New Jersey Real Estate License

Definition - What does New Jersey Real Estate License mean?

The New Jersey Real Estate License is managed by the New Jersey Real Estate Commission (REC). All real estate brokers and salespeople to practice their profession within the state of New Jersey require this license. In order to qualify for the license, an individual must meet several conditions including:
  • 18 years of age
  • Have the equivalent of a high school education
  • Complete an approved 75-hour pre-licensure course
  • Submit to a criminal record check
  • Pass the license examination
  • $160 - $270 fee
The New Jersey REC stresses the importance of real estate brokers possessing high standards of morality and general good character. Applicants may be disqualified for incidents in their past such as shoplifting or the appearance of dishonesty. All license holders submit fingerprints to be kept on file.

The license exam consists of 110 questions for the salesperson and 120 for the broker. A number of "pretest" questions may also be present within the exam. These "pretest" questions do not count toward the final exam score but are not marked and cannot be skipped. Applicants will pass with 70% of the questions answered correctly, 77 correct answers for the salesperson or 84 correct answers for the broker. Exams must be completed within 4 hours.

Testopedia explains New Jersey Real Estate License

The exam covers the following topics:
  • Property Ownership - 5-6 questions
  • Land Use Controls and Regulations - 5 questions
  • Valuation and Market Analysis - 7-8 questions
  • Financing - 7 questions
  • Laws of Agency - 10-11 questions
  • Mandated Disclosures - 7 questions
  • Contracts - 10 questions
  • Transfer of Title - 4-6 questions
  • Practice of Real Estate - 11-12 questions
  • Real Estate Calculations - 5-7 questions
  • Specialty Areas - 4-5 questions
  • Duties and Powers of the Real Estate Commission - 2-3 questions
  • Licensing Requirements - 3-4 questions
  • Statutes and Rules Governing Licensee Activities - 22-30 questions
  • Additional Requirements - 3 questions
PSI Exams administers the exam, but only to individuals first cleared by the New Jersey REC. Candidates should be aware that PSI charges a separate $47 fee for administering the exam.
The New Jersey Real Estate license expires every 3 years.

Connect with us

Testopedia on Linkedin
Testopedia on Linkedin
"Testopedia" on Twitter

Sign up for Testopedia's Free Newsletter!