Key Terms Flashcards
Regulation prohibiting price-fixing
Antitrust Laws
Agent who takes buyer as the principle
Buyer’s broker
Broker’s usual compensation
Commission
Third party in transaction, not the principle
Customer
Revealing to another any pertinent information
Disclosure
Brokers taking both parties as principals
Dual agency
One authorized to act for another
Agent
Person authorized to act under a power of attorney
Attorney-in-fact
Salesperson whose broker pays Social Security, regulates hours, etc
Employee
Trust and confidence between parties
Fiduciary relationship
Principal who engages an agent
Client
One empowered for a wide range of action
General Agent
A special relationship of trust and confidence between a principal and agent
Fiduciary
Intentional misleading of another, who is harmed
Fraud
One authorized to act for another in real estate transaction
Broker
Written explanation of a business relationship
Consumer Information Statement
One who works for both the seller and the buyer
Disclosed dual agent
New JERSEY REAL ESTATE license law is known as
Title 45
Real estate license is valid for
two years
A broker must have completed how many hours of study in addition to the original salesperson course?
150 hours
The Real Estate Commission has how many members?
Eight
A nonresident broker requesting a New Jersey license agree to be?
Sued in New Jersey
Administrator of real estate licenses
New Jersey Real Estate Commission
State rules and regulations for real estate licensees
Title 11, Chapter 5
One licensed to assist a broker in real estate transaction
Salesperson
Member of a private real estate trade organization
Realtor
It reimburses people defrauded or badly served by licensees in real estate transaction.
Guaranty Fund
The law governing the practice of real estate in New Jersey.
Real Estate License Act
Rental referral companies must?
Furnish prospective tenants with written contract.
