Chapter 1 - Real Estate Licensing Flashcards Preview

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Flashcards in Chapter 1 - Real Estate Licensing Deck (20)
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1
Q

The Real Estate License Act is also known as …

A

Title 45, Chapter 15

it’s the law governing the practice of real estate in New Jersey

2
Q

The Rules and Regulations set up by the Commission are also known as …

A

Title 11, Chapter 5

3
Q

The New Jersey Real Estate Commission is composed of _______ members appointed by the __________.

A

Eight members appointed by the governor

4
Q

What is the member breakdown of the New Jersey Real Estate Commission

A
  • 5 Real Estate Brokers with at least 10 years of experience
  • 2 members from the General Public
  • 1 member representative of the state government
5
Q

What are the 4 types of Real Estate Licenses?

A
  1. Broker
  2. Broker-Salesperson
  3. Salesperson
  4. Referral Agent
6
Q

Who is the only licensee authorized to operate a Real Estate business and charge for services ?

A

Broker or Broker of Record

7
Q

All initial, renewed, and reinstated licenses are typically issue on a __________ term and they expire __________ .

A

biennial term, June 30th of odd- numbered years

8
Q

A Real Estate License is not required for:

A
  • Owners handling the sale of their own property
  • banks and trust companies
  • insurance companies
  • attorneys, executors, trustees, receivers, administrators legal guardians, and others handling real estate under the order of a court;
9
Q

Under what circumstance can a commission be shared?

A
  • It is illegal for anyone to share a portion of a commission to someone without a real estate license. – Only a broker can share a commission with an associated salesperson, referral agent or another broker
  • A selling broker can rebate part of his/her commission to the buyer in the form of a credit or a check
10
Q

For a salesperson license, the candidate must complete a _______ hour prelicensing course.

A

75-hour

11
Q

For a broker’s license, the candidate must complete a _______ hour prelicensing course.

A

150-hour

12
Q

License Reciprocity in New Jersey

A

New Jersey does NOT recognize Real Estate licenses issued in any other state. No license reciprocity in NJ.

13
Q

What is the time limit on a Real Estate License application from the date the candidate successfully completes the prelicensing course?

A

one year

14
Q

What are the Continuing Education (CE) requirements for all licensees ?

A

12-hours of approved CE credits including at least two hours of ethics.

15
Q

What is the Guaranty Fund ?

A

The Guaranty Fund was established to reimburse members of the public who suffer a monetary loss due to the wrongdoing in a real estate transaction.

16
Q

Real Estate Sales Full Disclosure Act

A

regulations covering out-of-state properties sold in New Jersey

17
Q

How many days does a buyer have to cancel a contract for the purchase or lease of an out of state land/home?

A

up to seven calendar days

18
Q

Rental Referral Agencies are subject to the following regulations:

A
  • Every person working for a rental referral agency must be licensed
  • A written contract with each prospective tenant is required
19
Q

What are the advertising requirements in regards to the unit’s availability for rental listings in rental referral agencies?

A
  • Availability must be checked daily FOR UNITS THAT ARE ADVERTISED
  • Availability for units that are simply listed, MUST BE CHECKED EVERY THREE DAYS
20
Q

Bureau of Subdivided Land Sales Control

A

state agency that approves and registers out-of-state property