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
Anytime a seller directs a broker not to cooperate with other brokers, seller must sign?
Waiver of Broker Cooperation form
Before suspending or revoking a license, the commission must provide the licensee at least ___ day’s advance notice of a hearing.
10
When a salesperson is disciplined, the broker’s license may or may not be affected, depending on whether the broker had?
Guilty knowledge
Any agreement between competing offices to establish standard rates is referred to?
illegal price-fixing
Known as the client?
The principal
Is one of trust and confidence in which an agent is responsible for the money and/or property of others?
Fiduciary relationship
It requires putting the principal interest above all others, including the broker’s own interest?
Fiduciary
Is authorized to represent the principal in one specific capacity only?
special agent
This confident relationship carries with it certain duties that the agent must perform?
Care, Obedience, Accounting, Loyalty, Disclosure. Known as COALD
The agent is obligated to obey the principal’s _____
Lawful Instructions
New Jersey regulations require licensees to present to all sellers, buyers, landlords and tenants on the sale or rental of all one-to-four family residential properties or vacant one-family lots?
Consumer Information Statement (CIS)
Before any discussion with seller, buyers, landlords or tenants agents are required to furnish a ?
Consumer Information Statement (CIS)
May occur when the agent is called to a listing interview and finds a seller ready to let property go at a ridiculously low price.
Conflict of interest
Sellers should be aware, however, that courts have ruled that they are responsible for revealing any hidden or _______ to their real estate agents.
Latent defects
Requires that a community be alerted to the presence of convicted sex offenders.
Megan’s Law
In New Jersey, all contracts and leases on residential real estate that are prepared by licensee must include a statement of which law?
Megan’s Law Statement
