New Jersey Real Estate Practice Exam Practice Question
A broker who charges or collects an advance fee in excess of $25 for services to be rendered MUST:
Correct Answer: C
Rationale: When a broker charges an advance fee exceeding $25, it is essential to provide transparency to the principal regarding the use of these funds. Option C requires the broker to furnish an accounting within ninety days, ensuring accountability and trust.
Option A is incorrect as it pertains to commission adjustments, not the requirement for accounting. Option B, while important for financial transparency, does not specifically address the required accounting for advance fees. Option D is misleading; retaining the difference without proper reporting does not fulfill the obligation to account for the funds collected.
Unlock All Questions
Subscribe to Premium for full access to all practice questions, detailed rationales, and performance tracking.
Subscribe Now