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Term | Definition |
---|---|
Broker | One who buys and sells for another for a fee |
Broker Salesperson | A qualified broker who practices real estate in the position of a salesperson in another brokers office |
Continuing Education | 12 Hours of study requires for license renewal |
Guaranty Fund | Money set aside to reimburse persons defrauded or badly served by real estate licensees |
NJ Real Estate Commission | Administrator of real estate licensees |
Real Estate License Act | The law governing real estate practices in NJ |
Real Estate Referral Company | A real estate firm that only engages in listing rental units ro find prospective tenants |
Referral Fee | Part of a commission or fee shared with a broker who sends a client or customer to an agent |
Salesperson | A person who performs real estate activities while employed by or associated with a licensed real estate broker |
Salesperson Licensed with a Real Estate Referral Company (SLWRERC) | A person who is authorized to only make referrals and no other real estate activity. This person is not required to complete CE unless they want to change to another type of NJ License. |