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Real Estate Licensing New-Jersey-Real-Estate-Salesperson Exam
New Jersey Real Estate Salesperson (Page 8 )

Updated On: 7-Feb-2026
Page 5 of 25
PDF with 120 Questions

Which of the following can hold escrow accounts?

  1. lenders, brokers, and real estate commissions
  2. banks, salespersons, and title companies
  3. banks, brokers, and attorneys
  4. salespersons, brokers, and lenders

Answer(s): C

Explanation:

Under New Jersey law:

Salespersons may NOT hold escrow accounts.

Only brokers of record, attorneys, and financial institutions (banks) may lawfully maintain escrow accounts.

The Real Estate Commission itself does not hold escrow accounts.

Therefore, the correct grouping is banks, brokers, and attorneys.


Reference:

NJREC Rules and Regulations, N.J.A.C. 11:5-5.1 (Trust Accounts); New Jersey Real Estate Salesperson Study Guide, Chapter on Escrow and Trust Funds.



Which of the following actions is NOT a cause for suspension or revocation of a New Jersey real estate license?

  1. failing to provide a client with a copy of the signed exclusive listing contract
  2. delivering a consumer information statement to a seller after having made a listing presentation
  3. payment of a referral fee by a licensed New Jersey broker to a broker licensed in another state
  4. collecting a commission as a broker from both parties to a transaction while representing both parties as their agent

Answer(s): C

Explanation:

The New Jersey Real Estate Licensing Law (N.J.S.A. 45:15-17) lists specific causes for suspension or revocation, including:

Failing to provide a signed document copy to a client.

Failure to properly deliver a Consumer Information Statement before discussing motivation or making a presentation.

Collecting compensation from both parties without full disclosure and written consent.

However, paying a referral fee to an out-of-state broker is expressly permitted, provided the other broker is properly licensed in their jurisdiction. This is not grounds for discipline.


Reference:

NJ Real Estate Licensing Law, N.J.S.A. 45:15-17; NJREC Rules on Referral Fees.



A private integrated club refused to rent one of its condos to a minority family. The club explained that it did not rent the condos to the public since the condos were for members only. Is the club in violation of the federal Fair Housing Act, and if so, how?

  1. Yes, because when race is involved, no exceptions to the federal Fair Housing Act exist.
  2. Yes, because the club had minority members, and therefore was not eligible for exemptions from the federal Fair Housing Act.
  3. No, because as an integrated club, they could discriminate on the basis of race in renting facilities.
  4. No, because a private club may restrict the rental of its own lodgings to its members as long as the lodgings are not operated commercially.

Answer(s): D

Explanation:

Under the Federal Fair Housing Act of 1968 (as amended), there are limited exemptions. One is the private club exemption: a bona fide private club that is not operated commercially may restrict the rental or occupancy of lodgings that it owns to members only.

However, even though exemptions exist, race-based discrimination is never permitted in the sale or rental of housing to the public. Here, since the club restricts rentals to members only and does not rent to the general public, it is not in violation of the Act.


Reference:

Federal Fair Housing Act, 42 U.S.C. §3607 (Exemptions); NJ Real Estate Salesperson Study Guide, Chapter on Fair Housing and Civil Rights.



In advertisements of individual salespersons, which of the following is permitted?

  1. Having the broker's name appear in smaller print than the salesperson's name in a newspaper ad.
  2. Including reference to a home office.
  3. Placing the real estate office sign on a personal residence.
  4. Linking a personal real estate webpage to the salesperson's broker's website.

Answer(s): D

Explanation:

The New Jersey Real Estate Commission advertising rules (N.J.A.C. 11:5-6.4) state that:

All ads must clearly indicate the name of the employing broker.

A salesperson's name may appear, but not more prominently than the broker's name.

Ads cannot suggest that a salesperson is operating independently.

Linking a salesperson's personal webpage to their broker's official website is permissible, provided the broker's name is prominently displayed and supervision is maintained.

Therefore, the only correct permitted action is D.


Reference:

NJREC Rules and Regulations, N.J.A.C. 11:5-6.4 (Advertising Rules).



A married couple is planning to purchase a house that costs $86,000. If they obtain a 60% loan and the lender charges a 2.5% loan origination fee and 0.5 discount points, what is the cost of these expenses?

  1. $1,290
  2. $1,548
  3. $2,150
  4. $2,580

Answer(s): B

Explanation:


Reference:

New Jersey Real Estate Salesperson Pre-Licensure Course Guide, Chapter on Financing and Loan Calculations.



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