Looking for a fast way to get up to speed on the New Jersey Real Estate Licensing Exam? Use our summary outline of key real estate concepts to guide your study time and succeed with your test:
Licensing Requirements
Minimum age: 18 years
High school diploma or GED
Complete 75-hour pre-licensing course
Pass state licensing exam
Submit application and fee
Complete background check and fingerprinting
Property Ownership
Freehold Estates: Fee Simple Absolute, Fee Simple Defeasible, Life Estate
Leasehold Estates: Estate for Years, Periodic Tenancy, Tenancy at Will, Tenancy at Sufferance
Forms of Co-ownership: Tenancy in Common, Joint Tenancy, Tenancy by the Entirety, Condominiums, Cooperatives
Land Use Controls and Regulations
Zoning: Residential, Commercial, Industrial, Agricultural
Building Codes and Permits
Eminent Domain and Condemnation
Environmental Regulations: Wetlands, Flood Zones, Lead-Based Paint, Asbestos, Radon
Contract Law
Types of Contracts: Express, Implied, Unilateral, Bilateral, Executory, Executed
Contract Essentials: Offer, Acceptance, Consideration, Legality, Capacity, Consent
Termination of Contracts: Performance, Breach, Mutual Agreement, Operation of Law
Real Estate Contracts: Listing Agreements, Buyer Representation Agreements, Purchase Agreements, Option Agreements, Leases
Real Estate Agency
Types of Agency: Seller representation, Buyer representation, Dual representation
Agent's Duties: Loyalty, Obedience, Disclosure, Confidentiality, Accountability, Skill and Care
Disclosure Requirements: Agency Relationships, Material Defects, Lead-Based Paint, Flood Zones
Termination of Agency: Performance, Expiration, Mutual Agreement, Breach, Operation of Law
Real Estate Finance
Types of Mortgages: Conventional, FHA, VA, Adjustable-Rate, Fixed-Rate
Mortgage Concepts: Loan-to-Value Ratio (LTV), Points, Amortization, Private Mortgage Insurance (PMI)
Foreclosure Process: Default, Pre-foreclosure, Auction, REO
Government Programs: FHA, VA, USDA
Appraisal and Valuation
Appraisal Principles: Highest and Best Use, Principle of Substitution, Principle of Anticipation
Approaches to Value: Sales Comparison, Replacement Cost, Income Capitalization
Adjustments and Reconciliation
Appraisal Report Formats: Uniform Residential Appraisal Report (URAR), Narrative, Form Reports
Closing and Settlement
Prorations: Taxes, Rents, Insurance, Interest
Closing Disclosures and Settlement Statements
Transfer of Title: Deed Preparation, Recording, Title Insurance
Closing Costs: Loan Fees, Title Fees, Recording Fees, Tax Prorations, Insurance Premiums
New Jersey Real Estate Laws and Regulations
New Jersey Real Estate Commission (NJREC)
Licensing and Continuing Education Requirements
Trust Accounts and Recordkeeping
Disciplinary Actions and Penalties
Consult your textbook for definitions of these real estate concepts. We also have resources on our website if you prefer staying online.
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