Chapter 1 - Real Estate Licensing Flashcards
Title 11, Chapter 45 is the ___ ___ ___ Act that governs licenses.
Real Estate License Act
Who must be licensed?
Anyone who takes part in a real estate transaction in New Jersey for another person for a fee, commission,or other valuable consideration.
- The Real Estate License Act, known as Title 11. Chapter 5, Administrative Code.
The Act which Licenses are governed by?
One who is authorized to operate a real estate business, to hire sales persons, and to charge the public for services. A real estate company must have one person who is the authorized broker for the company; this person is often referred to as the broker of record.
Broker
A ___-___ has fulfilled all the requirements of a broker yet chooses to work in a sales capacity for and in the name of another broker.
Broker-salesperson
The ___ of ___ ___ ___ ___ approves and registers certain new out-of state properties being offered to New Jersey residents.
It includes substantially the same requirements as the Interstate Land Sales Disclosure Act, which regulates subdivided land on the federal level. Buyers have up to seven calendar days to cancel contracts to purchase or lease such lands.
Bureau of Subdivided Land Sales Control
All broker, broker-salesperson, and salesperson licensees must complete 12 hours of approved ___ ___ courses before each two-year license renewal.
What are the requirements?
Continuing education
The required courses, including at least two hours of ethics, should be completed on or before April 30 of the renewal year. $200 fee if completion between May 1 and June 30.
The ___ ___ was established to reimburse members of the public who suffer a monetary loss due to wrongdoing in a real estate transaction by a licensed broker or salesperson or an unlicensed employee of a broker.
The party must obtain a court judgement, naming the Real Estate Commission in suit. At time of issuance of license, each salesperson contributes $10 and broker or broker salesperson contributes $ 20.
Guaranty Fund
The ___ ___ ___ ___ Commission is a division of the department of Banking and Insurance.
What is the make up of this body:
New Jersey Real Estate Commission
8 Members
- 5 Real Estate Brokers or have been licensed for 10 years
- 2 Members of the General Public
- 1 Represents a department of the government
All members serve a three-year term except the government member, who serves at the pleasure of the governor. The governor can remove any member for cause.
Law governing real estate practice in New Jersey is the ___ ___ ___ __ .
There are 4 types of licensees:
Real Estate License Act
- Broker
- Salesperson
- Broker-salesperson
- Referral agent
The ___ ___ __ ___ ___ Act are regulations covering sales of out-of-state property in New Jersey. Intended to protect the public from unscrupulous developers or marketers or from undue pressure.
Real Estate Sales Full Disclosure Act
A registered trademark reserved for the sole use of members of the National Association of REALTORS, that is to be called a ___.
REALTOR
Salesperson associated with a REALTOR who joins the national and state association of REALTORS is a ___-___.
REALTOR-ASSOCIATE
A ___ ___ is a licensee with authority only to refer prospective buyers and sellers to the broker.
Referral Agent
A ___ ___ is part of the commission or fee shared with a broker who sends a client or customer to an agent.
Referral fee
