Real Estate License Act
Title 45, Chapter 15
Rules and regulations set up by the Real Estate Commission
Title 11, Chapter 5, Administrative Code
Number of Members in Real Estate Commission
8
Number of Real Estate Brokers on Commission
5
Number of Members of General Public on Real Estate Commission
2
Number of years a person on the Real Estate Commission serves
3
Person allowed to charge the public for services.
Broker
Number of people each real estate company must have as authorized broker
one
A real estate agent receives compensation from
the broker only
Only allowed to refer prospects for brokerage services to the supervising broker or the broker's designate
Referral Agent
All initial, renewed and reinstated licenses are issued on a _________ term
2 years
list real estate, sell, buy or rent real estate, collect rent, solicit prospective purchasers or sellers, negotiate a real estate loan, sell lots or other parcels sell business opportunities that involve real estate.
A broker's license is required to:
negotiate the purchase, sale or exchange of real estate, negotiating real estate loans, leasing renting and collecting rent and selling lots or other parcels
A real estate salesperson, under the supervision of a broker, assists in:
A real estate license is not required for
1. Owners handling their own properties
2. attorneys, executors, trustees, receivers, administrators, legal guardians, and others handling real estate under the court of law
3. Banks and trust companies
4. Insurance Companies
Exception to the payment of services
a selling broker can rebate part of the commission to the buyer in the form of either a credit or a check. NO FINDERS FEES ALLOWED.
Unlicensed assistants may not:
show property
answer any questions about property
make cold calls
discuss or explain a contract or other documents with clients
make calls for rent
host open houses alone
distribute promotional material alone
attend home inspections alone
Unlicensed assistant may
answer phones and forward calls
process and submit listings and changes to the MLS
place signs on properties, pick up keys and deliver documents
schedule appointments for showing
set up files
have keys made, write and place ads, type contract forms, order
Apply for broker's license
have served three years full-time as a licensed salesperson; consecutively!
Complete 150 hrs of study
Referral Agents license requirement
submit a certificate stating the legal restrictions on the brokerage activity of a referral agent have been reviewed with the supervising broker
Exceptions to EXPERIENCE and fee requirements for broker licensure
honorably discharged war veteran with a service connected wound or disability
No license
convicted within 5 years
Non residents obtaining a license
file a form consenting to be sued in NJ
Corporations can get a license if
An officer holds a broker's license
Temporary License
issued if salesperson has 3 years experience immediately preceding the date of application
Guaranty Fund
to reimburse public who suffer monetary loss due to wrongdoing in a transaction. Must get a court judgement. $20,000 max pymt per offense. license revoked; must pay back.
Rental Units advertised
must be checked every day for availability
Rental Units listed
must be checked every 3 days for availability
Number of hours of study a broker's license requires
150: 90 hours broker course, 30 ethics, 30 office management
Application for a license must be submitted within _______ time of taking prelicensing course
one year
Applicant requesting a temporary broker license must file application within ____ time of broker's death
30 days
All brokers and salespersons must complete ______hours of continuing education before each two-year license renewal
12 hours
Continuing education must contain ____hours of ethics training
2 hours
When the Guaranty Fund pays a claim against a borker or salesperson, what happens to their license?
The license is revoked until the fund is reimbursed with interest.
Real Estate Sales Full Disclosure Act
regulations covering out-of-state properties sold in New Jersey; protect public
non-NJ properties advertised in NJ in languages other than English are required to provide
forms in the same language the property was advertised in
Rental Referral Agencies must
furnish prospective tenants with a written contract
broker
One who buys and sells for another for a fee.
broker-salesperson
a qualified broker who practices real estate in the position of a salesperson in another broker's office.
Bureau of subdivided land control
State Agency that approves and registers sales of some out-of-state property
New Jersey Real Estate Commission
Administrator of Real Estate Licenses
Real Estate License Act
The law governing real estate practice in NJ
Real Estate Sales Full Disclosure Act
Regulation covering the sales of out-of-state property in NJ
Realtor-Associate
Salesperson associated with a Realtor who joins the national and state associations of Realtors
Realtor
A registered trademark reserved for the sole use of members of the National Association of Realtors
referral Agent
a licensee with authority only to prospect for potential buyers and sellers
referral fee
Part of a commission or fee shared with a broker who sends a client or customer to an agent
salesperson
person who performs real estate activities while employed by or associated with a licensed real estate broker
Title 11, Chapter 5
Rules and regulations set by the NJ real estate commission
Waiver of Broker Cooperation
Seller's statement that only one office will be marketing the property
Buyers purchasing subdivided land out of state have ? time to cancel contracts for the purchase or lease of land
7 calendar days
Which of the following are never allowed to sell real esate without a license? Bank, insurance broker, attorney or owners?
Insurance Brokers.
