Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

NJ Real Estate > Chapter 2 Commission Rules and Regulations > Flashcards

Chapter 2 Commission Rules and Regulations Flashcards

1
Q

Broker’s additional place of business

A

Branch Office

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

copy of real state contract with original signatures

A

Duplicate Original. every person who signs contract must immediately receive it.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

least severe discipline by the Real Estate Commission

A

Probation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

mixing broker’s money with that of others

A

commingling

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

cancellation of real state license

A

Revocation ( Revoke)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

place for money belonging to clients and customers

A

Escrow Account

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

awareness of wrong doing with no attempt to stop it

A

Guilty Knowledge

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

temporary lifting of real state license

A

Suspension (Suspended)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

another name for escrow account

A

Trust Account

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

form seller must sign for an office exclusive listing

A

Waiver of Broker Cooperation. Seller directs a broker not to cooperate.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

a license Real Estate person is allow to

A

leave one broker and affiliate with another one

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

under some circumstances, a real estate office may be in the home of

A

a Broker

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

who can supervise an additional Brokers office

A

Broker salesperson

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

money deposited by a buyer that is applied to the purchased price if the sale is closed

A
  • earnest money

* must be deposited within five business day in a trust account

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

An Escrow account may be opened in

A

Any Authorized New Jersey Financial Institution

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

A broker must keep copies of

A
  • Contracts for 6 Years

* Deals that did not go thru for 6 months

17
Q

Every person that signs a contract is entitle to a duplicated original When are They Entitle to receive it ?

A

immediately

18
Q

Every sales contract Prepared by a broker must contain a notice that

A

the buyer or seller may seek *attorney review within 3 business days

19
Q

Even when the broker is the seller’s agent, buyers are entitled to

A

Fair dealing

20
Q

For license law a violation the Real Estate Commission could fine a licensee as much as

A

$50,000. it shall not be less than $250 nor more than $50,000

21
Q

After how many violations a license can be revoked (never be obtain)

A

Guilty of Three violations “repeat offender”

22
Q

Real Estate Commission can suspend a license while

A

a Salesperson is on bail until the trial ( convicted). If a brokers license is suspended or revoked, their salespersons licenses are suspended until the end of the current license period, unless they affiliate with another broker at no charge.

23
Q

How many days of notice does the Real Estate Commission give to a licensee before a hearing on a possible violation

A

10 days

24
Q

sun city realty holds a door prize drawing at a weekend open house it runs

A

This Practice violates the Commission’s rules

25
Q

A licensee that does business for own interest

A

Needs to disclosed that is a Real Estate license holder

26
Q

Advertisement for Free appraisals is prohibited, what can you offer to the Principle?

A

A CMA ( Comparative Market Analysis ) Is permissible

27
Q

a non binding document that refers what the parties plan to do on a commercial or industrial properties or business

A

Letter of Intent

28
Q

A New Jersey Licensee is permitted to represent both parties to a transaction if he or she obtains the

A

Informed written consent of the seller, buyer and any other Agent involved

29
Q

any agreement between competing offices to establish standard commission rates is referred to as

A

Illegal Price- Fixing

30
Q

A part of a commission that may be paid to a buyer (only) is called

A

Rebate

31
Q

Brokers in NJ must maintain a place of business with:

A

Separate from their home with its own entrance visible from the street. Brokers name and the words “licensed real estate broker” displayed. Associates license must be displayed in the main office.

32
Q

all written offers must be forwarded to sellers within

A

24 hours and at the time of listing, owners of property must be furnished with a copy of the Attorney generals memorandum regarding the NJ law against discrimination.

33
Q

ads:

A

must indicate the broker’s business name followed by the term realtor or real estate agency. It must be bigger than the salespersons name. All ads must specify the property’s municipal location.

34
Q

Mixing and using trust funds

Embezzlement

A

Conversion

NJ Real Estate (21 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions