NJ Real Estate study guide
NJ Real Estate · Work through your exam, one topic at a time.
The New Jersey Real Estate Salesperson license is the entry-level credential that lets a person engage in real estate brokerage activity in New Jersey while working under the supervision of a licensed New Jersey real estate broker. It is intended for career changers and new entrants who want to represent buyers, sellers, landlords, or tenants, and it is the prerequisite step before eventually qualifying for a broker license. The NJ Real Estate study guide has 5 sections and about 1,828 words.
01New Jersey License Law and Real Estate Commission Rules
Real estate brokerage in New Jersey is regulated by the New Jersey Real Estate Commission, an arm of the Division of Consumer Affairs within the Office of the Attorney General. The Commission licenses three categories: salesperson , broker-salesperson , and broker .
363 words, about 2 min02Agency, Fiduciary Duties, and Consumer Disclosure
In New Jersey, an agency relationship is created when a broker accepts the authority to act for a principal - typically through a written listing agreement or buyer agency agreement. At the first substantive contact in a residential sale or rental, the licensee must deliver the Consumer Information Statement (CIS) , which explains seller agency, buyer agency, dual agency, and the possibility of dealing with a licensee who represents no one.
387 words, about 2 min03Contracts, Agreements of Sale, and Closings
New Jersey requires real estate sale contracts to be in writing and signed to satisfy the statute of frauds. Most resale transactions use the standardized form, which must identify the parties, the property, the price, the deposit, the closing date, and the contingencies (mortgage, inspection, appraisal, sale of the buyer's home, title).
375 words, about 2 min04Property Ownership, Land Use, and Title Transfer
Fee simple absolute is the fullest ownership; a life estate ends at death and reverts or passes to a remainderman. Concurrent ownership comes in three flavors.
365 words, about 2 min05Financing, Valuation, and Real Estate Mathematics
Loan-to-value (LTV) is the loan amount divided by the purchase price or appraised value, whichever is lower. Down payment is the complement.
338 words, about 2 min