Chapter 1 RE licensing in NJ Flashcards
What is a broker salesperson?
Someone who has their brokers license but does not own and operate their own personal brokerage
What is the definition for COMMINGLING?
Mixing clients money with your own personal money
Commingling is prohibited in NJ …. True or False
True
What is the definition for CONVERSIONS?
Using clients/customers money for personal purchase of goods or services
What does the Hearing + Regulatory Affairs Section do?
Takes cases sent in by the investigators section and will conduct hearings, prosecutions, changes w/ commission regulatory code, etc.
Does Nj have reciprocity?
No
What is land?
open space with nothing placed there by mankind
What is Bureau of Subdivided Land Sales Control? What does it do?
Helps protect the NJ public from out of state developers
What is the NJ Real Estate License Act? aka Title 45
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
When was the NJ Real Estate License Act passed?
1921
What does the NJ Administrative Code describe? (NJAC) aka Title 11
describes the powers of the NJREC
What are the 4 sections within the NJREC?
- Re education section
- Investigations section
- Hearings + Regulatory affairs section
- Bureau of subdivided land sales control
What does NJREC stand for?
New Jersey Real Estate Commission
What does NJAC stand for?
New Jersey Administrative Code
What is the RE education Section?
examines applicants and makes sure they are qualified and they oversee instructors/schools to make sure they are providing continuing education
What does the Investigations Section handle?
handles complaints against licensees made by the public or other agents
What is a referral agent?
not actively involved in any RE transactions but can refer business to other agents
What is a salesperson?
works under a broker and is actively involved in RE transactions
What can a salesperson participate in?
they can participate in the sale, lease, exchange or transfer or real property in NJ for consideration
License renewal runs from….
July 1st (odd # year) to June 30th (next odd # year)
What is a real estate agent?
generic term for all licensees
What is a Realtor?
member of NAR, has access to MLS and recieve great benefits
What does NAR stand for?
National Association of Realtors
What are the 5 types of RE licenses?
- Salesperson
- Broker Salesperson
- Broker
- Referral Agent
- Instructor
What is a broker?
the licensed real estate broker responsible for all activities of the brokerage office
Whats another name for a broker?
Broker of record
What will happen in the event that the broker dies?
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
What does BOR stand for?
Broker of record
Whats the definition of CONSIDERATION?
something of value given to a person in exchange for acts of service ( does not always have to be money)
