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Chapter 2 Commission Rules and Regulations
Terms in this set (29)
broker's additional place of business
mixing broker's money with that of others
copy of a real estate contract with original signatures
Place for money belonging to clients and customers
awareness of wrongdoing with no attempt to stop it
Least severe discipline by the Real Estate Commission
cancellation of a real estate license
Temporary lifting of a real estate license
another name for escrow account
Waiver of Broker Cooperation
form sellers must sign for an office-exclusive listing
A licensed salesperson is allowed to
leave one broker and affiliate with another
Under some circumstances, a real estate office may be in the home of
Broker Waldo Rodriguez wants to open a branch office in a new shopping mall in the next town. The office can be supervised by
Salesperson Stan Clemenzio accepts an earnest money deposit and turns it over to his broker, Roberta Lee. Roberta must
deposit it within five days in a trust account.
An escrow account may be opened in
any authorized New Jersey financial institution
A broker must keep copies of contracts
for six years
Every person who signs a contract is entitled to receive a duplicate original. When are they entitled to receive it?
Every sales contract prepared by a broker must contain a notice that
the buyer and seller may seek attorney review within three business days.
Even when the broker is the seller's agent, buyers are entitled to
For a license law violation, the Real Estate Commission could fine a licensee as much as
The Commission will rule that someone could never again get a license after how many violations?
Salesperson Joe Kenty is indicted for possession of a controlled substance with intent to sell and is out on bail until the trial. The Real Estate Commission may
suspend his license
The Real Estate Commission must give a licensee how much notice before a hearing is held on a possible violation?
Sun City Realty holds a door-prize drawing at a weekend open house it runs. This practice...
violates the Commission's rules.
Donna White, a broker, is offering her mother's house for sale and will charge no commission. Should she reveal that she is a licensed agent?
Yes, as soon as she meets a prospective buyer.
Which statement about broker-run advertisements in newspapers is correct?
Advertising offering free appraisals is prohibited, although CMA's are permitted.
The "reasonable effort" licensees are required to make to determine all material information about a property's physical condition could normally include all of the following EXCEPT
contracting with a professional to perform an in-depth inspection of the property prior to entering into any agency agreement with the seller.
A New Jersey licensee is permitted to represent both parties to a transaction if he or she obtains the
informed, written consent of the seller, buyer, and any other agent involved.
Any agreement between competing offices to establish standard commission rates is referred to as
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