COLIBRI SCHOOL EXAM NJ COMPREHENSIVE
QUESTIONS AND ANSWERS
◉ Broker-Salesperson.
Answer: A qualified broker who practices real estate in the position
of salesperson in another broker's office
◉ bureau of subsidized land sales control.
Answer: regulations covering out of state properties sold in NJ
◉ continuing education.
Answer: 12 hours required every two years, two of which must be
on ethics
◉ NJ Real Estate Commission.
Answer: Department of Banking and Insurance. 8 members. 5
brokers for at least 10 years, two from general public and one
representing the state government
◉ Real estate license act.
Answer: Title 45 chapter 15
,◉ Title 11, chapter 5.
Answer: NJ real estate license act administrative code
◉ Real estate sales full disclosure act.
Answer: covers the sales of out of state property in NJ
◉ referral agent.
Answer: only allowed to refer prospects to a brokers office
◉ referral fee.
Answer: part of a commission or fee paid to a broker who sends a
client
◉ salesperson.
Answer: works under a sponsoring licensed broker doing business
in the name of the broker
◉ branch office.
Answer: must be under the direct supervisor of a broker or broker
salesperson and must have a duplicate license
◉ commingling.
,Answer: brokers are prohibited from mixing their own funds with
money in the trust account
◉ duplicate original.
Answer: multiple original copies for the parties signatures. required
for all listing contracts, sales contracts and leases
◉ escrow account.
Answer: also known as trust account. must be in an authorized
financial institution in NJ to be used for depositing all money
belonging to other persons
◉ guilty knowledge.
Answer: knew what was going on and did not attempt to stop it
◉ probation.
Answer: first step after a complaint against a licensee. fine of up to
$5000
◉ suspension.
Answer: suspend a license fine up to $10,000
◉ revocation.
, Answer: permanently revoke licence. Fine up to $10,000
◉ waiver of broker cooperation.
Answer: what a seller must sign if they direct the broker not to
cooperate with any other brokers
◉ principal.
Answer: client
◉ agency.
Answer: a fiduciary relationship that falls within in the requirements
of the law of agency
◉ fiduciary relationship.
Answer: one of trust and confidence in which an agent is responsible
for the money and/or property of others. It requires putting the
principal's interest above all others, including the broker's own
interest.
◉ fiduciary.
Answer: agent
◉ COALD.
QUESTIONS AND ANSWERS
◉ Broker-Salesperson.
Answer: A qualified broker who practices real estate in the position
of salesperson in another broker's office
◉ bureau of subsidized land sales control.
Answer: regulations covering out of state properties sold in NJ
◉ continuing education.
Answer: 12 hours required every two years, two of which must be
on ethics
◉ NJ Real Estate Commission.
Answer: Department of Banking and Insurance. 8 members. 5
brokers for at least 10 years, two from general public and one
representing the state government
◉ Real estate license act.
Answer: Title 45 chapter 15
,◉ Title 11, chapter 5.
Answer: NJ real estate license act administrative code
◉ Real estate sales full disclosure act.
Answer: covers the sales of out of state property in NJ
◉ referral agent.
Answer: only allowed to refer prospects to a brokers office
◉ referral fee.
Answer: part of a commission or fee paid to a broker who sends a
client
◉ salesperson.
Answer: works under a sponsoring licensed broker doing business
in the name of the broker
◉ branch office.
Answer: must be under the direct supervisor of a broker or broker
salesperson and must have a duplicate license
◉ commingling.
,Answer: brokers are prohibited from mixing their own funds with
money in the trust account
◉ duplicate original.
Answer: multiple original copies for the parties signatures. required
for all listing contracts, sales contracts and leases
◉ escrow account.
Answer: also known as trust account. must be in an authorized
financial institution in NJ to be used for depositing all money
belonging to other persons
◉ guilty knowledge.
Answer: knew what was going on and did not attempt to stop it
◉ probation.
Answer: first step after a complaint against a licensee. fine of up to
$5000
◉ suspension.
Answer: suspend a license fine up to $10,000
◉ revocation.
, Answer: permanently revoke licence. Fine up to $10,000
◉ waiver of broker cooperation.
Answer: what a seller must sign if they direct the broker not to
cooperate with any other brokers
◉ principal.
Answer: client
◉ agency.
Answer: a fiduciary relationship that falls within in the requirements
of the law of agency
◉ fiduciary relationship.
Answer: one of trust and confidence in which an agent is responsible
for the money and/or property of others. It requires putting the
principal's interest above all others, including the broker's own
interest.
◉ fiduciary.
Answer: agent
◉ COALD.
