Licensing Flashcards
The NJ real estate commission is composed of:
8 members appointed by the governor. 5 are real estate brokers who have been licensed for at least 10 years, tow are chosen from general pubic and one represents a department of the state government
broker-salesperson
has fulfilled all requirements of a broker yet chooses to work in a sales capacity for and in the name of another broker
broker of record
every real estate company must have one person who is authorized broker for entire company
Licenses expire on…
every two year terms that expires on june 30th of odd numbered years
the terms REALTOR AND REALATOR ASSOCIATE are…
used by members of the National Association of realtors a private association and have no connection with state licensing
Buyer Rebate Exception
only a licensed real estate broker can provide a purchaser of residential real property a rebate from brokers commision–must contract for a rebate at the onset of the brokerage relationship in written document
Experience requirements for brokers license can be waived for…
honorably discharged war veteran with service connected wound/disability
non residents who want to obtain a license must…
filing consent to be used in this state
Guaranty Fund is…
established to reemburse members of pulbic who suffer a monetary loss from wrongdoing in a real estate transaction. Results also in sales person or brokers license being revoked. Payment out of fund is ONLY circumstance that results in automatic revocation of license
Continuing education must include…
12 hours of continuing education–including two hours or more of ethics and at lesast one ohour on fair housing and NJ discrimination.
licensees who have been licensed for 40 or more years may…
Be excempt from Continuing Education requiments
If an apartment is listed with a rental company but is NOT actively advertised, how often must company check availablility?
every 3 days
How many years must a broker maintain past records?
6 years
