Real Estate Ch. 1

Under the Real Estate License Act, there are four types of licensees.  What are they?

• broker; salesperson; broker-salesperson; salesperson licensed with a real estate referral company

• broker; salesperson; salesperson licensed with a real estate referral company; accountant

• salesperson; salesperson licensed with a real estate referral company; accountant; realtor

• salesperson licensed with a real estate referral company; realtor; broker; salesperson

Under the Real Estate License Act, which type of license allows authorization to operate a real estate business, hire salespersons, and charge the public for services?

• salesperson

• broker

• broker-salesperson

• salesperson licensed with a real estate referral company

What is an unlicensed New Jersey resident permitted to do?

• 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 that the resident owns

• charge a fee for selling someone else's pizza business, including names, ovens, a truck, and a small building

Under the Real Estate License Act, which type of license is for someone who works under a sponsoring licensed broker, doing business in the name of the broker and receiving compensation only from that broker?

• broker

• salesperson

• broker-salesperson

• salesperson licensed with a real estate referral company

For how long is a New Jersey real estate license valid?

• six months

• one year

• until June 30 of the next odd-numbered year

• until June 30 of an even-numbered year

Who is personally responsible for the real estate acts of salespersons under his or her supervision?

• the corresponding salespersons

• the primary accountants

• the realtor CEO

• the supervising broker

According to the law, what is the minimum age to obtain a saleperson's license in New Jersey?

• 18

• 19

• 20

• 21

Other than directly supervising the real estate acts of salespersons under his or her supervision, what is another role of the supervising broker?

• to directly compensate the salespersons

• to license and register salespersons

• to penalize salespersons for expenses used

• to furnish "guidance and direction" the of salespersons

A real estate salesperson wants to open her own office. How many additional hours of education must she complete?

• 30 hours

• 75 hours

• 150 hours

• 165 hours

Under the Real Estate License Act, which type of license applies to a person that has fulfilled all of the requirements of a broker yet chooses to work in a sales capacity for and in the name of another broker?

• broker

• salesperson

• broker-salesperson

• salesperson licensed with a real estate referral company