Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
CHAPTER -1
Real Estate Licensing
| Term | Definition |
|---|---|
| CHAPTER-1 REAL ESTATE LICENSING | |
| State Rules and regulations for a New Jersey Real Estate Licnesee | Title 11 Chapter 5 |
| Requirements to be a Broker in New Jersey | Three years working as a full time Salesperson under the supervision of a Broker, complete 150 Hours of Continuing Education for Broker |
| How Many members sits on the NJ Real Estate Commission Who appoints them what are the qualifications and years serves | 8 Members sit on the Commission appointed by the Governor saving a 3 year term except the member representing the Government. 5-Broker-Tens years experience 2- For the public 1- Representing the Government |
| Temporary Brokers License | When a Broker dies or becomes incapacitated, and can not run is his or her Brokerage, a Salesperson who meets the qualifications of a Broker can obtain a Temp Licnese |
| If a Licensee allows their license to lapse and does not renew it with in two years, what happens | The License is void and they must retake the Licensing Course over |
| Who is authorized to run a real Estate Brokerage, Hire Sales Agents, and assist the public in the sale of Real Estate for a fee in New Jersey | A Licensed Broker |
| Are Brokers allowed to give Rebates | Yes to Buyers only for max of $ 8,000 and to be paid by Credit card or check |
| New Jersey Real Estate Commission | Administer of Real Estate Licensees |
| Is a Broker allowed to have home office | Yes with a separate entrance and a psosted sign name and Real Estate Broker |
| Can a Branch office be in a home | No, Commercial area |
| A Broker who sells out of state property in NJ is required to | Register with State and pay a fee |
| Who funds the Guaranty fund in New Jersey | First time applicants |
| In NJ, a person who purchases out of state property, has how many days to rescind on the contract | Seven Calender Days |
| Rental units advertised should be checked | Daily |
| Rental Units NOT advertised should be checked | Every three days |
| Guaranty Fraud Fund | Reimburses anyone who was defrauded or mislead in a Real Estate Transaction; Max claim $20,000 |
| State Agency That Approves and registers out of state land offered for sale in NJ | The Bureau of Subdivided Land Control |
| Who Must be licensed to sell Real Estate | Anyone who receives a fee for the sale of Real Estate |
| The NJ Real Estate Commission is a division of | Department of Banking and Insurance |
| Sales Person | License person who will work under the supervision of a Broker and assist him in the sale of Real Estate |
| Broker Sales Person | A Licences who meets all the requirement of a broker but chooses to work in a sales capacity under the supervision of a Broker |
| Referral Agent | An Agent who can only refer prop sects to a Broker |
| If a Broker's License is suspended or revoked, what will happen to his or her's license. | The Agents license is suspended till the next renewal period or they can seek employment under a new Broker and have their license reinstated at no cost |
| How many Brokers is a licensee able to work under | One only |
| Who is a broker only allowed to share his or her's commission with | Their Sales Agents or cooperating Brokers |
| When do licenses expire | Every two years on the odd year Expire June 30th Renew July 1st |
| Requirements for a renewal of a licnese | 12 hours of continuing education with two hours that must be on Ethics |
| Certification that legal requirements have been reviewed for which agents | Referral agents |
| Are Insurance Agents authorized to sell Real Estate in Nj | No |
| Honorably discharged Veterans with service related wounds or disabilities are entitled to | Waiver of License fees and certain education requiremenst |
| How long is a temporary license good for and when must the agent complete the 150 hours of Continuing Education | One year from application |
| How many days does an Agent applying for a Temp license have to apply | 30 Days |
| The Act that requires out of state property offered for sale to residents in NJ | NJ Real Estate full Disclosure Act |
| Application for a NJ Real Estate License must be submitted to the Commission | With in one year of completion of course |
| Non NJ Brokers applying for a Brokers License in NJ Must | Agree to be sued in NJ |
| Persons exempt from having to be licensed in NJ to Convey Title | Owners selling their own property or for family and not receiving a fee, Lawyers for clients, Executors, Administers , Trustee, Receivers, Ins. Company or Trust co. |
| Real Estate Licensing Act- Title 45 | Laws That Govern the practice of Real estate in NJ |
| Can a person who resides out of state (NJ) hold a NJ Real Estate License | Yes |
| Title 45 Chapter 5 | State rules that regulate Real Estate Licenses |
| New Jersey Real Estate Full Disclosure Act | Act that requires out of state property sold in NJ to be registered with the State |
| Does New Jersey recognize out of stateLicenses | No |
Created by:
joeperrone