Ch 1d. NJ Real Estate Licensing

Question 1

NJ Real Estate Licensing Law

Answer 1

Title 45 Chapter 15

Question 2

Rules of the NJ REC

Answer 2

Title 11 Chapter 5

Question 3

NJREC Number of members

Answer 3

8 total - 5 real estate brokers for 10 years, 2 members of the public, one government representative

Question 4

a licensee (person, firm, corporation) who performs specific real estate brokerage activities w/intent to receive a fee, commission, or other valuable consideration

Answer 4

Broker

Question 5

person who for compensation or other valuable consideration is employed or contracted by & works under the supervision of a licensed real estate broker to participate in real estate brokerage activities

Answer 5

Salesperson

Question 6

person who is qualified to be licensed as a real estate broker but works under the supervision of a licensed real estate broker to perform the functions of a sales person

Answer 6

Broker-salesperson

Question 7

a person operating under the supervision of a licensed real estate broker whose activities are limited to referring prospective consumers

Answer 7

Referral Agent or Salesperson Licensed with a Real Estate Referral Company