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Real Estate Course > Chapter 26 > Flashcards

Chapter 26 Flashcards

1
Q

employment
agreements

A

Contracts outlining the terms
and conditions of employment
between an employer and an
employee.

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2
Q

referral
salesperson

A

A salesperson who refers
clients to other licensed real
estate agents or brokers for
property transactions

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3
Q

offices and
branches

A

Physical locations or branches
of a real estate brokerage firm
where agents conduct
business

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4
Q

commingling

A

Mixing personal funds with
client funds or property, which
is illegal and unethical in real
estate transactions.

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5
Q

Interstate
property sales

A

Real estate transactions
involving properties located in
more than one state.

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6
Q

independent
contractor

A

A worker who is not an
employee but works
independently, often on a
contract basis.

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7
Q

licensee
compensation

A

Payment or commission
received by a licensed real
estate agent for services
rendered.

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8
Q

price fixing

A

Illegally conspiring with
competitors to set prices at a
certain level, typically higher
than market value.

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9
Q

NJ Law
Against
Discrimination

A

Legislation in New Jersey
prohibiting discrimination
based on protected
characteristics in housing and
real estate transactions.

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10
Q

What should real estate professionals disclose when using client testimonials, as recommended in the video?

A

That the outcome for one client may vary for another

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11
Q

Which of the following tests focus on the degree of control a business exerts over a worker to determine their classification?

A

The ABC test, the economic reality test, and the common law test

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12
Q

When must an employment agreement be completed?

A

Prior to the salesperson beginning work for the broker

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13
Q

To obtain a broker license, the applicant must

A

have 3 years of full-time experience as a NJ licensed salesperson

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14
Q

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

A

Complete 150-hour pre-license course

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15
Q

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

A

Pay own income tax

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16
Q

The sale of interstate property is regulated by

A

the New Jersey Real Estate Full Disclosure Act

17
Q

What steps must a salesperson take when suing a client for failure to pay compensation?

A

Salespersons cannot sue clients

18
Q

If a real estate license is not renewed by the expiration date, what happens?

A

The license becomes inactive

19
Q

Developers of out-of-state properties selling the properties in New Jersey must

A

file a Public Offering Statement with the Bureau of Subdivided Land Sales

20
Q

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?

A

Receiving paid vacation time

21
Q

An active duty military member may have which of the following broker license requirements waived?

Education

Experience

Both education and experience

Continuing education requirements

A

Continuing education requirements

22
Q

Who may bring action in court against a client for nonpayment of owed compensation?

A

Only the broker

23
Q

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

A

Cell phone numbers used in advertising must be accompanied by the broker’s office number

24
Q

When may properties be indicated as sold?

A

After the title transfer

25
Q

Which of the following statements is TRUE regarding unlicensed assistants?

They may not compute commission checks

They may conduct open houses

They may follow up on loan applications

They may screen walk-in prospects in an initial interview

A

They may follow up on loan applications

26
Q
A

Real Estate Course (31 decks)

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