Real Estate License Act
Title 45, Chapter 15
Rules and regulations set up by the Real Estate Commission
Title 11, Chapter 5, Administrative Code
Number of Members in Real Estate Commission
8
Number of Real Estate Brokers on Commission
5
Number of Members of General Public on Real Estate Commission
2
Number of years a person on the Real Estate Commission serves
3
Person allowed to charge the public for services.
Broker
Number of people each real estate company must have as authorized broker
one
A real estate agent receives compensation from
the broker only
Only allowed to refer prospects for brokerage services to the supervising broker or the broker's designate
Referral Agent
All initial, renewed and reinstated licenses are issued on a _________ term
2 years
list real estate, sell, buy or rent real estate, collect rent, solicit prospective purchasers or sellers, negotiate a real estate loan, sell lots or other parcels sell business opportunities that involve real estate.
A broker's license is required to:
negotiate the purchase, sale or exchange of real estate, negotiating real estate loans, leasing renting and collecting rent and selling lots or other parcels
A real estate salesperson, under the supervision of a broker, assists in:
A real estate license is not required for
1. Owners handling their own properties
2. attorneys, executors, trustees, receivers, administrators, legal guardians, and others handling real estate under the court of law
3. Banks and trust companies
4. Insurance Companies
Exception to the payment of services
a selling broker can rebate part of the commission to the buyer in the form of either a credit or a check. NO FINDERS FEES ALLOWED.
Unlicensed assistants may not:
show property
answer any questions about property
make cold calls
discuss or explain a contract or other documents with clients
make calls for rent
host open houses alone
distribute promotional material alone
attend home inspections alone
Unlicensed assistant may
answer phones and forward calls
process and submit listings and changes to the MLS
place signs on properties, pick up keys and deliver documents
schedule appointments for showing
set up files
have keys made, write and place ads, type contract forms, order
Apply for broker's license
have served three years full-time as a licensed salesperson; consecutively!
Complete 150 hrs of study
Referral Agents license requirement
submit a certificate stating the legal restrictions on the brokerage activity of a referral agent have been reviewed with the supervising broker
Exceptions to EXPERIENCE and fee requirements for broker licensure
honorably discharged war veteran with a service connected wound or disability
No license
convicted within 5 years
Non residents obtaining a license
file a form consenting to be sued in NJ
Corporations can get a license if
An officer holds a broker's license
Temporary License
issued if salesperson has 3 years experience immediately preceding the date of application
Guaranty Fund
to reimburse public who suffer monetary loss due to wrongdoing in a transaction. Must get a court judgement. $20,000 max pymt per offense. license revoked; must pay back.
Rental Units advertised
must be checked every day for availability
Rental Units listed
must be checked every 3 days for availability
Number of hours of study a broker's license requires
150: 90 hours broker course, 30 ethics, 30 office management
Application for a license must be submitted within _______ time of taking prelicensing course
one year
Applicant requesting a temporary broker license must file application within ____ time of broker's death
30 days
All brokers and salespersons must complete ______hours of continuing education before each two-year license renewal
12 hours
Continuing education must contain ____hours of ethics training
2 hours
When the Guaranty Fund pays a claim against a borker or salesperson, what happens to their license?
The license is revoked until the fund is reimbursed with interest.
Real Estate Sales Full Disclosure Act
regulations covering out-of-state properties sold in New Jersey; protect public
non-NJ properties advertised in NJ in languages other than English are required to provide
forms in the same language the property was advertised in
Rental Referral Agencies must
furnish prospective tenants with a written contract
broker
One who buys and sells for another for a fee.
broker-salesperson
a qualified broker who practices real estate in the position of a salesperson in another broker's office.
Bureau of subdivided land control
State Agency that approves and registers sales of some out-of-state property
New Jersey Real Estate Commission
Administrator of Real Estate Licenses
Real Estate License Act
The law governing real estate practice in NJ
Real Estate Sales Full Disclosure Act
Regulation covering the sales of out-of-state property in NJ
Realtor-Associate
Salesperson associated with a Realtor who joins the national and state associations of Realtors
Realtor
A registered trademark reserved for the sole use of members of the National Association of Realtors
referral Agent
a licensee with authority only to prospect for potential buyers and sellers
referral fee
Part of a commission or fee shared with a broker who sends a client or customer to an agent
salesperson
person who performs real estate activities while employed by or associated with a licensed real estate broker
Title 11, Chapter 5
Rules and regulations set by the NJ real estate commission
Waiver of Broker Cooperation
Seller's statement that only one office will be marketing the property
Buyers purchasing subdivided land out of state have ? time to cancel contracts for the purchase or lease of land
7 calendar days
Which of the following are never allowed to sell real esate without a license? Bank, insurance broker, attorney or owners?
Insurance Brokers.