Chapter 26 Flashcards
employment
agreements
Contracts outlining the terms
and conditions of employment
between an employer and an
employee.
referral
salesperson
A salesperson who refers
clients to other licensed real
estate agents or brokers for
property transactions
offices and
branches
Physical locations or branches
of a real estate brokerage firm
where agents conduct
business
commingling
Mixing personal funds with
client funds or property, which
is illegal and unethical in real
estate transactions.
Interstate
property sales
Real estate transactions
involving properties located in
more than one state.
independent
contractor
A worker who is not an
employee but works
independently, often on a
contract basis.
licensee
compensation
Payment or commission
received by a licensed real
estate agent for services
rendered.
price fixing
Illegally conspiring with
competitors to set prices at a
certain level, typically higher
than market value.
NJ Law
Against
Discrimination
Legislation in New Jersey
prohibiting discrimination
based on protected
characteristics in housing and
real estate transactions.
What should real estate professionals disclose when using client testimonials, as recommended in the video?
That the outcome for one client may vary for another
Which of the following tests focus on the degree of control a business exerts over a worker to determine their classification?
The ABC test, the economic reality test, and the common law test
When must an employment agreement be completed?
Prior to the salesperson beginning work for the broker
To obtain a broker license, the applicant must
have 3 years of full-time experience as a NJ licensed salesperson
Which of the following is a requirement for a broker-salesperson license applicant?
Complete 150-hour pre-license course
Obtain sponsorship of a NJ licensed broker prior to licensure
Have 3 years of full time experience as a NJ licensed salesperson (referral)
Be 21 years old
Complete 150-hour pre-license course
Which of the following applies to independent contractors and not to employees?
Receive health benefits from broker
Pay own income tax
Covered under broker’s workers’ compensation insurance
Work specified hours each week
Pay own income tax
The sale of interstate property is regulated by
the New Jersey Real Estate Full Disclosure Act
What steps must a salesperson take when suing a client for failure to pay compensation?
Salespersons cannot sue clients
If a real estate license is not renewed by the expiration date, what happens?
The license becomes inactive
Developers of out-of-state properties selling the properties in New Jersey must
file a Public Offering Statement with the Bureau of Subdivided Land Sales
John is a newly licensed salesperson who is discussing employment with Cedric, a licensed broker. As they discuss the employment agreement, they are deciding whether John should be an employee or an independent contractor working for Cedric. If John becomes an employee, which of the following would apply to him?
Receiving paid vacation time
An active duty military member may have which of the following broker license requirements waived?
Education
Experience
Both education and experience
Continuing education requirements
Continuing education requirements
Who may bring action in court against a client for nonpayment of owed compensation?
Only the broker
Which of the following statements is TRUE?
All advertising by a salesperson must include the employing broker’s office telephone number
Brokers may not use nicknames on advertising
Cell phone numbers used in advertising must be accompanied by the broker’s office number
Advertising that includes references to home offices must also include the broker’s business name
Cell phone numbers used in advertising must be accompanied by the broker’s office number
When may properties be indicated as sold?
After the title transfer
