New Jersey Questions Study Guide Rated A+

A real estate license is required for all of the following activities EXCEPT {Ans: Managing real estate as resident manager for one owner}The commission has the power to revoke a salesperson's license if the salesperson {Ans: Deposits a buyer's down payment into his or her own bank account}Which of the following statements is TRUE with respect to a trust account? {Ans: Brokers may never mix their own funds with money in the trust account}The maximum compensation that will be paid from the real estate guaranty fund for any single transaction is {Ans: $20,000.00}A seller told her broker she wanted to clear $50,000 when she sold her house. The broker accepted the listing and sold the house for $160,000. After paying off her small mortgage and legal expenses, he gave her $50,000 and kept the rest as commission. Which of the following is correct? {Ans: The broker accepted an illegal net listing}In New Jersey, if an owner defaults on his or her mortgage loan and the property is ordered sold at a foreclosure sale, the owner may redeem the property {Ans: Prior to the sale.}