New Jersey License Law
A NJ salesperson who provides a Comparative Market Analysis (CMA) to a seller must disclose that a CMA is:
AA certified appraisal
BAn opinion of value prepared by a licensee and not a formal appraisal✓ Correct
CA legally binding price determination
DAn official tax assessment
Explanation
A CMA is a licensee's opinion of value based on market data and is not a certified appraisal performed by a licensed appraiser. Licensees must make this distinction clear to avoid misleading clients.
Related New Jersey New Jersey License Law Questions
- A NJ licensee who believes they are being asked to violate the law by their employing broker should FIRST:
- Under NJ license law, misrepresentation by a licensee includes:
- A NJ licensee who receives an offer from a buyer on a property where they represent the seller must:
- Which state agency regulates real estate licenses in New Jersey?
- In New Jersey, a real estate salesperson must be affiliated with:
- New Jersey real estate licenses must be renewed every:
- In New Jersey, an 'irrevocable consent to service of process' filed with the Commission allows the Commission to:
- A NJ licensee advertising real estate services must include which information in all advertising?
Practice More New Jersey Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Jersey Quiz →