Ch 3 Glossary Terms Flashcards
apprenticeship
formerly, the term used to describe the requirement that broker applicant must have been continuously licensed as salespersons for more than three years immediately preceding application. today referred to as “experience requirement”
attorney general’s memorandum
a summary of the New Jersey Law against discrimination. commission rules require every licensed salesperson or broker to give a copy of the memorandum when listing property
attorney review
attorney review clause - in New Jersey, a clause that must appear in all purchase and sale agreements and all leases prepared by real estate licensees, allowing buyers and sellers a period of three days to consult an attorney who can review and cancel the contract or lease
back-up offer
an offer presented after expiration of the attorney review period
branch office
any office other than the main office from which real estate business is conducted
broker
a licensed person who negotiates the purchase and sale of real estate for another
broker-salesperson
a broker who operates under the supervision of a licensed real estate broker
associate broker
ab
bureau of subdivided landsales controls
a bureau within the New Jersey Real Estate Commission that administers the Real Estate Sales Full Disclosure Act. the Act is intended to discourage fraud and misrepresentation in the sale of properties located in other states
commingling
mixing money belonging to clients with personal funds
criminal history record check
dfsdf
dual capacity
collecting a commission as a real estate broker in a transaction, when at the same time representing either party in a different transaction for a consideration (i.e. lawyer, executor)
cul-de-sac
a passageway or street with only one outlet; a blind alley; a turn-around
dual agent
an agent who represents both buyer and seller in the same transaction
dual contract
a contract drawn for an illegal purpose, ex. where a buyer and seller enter into a second contract with different terms than those of the original contract to benefit fraudulently from the arrangement
duplicate original
a photocopy of an original document
employing broker
the supervising broker for a real estate company organized as a sole proprietorship
employment agreement
the employment agreement signed by the broker and salesperson (or broker-salesperson)