Key Terms

Question 1

Regulation prohibiting price-fixing

Answer 1

Antitrust Laws

Question 2

Agent who takes buyer as the principle

Answer 2

Buyer’s broker

Question 3

Broker’s usual compensation

Answer 3

Commission

Question 4

Third party in transaction, not the principle

Answer 4

Customer

Question 5

Revealing to another any pertinent information

Answer 5

Disclosure

Question 6

Brokers taking both parties as principals

Answer 6

Dual agency

Question 7

One authorized to act for another

Answer 7

Agent

Question 8

Person authorized to act under a power of attorney

Answer 8

Attorney-in-fact

Question 9

Salesperson whose broker pays Social Security, regulates hours, etc

Answer 9

Employee

Question 10

Trust and confidence between parties

Answer 10

Fiduciary relationship

Question 11

Principal who engages an agent

Answer 11

Client

Question 12

One empowered for a wide range of action

Answer 12

General Agent

Question 13

A special relationship of trust and confidence between a principal and agent

Answer 13

Fiduciary

Question 14

Intentional misleading of another, who is harmed

Answer 14

Fraud

Question 15

One authorized to act for another in real estate transaction

Answer 15

Broker

Question 16

Written explanation of a business relationship

Answer 16

Consumer Information Statement

Question 17

One who works for both the seller and the buyer

Answer 17

Disclosed dual agent

Question 18

New JERSEY REAL ESTATE license law is known as

Answer 18

Title 45

Question 19

Real estate license is valid for

Answer 19

two years

Question 20

A broker must have completed how many hours of study in addition to the original salesperson course?

Answer 20

150 hours

Question 21

The Real Estate Commission has how many members?

Answer 21

Eight

Question 22

A nonresident broker requesting a New Jersey license agree to be?

Answer 22

Sued in New Jersey

Question 23

Administrator of real estate licenses

Answer 23

New Jersey Real Estate Commission

Question 24

State rules and regulations for real estate licensees

Answer 24

Title 11, Chapter 5

Question 25

One licensed to assist a broker in real estate transaction

Answer 25

Salesperson

Question 26

Member of a private real estate trade organization

Answer 26

Realtor

Question 27

It reimburses people defrauded or badly served by licensees in real estate transaction.

Answer 27

Guaranty Fund

Question 28

The law governing the practice of real estate in New Jersey.

Answer 28

Real Estate License Act

Question 29

Rental referral companies must?

Answer 29

Furnish prospective tenants with written contract.