Unit 1 Vocabulary - Real Estate Licensing

Question 1

broker of record

Answer 1

Broker for an entire company authorized to operate a real estate business, hire salespersons, and charge the public for services.

Question 2

broker-salesperson

Answer 2

Fully qualified broker who chooses to maintain the position of a salesperson with some other broker.

Question 3

continuing education

Answer 3

12 hours of study required for license renewal

Question 4

Guaranty Fund

Answer 4

Fund established to reimburse the general public from the wrongdoings of real estate licensees.

Question 5

Title 11, Chapter 5

Answer 5

rules and regulations set up by the commission, part of the Administrative code.

Question 6

referral fee

Answer 6

Part of a commission or fee shared with a broker who sends a client or customer to an agent

Question 7

salesperson

Answer 7

A person who performs real estate activities while employed by or associated with a licensed real estate broker

Question 8

Title 45, Chapter 15

Answer 8

also known as the Real Estate License Act. It is the law governing real estate practice in New Jersey.

Question 9

SLWRERC (salesperson licensed with a real estate referral company)

Answer 9

A person who is authorized to only make referrals and no other Real Estate activity. This person is not required to complete continuing education credits.