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What is this Fender Bass?

I am pretty sure that this bass is actually legit...it appears to be a prototype of the Jeff Berlin Signature Model. Note the characteristic pickup spacing. The actual production model had a standard Fender Jazz logo on a natural headstock, it was equipped with an EMG preamp with mid boost and it also came with a built-in metronome.
 
Since we've pretty well established that it isn't a Fender I'd say that since you got it for free it wouldn't be a bad idea to have it set up and have some fun playing it. If you decide to purchase a better bass for yourself then keep this one around as a "loaner" for jams or multi-band bills where someone hits you up to borrow an instrument.
 
If the truss rod works you ought to be able to set up the neck. Pots probably need cleaning. Try twisting the knobs a bunch of time to loosen up the grime before you go any further with that.

Might as well learn to do your own setup. There's plenty of information on the forum about how.