Chapter 2 - Comission Rules and Regulations

Question 1

Mixed escrow funds with the broker’s own money.

Answer 1

Commingling

Question 2

Every person who signs a listing contract. sales contract or lease should immediately receive a ___ ___. Licensees must provide multiple copies for the parties signatures.

Answer 2

Duplicate Original

Question 3

A separate “special trust” account must be established in an authorized financial institution in New Jersey, to be used for the deposit of all money belonging to other persons (earnest money, deposits, rent collections and the like). This is called an ___ ___.

The name of the financial institution, and the account number must be reported to the Commission both at application and at the time of renewal. Brokers are required to deposit monies within 5 business days of acceptance. Salespersons should hand over all monies to their broker immediately.

Answer 3

Escrow Account

Question 4

Awareness of wrongdoing without any attempt to stop it is ___ ___.

Answer 4

Guilty knowledge

Question 5

Least severe discipline available to the Commission is ___.

Answer 5

Probation

Question 6

Temporary lifting of a real estate license is known as a ___.

Answer 6

Suspension

Question 7

Seller’s statement that only one office will be marketing the property is a ___ of ___ ___.

Answer 7

Waiver of Broker Cooperation

Question 8

A ___ ___ must be under the the direct supervision of a broker or broker-salesperson and must have a duplicate license. Names of all licensees and the ___ ___ supervisor must be recorded with the Commission and prominently displayed in the branch office. No ___ ___ can be the home of a salesperson or broker-salesperson.

Answer 8

Branch office