New Jersey Real Estate License Exam Practice Question
A licensee must provide disclosure of licensed status when acting as a principal if
Correct Answer: C
Rationale: When acting as a principal, a licensee must disclose their licensed status if they have any economic interest in the property (C). This transparency helps maintain trust and integrity in real estate transactions.
Option A is incorrect because disclosure is required regardless of whether the other party's agent inquires. Option B is irrelevant; not having errors and omissions insurance does not affect the requirement for disclosure. Option D is also incorrect, as the residence history of a relative does not necessitate disclosure of the licensee’s status. Thus, option C is essential for ethical practice in real estate.
Unlock All Questions
Subscribe to Premium for full access to all practice questions, detailed rationales, and performance tracking.
Subscribe Now