New Jersey Real Estate Practice Exam Practice Question
Upon termination of a salesperson, the broker is required to give a written accounting of monies owed to that salesperson within a MAXIMUM of how many days?
Correct Answer: B
Rationale: Upon termination, a broker must provide a written accounting of any monies owed to the salesperson within a maximum of thirty days. This timeframe is mandated to ensure timely resolution of financial matters and maintain professional integrity in the real estate industry.
Option A (Seven days) is too short, as it does not allow sufficient time for comprehensive accounting. Option C (Sixty days) exceeds the legal requirement, potentially delaying the salesperson's rightful compensation. Option D (Ninety days) is also excessive, undermining the urgency intended by the regulation. Thus, thirty days strikes the right balance between efficiency and thoroughness.
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