1. What is the minimum age requirement for obtaining a real estate salesperson license in New Jersey?

A) 18

B) 21

C) 25

D) 30

Answer: A) 18

Rationale: According to § 11:5-3.6 of the New Jersey Administrative Code, Title 11 Insurance, Chapter 5

Real Estate Commission, a person must be at least 18 years of age to apply for a salesperson or referral

agent license.

2. What term must be used in an advertisement to indicate that the broker is in the real estate brokerage

business?

A) REALTOR

B) Realtist

C) Real Estate Agency

D) Any of the above

Answer: D) Any of the above

Rationale: According to § 11:5-6.1 of the New Jersey Administrative Code, Title 11 Insurance, Chapter 5

Real Estate Commission, all advertisements must include the name of the broker followed by a term such as

REALTOR, Realtist, real estate broker, or real estate agency.

3. What is the maximum amount of money that can be paid from the New Jersey Real Estate Guaranty Fund

to satisfy claims against a licensee?

A) $10,000 per transaction and $20,000 per licensee

B) $20,000 per transaction and $40,000 per licensee

C) $50,000 per transaction and $100,000 per licensee

D) $100,000 per transaction and $200,000 per licensee

Answer: C) $50,000 per transaction and $100,000 per licensee

Rationale: According to § 45:15-37 of the New Jersey Real Estate License Act, the maximum amount that

can be paid from the Guaranty Fund for any one transaction is $50,000 and for any one licensee is $100,000.

4. What is the name of the document that a licensee must provide to a seller or buyer before discussing their

motivation or financial situation?

A) Consumer Information Statement (CIS)

B) Agency Disclosure Statement (ADS)

C) Property Condition Disclosure Statement (PCDS)

D) Seller's Property Information Report (SPIR)

Answer: A) Consumer Information Statement (CIS)

Rationale: According to § 45:15-16.28 of the New Jersey Real Estate License Act, a licensee must provide a