5/3/25, 11:01 AM
NJ REAL ESTATE NEWEST VERSION ACTUAL EXAM 2025
TEST BANK QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+
Broker One who buys and sells for another for a fee.
A qualified broker who practices real estate in the
Broker-Salesperson
position of salesperson in another broker's office
bureau of subsidized land regulations covering out of state properties sold in NJ
sales control
continuing education 12 hours required every two years, two of which must be on
ethics
Department of Banking and Insurance. 8 members. 5
NJ Real Estate Commission
brokers for at least 10 years, two from general public
and one representing the state government
Real estate license act Title 45 chapter 15
Title 11, chapter 5 NJ real estate license act administrative code
Real estate sales full covers the sales of out of state property in NJ
disclosure act
referral agent only allowed to refer prospects to a brokers office
referral fee part of a commission or fee paid to a broker who sends a client
salesperson works under a sponsoring licensed broker doing business in the
name of the broker
must be under the direct supervisor of a broker or
branch office
broker salesperson and must have a duplicate license
commingling brokers are prohibited from mixing their own funds with money in
the trust account
multiple original copies for the parties signatures.
duplicate original
required for all listing contracts, sales contracts and
leases
also known as trust account. must be in an authorized
escrow account
financial institution in NJ to be used for depositing all
money belonging to other persons
guilty knowledge knew what was going on and did not attempt to stop it
probation first step after a complaint against a licensee. fine of up to $5000
suspension suspend a license fine up to $10,000
/ 1/23
,5/3/25, 11:58 AM NJ Real Estate Exam
revocation permanently revoke licence. Fine up to $10,000
what a seller must sign if they direct the broker not to
waiver of broker cooperation
cooperate with any other brokers
principal client
agency a fiduciary relationship that falls within in the requirements of the
law of agency
one of trust and confidence in which an agent is
fiduciary relationship 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 agent
COALD Care, obedience, accounting, loyalty, disclosure
empowered to represent the principal in a broad range
general agent
of matters (ex: property manager)
has authority to represent the principal in all matters
universal agent
that can be delegated (ex: power of attorney)
authorized to represent that principal in one specific
special agent
capacity only (most broker relationships)
standard of care the quality of service a normal person would expect from a
broker or salesperson
agent's duty to pass on to the principal all the facts and
disclosure
information obtained that could affect the principal's
business or decisions, whether or not the client asks
subagent the salesperson's relationship to the principal as the agent of the
broker
pay own taxes, receive no insurance, get nothing from
independent contractor
brokerage that could be considered an employee
benefit
one who is prepared to buy on the seller's terms, is
ready, willing and able buyer
financially capable and is ready to take positive steps
towards the consummation of the transaction
the person who brings about a ready, willing and able
procuring cause
buyer or brings about a meeting of the minds
takes place when the parties are in agreement on
meeting of the minds
price, down payment and financing method
a form of disclosure to all sellers, buyers, landlords and
consumer information tenants on the sale of all 1-4 family residential
statement
2/23
, 5/3/25, 11:58 AM NJ Real Estate Exam
properties or vacant one family lots. Describes the
types of business relationships a real estate agent can
enter into with a client
dual agency broker represents both parties in a transaction at the same time
disclosed dual agency legal as long as consent to dual agency agreement is signed
conflict of interest conflict between brokers own interest and that of the seller
latent defect hidden defect not discoverable by ordinary inspection
requires communities to be alerted to the presence of
Megan's Law
convicted sexual offenders. Buyers can not get
information until the close of the sale
puffing extravagant statements of opinion
fraudulent deliberate lie intended to mislead someone
misrepresentation
false statement by someone who believes it to be true
innocent misrepresentation
and is not expected to have expertise in the subject
negligent misrepresentation false statements made by someone who should know better
3/23
NJ REAL ESTATE NEWEST VERSION ACTUAL EXAM 2025
TEST BANK QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+
Broker One who buys and sells for another for a fee.
A qualified broker who practices real estate in the
Broker-Salesperson
position of salesperson in another broker's office
bureau of subsidized land regulations covering out of state properties sold in NJ
sales control
continuing education 12 hours required every two years, two of which must be on
ethics
Department of Banking and Insurance. 8 members. 5
NJ Real Estate Commission
brokers for at least 10 years, two from general public
and one representing the state government
Real estate license act Title 45 chapter 15
Title 11, chapter 5 NJ real estate license act administrative code
Real estate sales full covers the sales of out of state property in NJ
disclosure act
referral agent only allowed to refer prospects to a brokers office
referral fee part of a commission or fee paid to a broker who sends a client
salesperson works under a sponsoring licensed broker doing business in the
name of the broker
must be under the direct supervisor of a broker or
branch office
broker salesperson and must have a duplicate license
commingling brokers are prohibited from mixing their own funds with money in
the trust account
multiple original copies for the parties signatures.
duplicate original
required for all listing contracts, sales contracts and
leases
also known as trust account. must be in an authorized
escrow account
financial institution in NJ to be used for depositing all
money belonging to other persons
guilty knowledge knew what was going on and did not attempt to stop it
probation first step after a complaint against a licensee. fine of up to $5000
suspension suspend a license fine up to $10,000
/ 1/23
,5/3/25, 11:58 AM NJ Real Estate Exam
revocation permanently revoke licence. Fine up to $10,000
what a seller must sign if they direct the broker not to
waiver of broker cooperation
cooperate with any other brokers
principal client
agency a fiduciary relationship that falls within in the requirements of the
law of agency
one of trust and confidence in which an agent is
fiduciary relationship 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 agent
COALD Care, obedience, accounting, loyalty, disclosure
empowered to represent the principal in a broad range
general agent
of matters (ex: property manager)
has authority to represent the principal in all matters
universal agent
that can be delegated (ex: power of attorney)
authorized to represent that principal in one specific
special agent
capacity only (most broker relationships)
standard of care the quality of service a normal person would expect from a
broker or salesperson
agent's duty to pass on to the principal all the facts and
disclosure
information obtained that could affect the principal's
business or decisions, whether or not the client asks
subagent the salesperson's relationship to the principal as the agent of the
broker
pay own taxes, receive no insurance, get nothing from
independent contractor
brokerage that could be considered an employee
benefit
one who is prepared to buy on the seller's terms, is
ready, willing and able buyer
financially capable and is ready to take positive steps
towards the consummation of the transaction
the person who brings about a ready, willing and able
procuring cause
buyer or brings about a meeting of the minds
takes place when the parties are in agreement on
meeting of the minds
price, down payment and financing method
a form of disclosure to all sellers, buyers, landlords and
consumer information tenants on the sale of all 1-4 family residential
statement
2/23
, 5/3/25, 11:58 AM NJ Real Estate Exam
properties or vacant one family lots. Describes the
types of business relationships a real estate agent can
enter into with a client
dual agency broker represents both parties in a transaction at the same time
disclosed dual agency legal as long as consent to dual agency agreement is signed
conflict of interest conflict between brokers own interest and that of the seller
latent defect hidden defect not discoverable by ordinary inspection
requires communities to be alerted to the presence of
Megan's Law
convicted sexual offenders. Buyers can not get
information until the close of the sale
puffing extravagant statements of opinion
fraudulent deliberate lie intended to mislead someone
misrepresentation
false statement by someone who believes it to be true
innocent misrepresentation
and is not expected to have expertise in the subject
negligent misrepresentation false statements made by someone who should know better
3/23
