Commision Rules and Regulations Flashcards
number of business days you can a hold trust account check?
5 in or out
Dollar amount first time homebuyer can withdraw penalty free from an IRA?
10k
NJ real estate license act known as…
title 45 chapter 15
broker must deposit funds coming in into escrow fund within…
5 business days and saleperons should give any escrow moneys to broker immediately.
every broker must keep records of trust account activity for…
6 years
any cash deposits of 10k or more must be reported to…
the IRS
all written offers must be forwarded to the seller within…
24 hours.
at the time of listing, sellers of residential properties must be furnished with a copy of…
The attorney general’s memorandum regarding the NJ law against discrimination.
The broker must keep all copies of all non-financial documents such as unaccepted offers to purchase for…
six months
Anytime a seller directs a broker not to cooperate with other brokers, the seller must sign a…
Waiver of broker cooperation
The brokers must pay monies due to salesperson within
10 days after commisions is received or as soon as check has cleared
All ads must specify the property’s
municipal location
licenses are governed by the…
Real estate license Act
When a salesperson leaves, commission must be paid within…
30 days of termination
under genreal res estate license law, what is maxium fine that real estate commision can impose on a licensee for first violation…
5k, 15 for 2nd
