WEICHERT REAL ESTATE SCHOOL
EXAM QUESTIONS AND ANSWERS
100% CORRECT
Who needs a real estate license? - ANSWER-Anyone who takes part in a real estate
transaction in New Jersey for another person for a fee, commission, or other valuable
consideration.
Why did the state of New Jersey create real estate licensing regulations? - ANSWER-
To protect the general public from unscrupulous brokers in sales people.
Real Estate License Act - ANSWER-Known as Title 45, chapter 15 -set rules and
regulations up by the commission
Real Estate Commission - ANSWER-A division of the department of banking and
insurance, it is composed of eight members appointed by the governor. Five a real
estate broker should've been licensed for at least 10 years; two are chosen from the
general public; and one represents a department of the state government. All members
serve three terms, except for the governmental member, who served at the pleasure of
the governor.
What is a sales person's license allow them to do? - ANSWER-Negotiate the purchase,
sell, or exchange of real estate
Negotiating real estate loans
Leasing, Renting, and collecting rent
Selling lots are other parcels for a developer
When is an attorney required to hold a real estate license? - ANSWER-An attorney who
is intends to engage in general real estate brokerage must obtain a real estate license,
an exception to this is if an attorney is handling real estate in their normal practice of
law.
What is required in order to be eligible to collect a commission? - ANSWER-One must
be licensed at the time the service is performed, it is illegal to share any portion of
commission to someone without a real estate license
Broker - ANSWER-An individual authorized to operate in real estate business to hire
sales person in charge of public for services.
Broker of Record - ANSWER-The authorized broker for the entire real estate company,
there is only one per company.
EXAM QUESTIONS AND ANSWERS
100% CORRECT
Who needs a real estate license? - ANSWER-Anyone who takes part in a real estate
transaction in New Jersey for another person for a fee, commission, or other valuable
consideration.
Why did the state of New Jersey create real estate licensing regulations? - ANSWER-
To protect the general public from unscrupulous brokers in sales people.
Real Estate License Act - ANSWER-Known as Title 45, chapter 15 -set rules and
regulations up by the commission
Real Estate Commission - ANSWER-A division of the department of banking and
insurance, it is composed of eight members appointed by the governor. Five a real
estate broker should've been licensed for at least 10 years; two are chosen from the
general public; and one represents a department of the state government. All members
serve three terms, except for the governmental member, who served at the pleasure of
the governor.
What is a sales person's license allow them to do? - ANSWER-Negotiate the purchase,
sell, or exchange of real estate
Negotiating real estate loans
Leasing, Renting, and collecting rent
Selling lots are other parcels for a developer
When is an attorney required to hold a real estate license? - ANSWER-An attorney who
is intends to engage in general real estate brokerage must obtain a real estate license,
an exception to this is if an attorney is handling real estate in their normal practice of
law.
What is required in order to be eligible to collect a commission? - ANSWER-One must
be licensed at the time the service is performed, it is illegal to share any portion of
commission to someone without a real estate license
Broker - ANSWER-An individual authorized to operate in real estate business to hire
sales person in charge of public for services.
Broker of Record - ANSWER-The authorized broker for the entire real estate company,
there is only one per company.
