Chapter 25 Flashcards
Continuing
education
Additional learning required to
maintain licensure or stay
updated in a particular field.
Guaranty
Fund
A fund established by a real
estate regulatory body to
provide compensation to
consumers
License
examination
A test that individuals must
pass to obtain a license in a
particular profession or field.
Nonresident
license
A license granted to individuals
who conduct real estate
activities in a state where they
do not reside.
SLWRERC
(Salesperson
Licensed with
Real Estate
Referral
A salesperson who holds a
license with a real estate
referral company, which
typically refers clients to other
licensed real estate agents or
brokers for assistance with
buying or selling properties.
unlicensed
assistant
An individual who aids a
licensed real estate
professional in various tasks
but does not hold a real estate
license themselves.
Of the 12 required hours of continuing education coursework for an SLWRERC who was previously licensed as a full-service salesperson, how many hours may he or she complete in Electives?
2 hours
4 hours
6 hours
None
None
The 12 required hours of continuing education coursework for an SLWRERC who was previously licensed as a full-service salesperson must be all in core and/or ethics topics only
Which type of real estate license allows the licensee to charge and accept compensation from clients for services provided?
Broker
John is looking to purchase his first house and needs some help. Which of the following helpful friends needs a real estate license to legally perform the help offered?
John’s friend Terry has offered to help John search websites for appropriate listings
Because John is not great at asking the right questions, Sue has offered to go with him to any open houses
Since John knows nothing about obtaining a mortgage loan, his friend Bob has offered to help negotiate the loan for him
John’s friend Ray is a property inspector and has offered to inspect any house John wants to buy
Since John knows nothing about obtaining a mortgage loan, his friend Bob has offered to help negotiate the loan for him
If an injured party obtains a judgment against a licensee for a monetary loss but cannot collect the payment owed, how long does the injured party have to apply to the Guaranty Fund for payment?
6 years
Louise’s wrongful actions caused both the property seller and the buyer to each lose $25,000. They have both filed complaints and followed the process for reimbursement from the Guaranty Fund. How much will the Fund pay these injured parties?
A total of $20,000 for both
The reimbursement for each transaction is limited to $20,000
Which of the following is NOT one of the sections contained in the NJ Commission?
The Real Estate Legal Enforcement Section
The Real Estate Education Section
The Bureau of Subdivided Land Sales Control
The Investigations Section
The Real Estate Legal Enforcement Section
Which of the following is NOT one of the NJ Commission’s responsibilities?
Establishing reciprocity agreements with other states
Which of the following is part of the makeup of the NJ Real Estate Commission?
2 members of the public with 10 years New Jersey residency
If a person suffers a monetary loss as a result of a licensee’s unlawful action and the person wants repayment for the loss, what must that person first do?
File for a civil court judgment
Tom’s initial broker license was issued on August 18, 2027. When is Tom’s license renewal deadline?
June 30, 2029
Licenses are issued for two-year terms and must be renewed by June 30 to prevent the license from becoming inactive
What are the reactivation requirements for a license that has expired after being inactive for 2 years?
Complete all requirements for initial licensure
Which of the following tasks is it illegal for an unlicensed assistant to perform?
Submit listings to an MLS
Compute commission checks
Collect rent payments
Place signs on properties
Collect rent payments
Which licensee does not need to complete continuing education to reactivate an inactive license?
Salesperson (referral)
How many members of the public serve on the NJ Real Estate Commission at any one time?
2
How much is a broker required to pay at initial licensure to help fund the Guaranty Fund?
$20
Julie was issued her initial salesperson license on October 5, 2027. When must Julie renew her license?
By June 30, 2029
Pete is on active military duty and has received a waiver for his continuing education requirements. When must Pete make up his waived Core courses?
Never
Waivers may be granted in whole for continuing education requirements for active military duty and do not have to be made up
If a license is not renewed within 2 years of the term expiration date, under what status will the license be placed?
Expired
