Chapter 1 Real Estate Licensing Flashcards
NJ real estate license act is known as
Title 45, chapter 15
A real estate license is valid for
2 years. Renewed on July 1 in odd-numbered years after 12 hrs of continued education. 6 hrs of core topics and 2 hrs of ethics.
Individual licensed to charge the public for Real State Services
Broker
administrator of real estate licenses
New Jersey Real State Commission
state rules and regulations for real estate licenses
Title 11 Chapter 5 Administrative code
fully qualify broker who remains under another broker’s supervision
broker-salesperson
law governing the practice of real estate in new jersey
real estate license Act
member of a private real estate trade organization
REALTOR
money paid another broker for sending a client or customer
Referral Fee
regulations covering out- of- state properties sold in New Jersey, protection from unscrupulous developers or marketers.
Real Estate Sales full Disclosure Act
one licensed to assist a broker in real estate transactions
Sales person
reimburses people defrauded or badly served by a licensees in real estate transaction
Guaranty Fund
salesperson who joins a particular real estate trade group
REALTOR-ASSOCIATE
state agency that approves and registers some out-of-state property
Bureau of subdivided land sales control
licensee limited to presenting prospective clients and customers to the broker
Referral Agent
classes required for license renewal
Continuing education
A new jersey resident does not need a license to
draw up a binding lease for a new tenant in a property the resident own
how many hours of continuing education is need it in order to renew your real estate license
12 Hours
how much is to renew your real estate license
$100
according to the law, to obtain a salesperson’s license one must reach the age of
18
a broker must have completed how many hours of study beyond the original salesperson’s course
150
90 hrs general broker / 30 hrs ethics and law / 30 hrs management
the pre-license course must be taken over if the student does not apply for a license within
one year
a nonresident broker requesting a New Jersey license must
agree to be sued in New Jersey
an honorably discharged war veteran with a service-connected wound or disability may
be exempt from payment of license fee
if a principle broker dies, associated salespersons should promptly
have one of their members apply for a temporary broker’s license. the request must be made within 30 days of the date of the brokers death and if effective for 1 year from the date of issuance.
the real estate commission has how many member
8 members. five of them are real estate brokers with at least 10 years of experience, 2 general public individuals and 1 appointed by the government
continuing education courses must be taken
in every two year period.
which of the following are NEVER allowed to sell real estate with out a license
Insurance brokers
the Guaranty fund is funded by
fees paid at first-license applications. $10 for salesperson / $20 for brokers. Maintained by the State treasurer. Maximum payment for a single claim is $20,000 per offense.
real estate brokers may need special registration when selling some
out of state properties
rental referral agencies must
furnish prospective tenants with a written contract
an unlicensed assistant is allow to
give no answer to questions about a property
New Jersey requires the broker who sells out of state subdivided land to
register with the state
in new jersey the buyer who purchases out of state subdivided land may cancel the contract for no reason within
seven calendar days
if a property advertises for sale and advertisements are all in French. Any additional forms, contracts or other material that are made available to prospective purchasers must be in
French. Must be the language in which it was originally advertised
Units that are advertised must be checked (rental)
everyday. no rental property may be offered without the landlord’s consent, oral consent must be confirmed in writing within 24 hours.
Rental referral agencies- Units that are simply listed (MLS) must be checked
every 3 days
Simply listed- 3 days
Advertised- everyday
which license is required a certification that legal restrictions have been reviewed with the brokers
Referral Agent
Continuing education requirements mandates at least two hours’ instruction in
Ethics
Sales persons license qualifications
be 18 years old prove a high school diploma furnish evidence of good moral character successfully complete 75 hour pre-licensing course disclose SS for child support proof citizenship pass state test be sponsored by a broker
No license will be issued to anyone convicted within the preceding ___ years of forgery, burglary, robbery, any theft other than shoplifting
5 years
