NJ Real Estate Exam - Chapters 1-5|112 Questions with 100% Correct Answers | Verified | Updated 2024

Alloidial System - ️️System where people have the right to own full and complete property rights in land subject only to the various public and private restrictions. National Association of Realtors (NAR) - ️️Group of real estate agents who maintain ethics codes and standards for the industry Realtor - ️️Trade name can only be used by members of National Association of Realtors (NAR) New Jersey Real Estate License Act - ️️Designed to license and regulate brokers and salespersons and to establish a Real Estate Commission. New Jersey Real Estate Commission - ️️Division of Department of Banking and Insurance which is responsible providing the commission with personnel and operating funds. Broker - ️️Person or firm who for valuable consideration engages in the practice of Real Estate Branch office license - ️️required for additional offices Broker Salesperson - ️️Individual with a brokers license employed in a sales capacity by another licensed broker Salesperson - ️️Individual who has a license and for valuable consideration practices real estate for an employing broker Broker of record - ️️all real estate activities are under his/her supervision