NJ REAL ESTATE LICENSING REQUIREMENTS EXAM
UPDATED ACTUAL QUESTIONS AND CORRECT
ANSWERS
Question:
New Jersey Real Estate Commission
Answer:
Composed of eight members 5 are real estate brokers with 10+ years experience two
from general public one from state government 3 year terms
Question:
Title 11, Chapter 5
Answer:
Rules and regulations set up by the commission
Question:
Broker
Answer:
Authorized to operate a real estate business, to hire salespersons, and to charge for
public services. Broker of record is the authorized and necessary singular broker for
the company
Question:
Salesperson
Answer:
Works under a sponsoring licensed broker, doing business in the name of the broker
and receiving compensation only from that broker.
Question:
Broker-salesperson
Answer:
Fully qualified broker who remains under another broker's supervision
Question:
Salesperson licensed with a real estate referral company (SLWRERC)
Answer:
A licensee whose activities are restricted to only making referrals and not any other
real estate activity, must be licensed with a real estate referral company
Question:
Fee
Answer:
An estate of inheritance; title to real property that can be willed or descend to heirs. 2.
Charge made for services rendered.
, Question:
License
Answer:
1. Official permission to do a particular thing that the law does not allow everyone to
do. 2. Revocable, non-assignable permission to enter another person's land for a
particular purpose.
Question:
Inactive
Answer:
The license status of any salesperson who returns his or her license to the Division of
Real Estate to pursue non-real estate activities. The license may remain inactive
indefinitely if it is renewed each year and continuing education requirements are met.
Question:
Partnership
Answer:
An association of two or more people to carry on business for profit. The law generally
regards a partnership as a group of individuals, not as an entity separate from its
owners.
Question:
Deposit
Answer:
1. Money offered as an indication of good faith regarding the future performance of a
purchase agreement. Also called earnest money. 2. A tenant's security deposit.
Question:
Errors and Omissions Insurance
Answer:
Professional liability insurance that protects real estate licensees from mistakes or
negligence.
Question:
Continuing Education
Answer:
Mandatory education requirement for all licensees every 2 years.
Question:
Real Property
Answer:
The interests, benefits, and rights inherent in the ownership of real estate.
UPDATED ACTUAL QUESTIONS AND CORRECT
ANSWERS
Question:
New Jersey Real Estate Commission
Answer:
Composed of eight members 5 are real estate brokers with 10+ years experience two
from general public one from state government 3 year terms
Question:
Title 11, Chapter 5
Answer:
Rules and regulations set up by the commission
Question:
Broker
Answer:
Authorized to operate a real estate business, to hire salespersons, and to charge for
public services. Broker of record is the authorized and necessary singular broker for
the company
Question:
Salesperson
Answer:
Works under a sponsoring licensed broker, doing business in the name of the broker
and receiving compensation only from that broker.
Question:
Broker-salesperson
Answer:
Fully qualified broker who remains under another broker's supervision
Question:
Salesperson licensed with a real estate referral company (SLWRERC)
Answer:
A licensee whose activities are restricted to only making referrals and not any other
real estate activity, must be licensed with a real estate referral company
Question:
Fee
Answer:
An estate of inheritance; title to real property that can be willed or descend to heirs. 2.
Charge made for services rendered.
, Question:
License
Answer:
1. Official permission to do a particular thing that the law does not allow everyone to
do. 2. Revocable, non-assignable permission to enter another person's land for a
particular purpose.
Question:
Inactive
Answer:
The license status of any salesperson who returns his or her license to the Division of
Real Estate to pursue non-real estate activities. The license may remain inactive
indefinitely if it is renewed each year and continuing education requirements are met.
Question:
Partnership
Answer:
An association of two or more people to carry on business for profit. The law generally
regards a partnership as a group of individuals, not as an entity separate from its
owners.
Question:
Deposit
Answer:
1. Money offered as an indication of good faith regarding the future performance of a
purchase agreement. Also called earnest money. 2. A tenant's security deposit.
Question:
Errors and Omissions Insurance
Answer:
Professional liability insurance that protects real estate licensees from mistakes or
negligence.
Question:
Continuing Education
Answer:
Mandatory education requirement for all licensees every 2 years.
Question:
Real Property
Answer:
The interests, benefits, and rights inherent in the ownership of real estate.
