Chapter 1: Real Estate Licensing

Question 1

one who buys and sells for another for a fee

Answer 1

broker

Question 2

a qualified broker who practices real estate in the position of a sales person in another broker’s office

Answer 2

broker-salesperson

Question 3

state agency that approves and registers sales of some out-of-state property

Answer 3

Bureau of Subdivided Land Sales Control

Question 4

money set aside to reimburse persons defrauded or badly served by real estate licensees

Answer 4

Guaranty Fund

Question 5

Administrator of real estate licenses

Answer 5

NJ Real Estate Commission

Question 6

law governing the practice of real estate in NJ

Answer 6

Real Estate License Act

Question 7

regulation covering the sales of out-of-state property in NJ

Answer 7

Real Estate Full Disclosure Act

Question 8

A registered trademark reserved for the sole use of members of the National Association of REALTORS

Answer 8

REALTOR

Question 9

Salesperson associated with a REALTOR who join the national and state associations of REALTORS

Answer 9

REALTOR-ASSOCIATE

Question 10

a licensee with authority only to refer prospective buyers and sellers to the broker

Answer 10

referral agent

Question 11

part of a commission or fee shared with a broker who sends a client or customer to an agent

Answer 11

referral fee

Question 12

a person who performs real estate activities while employed by or associated with a licensed real estate broker

Answer 12

salesperson

Question 13

state rules and regulations for real estate licensees

Answer 13

Title 11, Chapter 5