Unit 2 Flashcards
An escrow account may be opened in a?
Any authorized New Jersey financial institution
A broker must keep copies of?
Contracts for six years
Every sales contract prepared by a broker must contain a notice that?
Buyer and Seller may seek attorney review within three business days.
For a license law violation, the Real Estate Commission could fine licensee as much as
$25,000
The commission will rule that someone could never again get a license after how many violations?
Three
Rebate of part of commission may be paid to a?
Buyer only
Copy of real estate contract with original signatures
Duplicate original
Mixing brokers money with that of other
Commingling
Cancellation of real estate license
Revocation
In March 1995 New Jersey Supreme Court ruled?
Attached to the cover sheet the notice advising buyers and sellers of their right to hire an attorney.
No ad can refer to financing without including the words?
to a qualified buyer
Each broker maintains a special trust account also known as ?
Escrow account
Brokers must deposit other persons fund within how many day?
Five business days
New Jersey Real Estate Commission has how many members and who appoints them?
eight members and appointed by the governor
A _____ is generally a non-binding document that references what the parties plan to do?
Letter of intent