from taking the state licensing examination.

  • sell real estate and charge commissions without holding a real estate license.

Explanation

Question 9 of 13

1

The Real Estate Commission has how many members?

Select one of the following:

  • 3

  • 5

  • 8

  • 10

Explanation

Question 10 of 13

1

Continuing education courses must be taken

Select one of the following:

  • By all licensees

  • for an initial broker's license

  • within a year after license renewal

  • in every 2-year period

Explanation

Question 11 of 13

1

Which of the following are NEVER allowed to sell real estate without a license?

Select one of the following:

  • Banks

  • Insurance Brokers

  • Attorneys

  • Owners

Explanation

Question 12 of 13

1

If a principal broker dies, associated salespersons should promptly

Select one of the following:

  • change their affiliation to another firm.

  • have one of their members apply for a temporary broker’s license.

  • move the office to another location.

  • obtain broker's licenses

Explanation

Question 13 of 13

1

The Guaranty Fund is funded by

Select one of the following:

  • fines paid by brokers who violate license law.

  • a 1% tax on real estate sales over $500,000.

  • fees paid at first-license application.

  • real property taxes.

Explanation

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