New Jersey License Law
Under New Jersey law, the NJREC Real Estate Guaranty Fund compensates:
AReal estate brokers who are cheated by their clients
BMembers of the public who suffer monetary losses due to the fraudulent, deceptive, or dishonest acts of licensed New Jersey real estate brokers or salespersons✓ Correct
CBuyers whose home purchases fail due to market conditions
DSellers whose listings expire unsold
Explanation
The NJ Real Estate Guaranty Fund provides limited compensation to consumers who suffer actual monetary losses caused by the dishonest or fraudulent conduct of a licensed NJ real estate broker or salesperson. Recovery is capped per licensee and per transaction.
Related New Jersey New Jersey License Law Questions
- Which of the following activities requires a New Jersey real estate license?
- A NJ broker must keep a copy of every listing agreement for a minimum of:
- Which of the following best describes the role of the NJREC?
- In NJ, an unlicensed person who receives compensation for negotiating a commercial lease:
- In NJ, 'blind advertising' (not disclosing the broker's identity) is:
- Which of the following is NOT exempt from NJ real estate licensing requirements?
- Under NJ license law, misrepresentation by a licensee includes:
- The NJREC's disciplinary process for a licensed broker begins when:
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