Chapter 1: Real Estate Licensing KEY TERMS REVIEW

Question 1

Broker

Answer 1

individual licensed to charge the public for real estate services

Question 2

Broker-salesperson

Answer 2

fully qualified broker who remains under another broker’s supervision

Question 3

Bureau of Subdivided Land Sales Control

Answer 3

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

Question 4

Continuing education

Answer 4

classes required for license renewal

Question 5

Guaranty Fund

Answer 5

reimburses people defrauded or badly served by licensees in real estate transactions

Question 6

New Jersey Real Estate Commission

Answer 6

administrator of real estate licenses

Question 7

Real Estate License Act

Answer 7

law governing the practice of real estate in New Jersey

Question 8

Real Estate Sales Full Disclosure Act

Answer 8

regulations covering out-of-state properties sold in New Jersey

Question 9

REALTOR®

Answer 9

member of a private real estate trade organization

Question 10

REALTOR-ASSOCIATE®

Answer 10

salesperson who joins a particular real estate trade group

Question 11

Referral agent

Answer 11

licensee limited to presenting prospective clients and customers to the broker

Question 12

Referral fee

Answer 12

money paid another broker for sending a client or customer

Question 13

Salesperson

Answer 13

one licensed to assist a broker in real estate transactions

Question 14

Title 11, Chapter 5

Answer 14

state rules and regulations for real estate licensees