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Real Estate: Chapter 1
Terms in this set (16)
In the New Jersey salesperson's examination
Retakes are permitted
After completing a real estate licensing course in New Jersey, how long does an individual have to pass the state exam and apply for a permanent license?
A real estate license is not required for the following:
- owners handling their own property as unrepresented sellers
- attorneys, executors, trustees, receivers, administrators, legal guardians, and others handling real estate under the court
- banks and trust companies
- insurance companies
Who must posses a real estate license in New Jersey?
Anyone who receives consideration for taking part in a real estate transaction
A rental referral agency advertises the availability of an apartment. How often must they check the availability of the unit?
Every damn day
A rental referral agency charges prospective tenants an advance fee of $50. This fee must be
deposited in an escrow account
A licensee who is qualified to be a broker but wishes to work for another broker rather than for himself
would be acting as a broker-salesperson.
When a person is employed an a fee basis by a rental referral agency
a real estate license is required.
A failure to renew will void a license after
A salesperson licensed with a real estate referral company (SLWRERC) is allowed to only refer prospects for brokerage services to
the supervising broker or the broker's designate
What are the 4 types of licenses under the Real Estate License Act
4. salesperson licensed with a real estate referral company (SLWRERC)
Define: Guaranty Fund
Reimburses people defrauded or badly served by licensees in real estate transactions
law governing the practice of real estate in NJ
salesperson who joins a particular real estate trade group
Define: Referral fee
money paid another broker for sending a client/customer
Title 11, Chapter 5
state rules and regulations for real estate licensees
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