Ch 3 Glossary Terms Flashcards Preview

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Flashcards in Ch 3 Glossary Terms Deck (45):
1

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"

2

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

3

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

4

back-up offer

an offer presented after expiration of the attorney review period

5

branch office

any office other than the main office from which real estate business is conducted

6

broker

a licensed person who negotiates the purchase and sale of real estate for another

7

broker-salesperson

a broker who operates under the supervision of a licensed real estate broker

8

associate broker

ab

9

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

10

commingling

mixing money belonging to clients with personal funds

11

criminal history record check

dfsdf

12

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)

13

cul-de-sac

a passageway or street with only one outlet; a blind alley; a turn-around

14

dual agent

an agent who represents both buyer and seller in the same transaction

15

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

16

duplicate original

a photocopy of an original document

17

employing broker

the supervising broker for a real estate company organized as a sole proprietorship

18

employment agreement

the employment agreement signed by the broker and salesperson (or broker-salesperson)

19

escrow account

see "Trust account"

20

fiduciary

a person in a position of great trust and confidence, as the relationship between principal and agent

21

fraud

the intentional and successful employment of deception in order to cheat or deceive another person and to thereby gain some dishonest advantage

22

guaranty fund

a fund established from licensing fees for paying claims of persons who have been injured by the illegal acts of licensees

23

guilty knowledge

sdf

24

irrevocable consent

a form signed by a non-resident licensee agreeing to be open to suit in NJ courts if he or she violates the state's laws or regulations

25

license lending

any arrangement under which a broker fails or oversee and direct the operations of the business of which he or she is licensed as a broker of record or employing broker

26

misdemeanor

a crime of lesser consequences than a felony and which is subject to minor jail terms, fines, or both

27

misrepresentation

a false statement made with the intent to induce some action by another party

28

moral turpitude

an act viewed by society as demonstrating a serious lack of morals or conscience, such as embezzlement, fraud, shoplifting, or sex crimes

29

net listing

a listing that provides that the agent may retain all sums received over and above a net price to the owner as compensation for his services. a prohibted practice in NJ

30

non-resident license

a license issued to a person who is not a resident of NJ

31

office supervisor

s

32

pocket card

sprobation

33

probation

a sanction that can be imposed by the Real Estate Commission in addition to suspension or revocation of license and fines

34

prospectus

a printed statement distributed to describe and to advertise a new business venture, a real estate project or stock issue

35

real estate commission

the state regulatory agency that governs the licensure process and has the power to approve all real estate licenses. the commission is also empowered to deny, fine, revoke, or suspend a salesperson or broker license if the licensee violates any license law or regulation

36

real estate sales full disclosure act

a NJ law that regulates the sale across state lines of subdivided land under certain conditions

37

realtor (tm)

see "NAR"

38

rebates

licensed real estate brokers may legally provide a purchaser of residential real estate a rebate from the commission the broker receives. there are a number of restrictions regarding who may provide and receive the rebate, conditions concerning the providing of the rebate, limitations on the nature of the rebate that may be paid, and advertising requirements

39

receiver

a court-appointed custodian who holds property for the court, pending final disposition of the matter before the court

40

referral agent

a natural person whose brokerage-related activities are limited to referring prospects for the sale, purchase, exchanging, leasing, or rental of real estate to the real estate broker through whom he or she is licensed as a referral agent

41

revoked

revocation is the right of the Real Estate Commission to deactivate a broker or salesperson license for wrongdoing. revocation is for at least all of the remaining license term

42

rules and regulations

the Real Estate Commission is expressly vested with with the power and authority to promulgate and enforce all necessary rules and regulations for the conduct of real estate licensees

43

suspended

suspension is the right of the Real Estate Commission to deactivate for less than the remaining term of the license of a broker or salesperson, in the event of wrongdoing

44

temporary license

a temporary broker's license issued to a salesperson on death or incapacity of a licensed broker or broker-salesperson

45

trust account

an account in which a broker or attorney holds client earnest money deposits or other funds; also called an "escrow account"