Key Terms Flashcards

1
Q

Regulation prohibiting price-fixing

A

Antitrust Laws

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2
Q

Agent who takes buyer as the principle

A

Buyer’s broker

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3
Q

Broker’s usual compensation

A

Commission

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4
Q

Third party in transaction, not the principle

A

Customer

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5
Q

Revealing to another any pertinent information

A

Disclosure

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6
Q

Brokers taking both parties as principals

A

Dual agency

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7
Q

One authorized to act for another

A

Agent

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8
Q

Person authorized to act under a power of attorney

A

Attorney-in-fact

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9
Q

Salesperson whose broker pays Social Security, regulates hours, etc

A

Employee

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10
Q

Trust and confidence between parties

A

Fiduciary relationship

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11
Q

Principal who engages an agent

A

Client

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12
Q

One empowered for a wide range of action

A

General Agent

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13
Q

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

A

Fiduciary

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14
Q

Intentional misleading of another, who is harmed

A

Fraud

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15
Q

One authorized to act for another in real estate transaction

A

Broker

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16
Q

Written explanation of a business relationship

A

Consumer Information Statement

17
Q

One who works for both the seller and the buyer

A

Disclosed dual agent

18
Q

New JERSEY REAL ESTATE license law is known as

19
Q

Real estate license is valid for

20
Q

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

21
Q

The Real Estate Commission has how many members?

22
Q

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

A

Sued in New Jersey

23
Q

Administrator of real estate licenses

A

New Jersey Real Estate Commission

24
Q

State rules and regulations for real estate licensees

A

Title 11, Chapter 5

25
One licensed to assist a broker in real estate transaction
Salesperson
26
Member of a private real estate trade organization
Realtor
27
It reimburses people defrauded or badly served by licensees in real estate transaction.
Guaranty Fund
28
The law governing the practice of real estate in New Jersey.
Real Estate License Act
29
Rental referral companies must?
Furnish prospective tenants with written contract.