Chapter 1 Real Estate Licensing
Comprehensive Questions and
Solutions Graded A+
Broker - Answer: Individual licensed to charge the public for real estate services
Broker-Salesperson - Answer: Fully qualified broker who remains under another broker's
supervision
Bureau of Subdivided Land Sales Control - Answer: State agency that approves and registers
some out-of-state property
Continuing Education - Answer: Classes required for license renewal
Guaranty Fund - Answer: Reimburses people defrauded or badly served by licensees in real
estate transactions
- Salesperson contribute $10
- Brokers/Broker-salesperson contribute $20
- Max payment for a single claim is $20,000
Broker/salesperson license revoked until they pay claim with interest and it may/may not be
reinstated
New Jersey Real Estate Commission - Answer: Administrator of real estate licenses
, Real Estate License Act (Title 45, Chapter 15) - Answer: Law governing the practice of real estate
in New Jersey
Real Estate Sales Full Disclosure Act - Answer: Regulations covering out-of-state properties sold
in New Jersey
REALTOR - Answer: Member of a private real estate trade organization
REALTOR-ASSOCIATE - Answer: Salesperson who joins a particular real estate trade group
Referral Agent - Answer: Licensee limited to presenting prospective clients and customers to the
broker
Referral Fee - Answer: Money paid another broker for sending a client or customer
Salesperson - Answer: One licensed to assist a broker in real estate transactions. Works under a
sponsoring licensed broker, doing business in the name of the broker and receiving
compensation only from that broker.
Title 11, Chapter 5 - Answer: State rules and regulations for real estate licensees
New Jersey Real Estate Commission Composition - Answer: 8 Members appointed by the
Governor
- 5 = Real Estate Brokers licensed for 10+ years (3-year term)
- 2 = Chosen from general public (3-year term)
- 1 = Represents a department of the state government (no term, serves at pleasure of
governor)
Comprehensive Questions and
Solutions Graded A+
Broker - Answer: Individual licensed to charge the public for real estate services
Broker-Salesperson - Answer: Fully qualified broker who remains under another broker's
supervision
Bureau of Subdivided Land Sales Control - Answer: State agency that approves and registers
some out-of-state property
Continuing Education - Answer: Classes required for license renewal
Guaranty Fund - Answer: Reimburses people defrauded or badly served by licensees in real
estate transactions
- Salesperson contribute $10
- Brokers/Broker-salesperson contribute $20
- Max payment for a single claim is $20,000
Broker/salesperson license revoked until they pay claim with interest and it may/may not be
reinstated
New Jersey Real Estate Commission - Answer: Administrator of real estate licenses
, Real Estate License Act (Title 45, Chapter 15) - Answer: Law governing the practice of real estate
in New Jersey
Real Estate Sales Full Disclosure Act - Answer: Regulations covering out-of-state properties sold
in New Jersey
REALTOR - Answer: Member of a private real estate trade organization
REALTOR-ASSOCIATE - Answer: Salesperson who joins a particular real estate trade group
Referral Agent - Answer: Licensee limited to presenting prospective clients and customers to the
broker
Referral Fee - Answer: Money paid another broker for sending a client or customer
Salesperson - Answer: One licensed to assist a broker in real estate transactions. Works under a
sponsoring licensed broker, doing business in the name of the broker and receiving
compensation only from that broker.
Title 11, Chapter 5 - Answer: State rules and regulations for real estate licensees
New Jersey Real Estate Commission Composition - Answer: 8 Members appointed by the
Governor
- 5 = Real Estate Brokers licensed for 10+ years (3-year term)
- 2 = Chosen from general public (3-year term)
- 1 = Represents a department of the state government (no term, serves at pleasure of
governor)
