The New Jersey Real Estate Commission (NJREC) is a division within which New Jersey state agency?
Correct Answer
A) New Jersey Department of Banking and Insurance
The NJREC operates as a division within the New Jersey Department of Banking and Insurance (DOBI). This parent-agency relationship is established under N.J.S.A. 45:15-3, which places the Commission administratively within DOBI. Understanding this structure is critical because regulatory authority flows through DOBI, and the Commissioner of Banking and Insurance has oversight responsibilities over the Commission.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
In Wyoming real estate practice, a first-time salesperson applicant completes coursework. What should the licensee remember?
A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
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