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

The Real Estate License Act is also known as ...

Title 45, Chapter 15
it's the law governing the practice of real estate in New Jersey

2

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

Title 11, Chapter 5

3

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

Eight members appointed by the governor

4

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

- 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

What are the 4 types of Real Estate Licenses?

1. Broker
2. Broker-Salesperson
3. Salesperson
4. Referral Agent

6

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

Broker or Broker of Record

7

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

biennial term, June 30th of odd- numbered years

8

A Real Estate License is not required for:

- 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

Under what circumstance can a commission be shared?

-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

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

75-hour

11

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

150-hour

12

License Reciprocity in New Jersey

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

13

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

one year

14

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

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

15

What is the Guaranty Fund ?

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

Real Estate Sales Full Disclosure Act

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

17

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

up to seven calendar days

18

Rental Referral Agencies are subject to the following regulations:

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

19

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

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

20

Bureau of Subdivided Land Sales Control

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