NJ RE Broker study guide
NJ RE Broker · Work through your exam, one topic at a time.
The New Jersey Real Estate Broker Examination is the state licensing test that a licensed New Jersey salesperson must pass to become a real estate broker - the individual who may own or manage a brokerage, supervise licensees, and hold fiduciary responsibility for client funds. It is also the gate for applicants seeking a broker's license to operate their own firm. The NJ RE Broker study guide has 9 sections and about 4,299 words.
01New Jersey Real Estate License Law, Commission Rules and Licensing Requirements
The New Jersey Real Estate License Act, N.J.S.A. 45:15-1 et seq., is administered by the New Jersey Real Estate Commission, which sits within the Division of Consumer Affairs of the Attorney General's office.
691 words, about 3 min02Brokerage Office Management, Supervision and Trust/Escrow Account Handling
The employing broker is legally responsible for the brokerage acts of affiliated licensees. That responsibility shapes office management: written policies on advertising, agency disclosures, earnest money handling, file documentation, fair housing, and complaint escalation.
653 words, about 3 min03Agency Relationships, Brokerage Disclosure and Consumer Information Requirements
New Jersey licensees work as a seller's agent (or landlord's agent), a buyer's agent (or tenant's agent), a dual agent only with the informed written consent of all parties, or in a non-agency facilitative capacity where the licensee assists the transaction without representing either side. Subagency is largely a historical concept; do not assume a cooperating broker represents the seller.
652 words, about 3 min04Contracts, Listing and Buyer Agency Agreements, and Transaction Documents
New Jersey contracts must satisfy the statute of frauds: written, signed by the party to be charged, identifying the parties, property, price, and terms. Land sale contracts should fix closing date, contingencies (mortgage, inspection, appraisal, sale of buyer's home), inclusions/exclusions, and risk of loss.
304 words, about 2 min05Real Estate Finance, Mortgages and New Jersey Housing Finance Programs
Conventional, FHA (government-insured, mortgage insurance premium, lower down payment), VA (guaranty, certificate of eligibility), and USDA programs each carry distinct underwriting. Fixed-rate loans have one rate; adjustable-rate loans have initial, periodic, and lifetime caps.
338 words, about 2 min06Property Valuation and Appraisal Principles
Sales comparison is primary for residential property: select the most similar closed sales, then adjust the comparables toward the subject. If a comparable is superior, subtract; if inferior, add.
321 words, about 2 min07Property Management and Landlord-Tenant Practice
New Jersey protects residential tenants through the Anti-Eviction Act: a landlord needs good cause to evict, must serve the proper notice (Notice to Cease or Notice to Quit as the grounds require), and must file a summary dispossess action in the Superior Court, Special Civil Part. Self-help evictions - changing locks, removing belongings, shutting off utilities - are unlawful.
316 words, about 2 min08Ethics, Fair Housing and Consumer Protection
Federal Fair Housing Act protected classes: race, color, religion, sex, national origin, familial status, and disability. The New Jersey Law Against Discrimination covers all of those and adds, among others, ancestry, age, marital or domestic partnership or civil union status, affectional or sexual orientation, gender identity or expression, atypical hereditary cellular blood trait, genetic information, liability for military service, and - critically for rentals - source of lawful income , which includes housing vouchers.
354 words, about 2 min09Real Estate Mathematics, Settlement and Closing Procedures
Commission = price × rate; split = commission × broker's percentage. Points cost = loan × points percentage.
670 words, about 3 min