Unit 1: Real Estate Licensing

Question 1

broker

Answer 1

one who buys and sells for another for a fee

Question 2

broker-salesperson

Answer 2

a qualified broker who practice real estate in the position of a salesperson in another broker’s office

Question 3

continuing education

Answer 3

12 hrs of study required for license renewal

6 hrs of core topis, 3 hrs other core topics, 3 hrs ethics, 1 hr fair housing/discrimination

Question 4

New Jersey Real Estate Commission

Answer 4

administrator of real estate licenses

Question 5

Real Estate License Act

Answer 5

Title 45, Chapter 15: law governing real estate practice in New Jersey

Question 6

real estate referral company

Answer 6

a real estate firm that only engages in listing rental units to find prospective tenants

Question 7

referral fee

Answer 7

part of a commission or fee that a broker gets for sending a client/customer to an agent

Question 8

salesperson

Answer 8

someone who works under a broker who performs real estate activities

Question 9

salesperson licensed with a real estate referral company

Answer 9

a person authorized to ONLY make referrals; are not required to complete continuing education hrs unless they wish to change to another NJ licensing type

Question 10

Title 11, Chapter 5