Chapter 1 RE licensing in NJ

Question 1

What is a broker salesperson?

Answer 1

Someone who has their brokers license but does not own and operate their own personal brokerage

Question 2

What is the definition for COMMINGLING?

Answer 2

Mixing clients money with your own personal money

Question 3

Commingling is prohibited in NJ …. True or False

Answer 3

True

Question 4

What is the definition for CONVERSIONS?

Answer 4

Using clients/customers money for personal purchase of goods or services

Question 5

What does the Hearing + Regulatory Affairs Section do?

Answer 5

Takes cases sent in by the investigators section and will conduct hearings, prosecutions, changes w/ commission regulatory code, etc.

Question 6

Does Nj have reciprocity?

Answer 6

No

Question 7

What is land?

Answer 7

open space with nothing placed there by mankind

Question 8

What is Bureau of Subdivided Land Sales Control? What does it do?

Answer 8

Helps protect the NJ public from out of state developers

Question 9

What is the NJ Real Estate License Act? aka Title 45

Answer 9

Governs a broad range of affairs such as……………… salespersons, brokers, record keeping rules, real estate and brokerage licensing , timeshares, mobile homes, housing and referral aide rules

Question 10

When was the NJ Real Estate License Act passed?

Answer 10

1921

Question 11

What does the NJ Administrative Code describe? (NJAC) aka Title 11

Answer 11

describes the powers of the NJREC

Question 12

What are the 4 sections within the NJREC?

Answer 12

1. Re education section
2. Investigations section
3. Hearings + Regulatory affairs section
4. Bureau of subdivided land sales control

Question 13

What does NJREC stand for?

Answer 13

New Jersey Real Estate Commission

Question 14

What does NJAC stand for?

Answer 14

New Jersey Administrative Code

Question 15

What is the RE education Section?

Answer 15

examines applicants and makes sure they are qualified and they oversee instructors/schools to make sure they are providing continuing education

Question 16

What does the Investigations Section handle?

Answer 16

handles complaints against licensees made by the public or other agents

Question 17

What is a referral agent?

Answer 17

not actively involved in any RE transactions but can refer business to other agents

Question 18

What is a salesperson?

Answer 18

works under a broker and is actively involved in RE transactions

Question 19

What can a salesperson participate in?

Answer 19

they can participate in the sale, lease, exchange or transfer or real property in NJ for consideration

Question 20

License renewal runs from….

Answer 20

July 1st (odd # year) to June 30th (next odd # year)

Question 21

What is a real estate agent?

Answer 21

generic term for all licensees

Question 22

What is a Realtor?

Answer 22

member of NAR, has access to MLS and recieve great benefits

Question 23

What does NAR stand for?

Answer 23

National Association of Realtors

Question 24

What are the 5 types of RE licenses?

Answer 24

1. Salesperson
2. Broker Salesperson
3. Broker
4. Referral Agent
5. Instructor

Question 25

What is a broker?

Answer 25

the licensed real estate broker responsible for all activities of the brokerage office

Question 26

Whats another name for a broker?

Answer 26

Broker of record

Question 27

What will happen in the event that the broker dies?

Answer 27

another person with or without a brokers license will be the new broker or BOR will have to step up. if they are not already licensed to be a broker, they have 1 year to get the proper certifications

Question 28

What does BOR stand for?

Answer 28

Broker of record

Question 29

Whats the definition of CONSIDERATION?

Answer 29

something of value given to a person in exchange for acts of service ( does not always have to be money)