Chapter 1 - Real Estate Licensing Flashcards
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
The Rules and Regulations set up by the Commission are also known as …
Title 11, Chapter 5
The New Jersey Real Estate Commission is composed of _______ members appointed by the __________.
Eight members appointed by the governor
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
What are the 4 types of Real Estate Licenses?
- Broker
- Broker-Salesperson
- Salesperson
- Referral Agent
Who is the only licensee authorized to operate a Real Estate business and charge for services ?
Broker or Broker of Record
All initial, renewed, and reinstated licenses are typically issue on a __________ term and they expire __________ .
biennial term, June 30th of odd- numbered years
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;
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
For a salesperson license, the candidate must complete a _______ hour prelicensing course.
75-hour
For a broker’s license, the candidate must complete a _______ hour prelicensing course.
150-hour
License Reciprocity in New Jersey
New Jersey does NOT recognize Real Estate licenses issued in any other state. No license reciprocity in NJ.
What is the time limit on a Real Estate License application from the date the candidate successfully completes the prelicensing course?
one year
What are the Continuing Education (CE) requirements for all licensees ?
12-hours of approved CE credits including at least two hours of ethics.
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.
