New Jersey License Law
Which of the following activities requires a New Jersey real estate license?
AManaging your own rental property
BSelling your own home
CNegotiating a lease for another party for compensation✓ Correct
DActing as a property owner's relative in a sale
Explanation
Negotiating leases or sales for another party in exchange for compensation requires a NJ real estate license. Managing one's own property or selling one's own home does not.
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Key Terms to Know
Right of First Refusal
A contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
Fair Housing ActFederal law prohibiting discrimination in the sale, rental, or financing of housing based on race, color, national origin, religion, sex, disability, and familial status.
State-Specific Concepts
License Law
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