8/5/25, 9:18 AM NJ Real Estate Exam Flashcards | Quizlet
NJ Real Estate Exam
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Terms in this set (306)
Broker One who buys and sells for another for a fee.
A qualified broker who practices real estate in the
Broker-Salesperson
position of salesperson in another broker's office
bureau of subsidized land regulations covering out of state properties sold in NJ
sales control
12 hours required every two years, two of which must
continuing education
be on ethics
Department of Banking and Insurance. 8 members. 5
NJ Real Estate
brokers for at least 10 years, two from general public
Commission
and one representing the state government
Real estate license act Title 45 chapter 15
Title 11, chapter 5 NJ real estate license act administrative code
Real estate sales full covers the sales of out of state property in NJ
disclosure act
referral agent only allowed to refer prospects to a brokers office
part of a commission or fee paid to a broker who
referral fee
sends a client
works under a sponsoring licensed broker doing
salesperson
business in the name of the broker
must be under the direct supervisor of a broker or
branch office
broker salesperson and must have a duplicate license
https://quizlet.com/1063978094/nj-real-estate-exam-flash-cards/?new 1/8
, 8/5/25, 9:18 AM NJ Real Estate Exam Flashcards | Quizlet
brokers are prohibited from mixing their own funds
commingling
with money in the trust account
multiple original copies for the parties signatures.
duplicate original required for all listing contracts, sales contracts and
leases
also known as trust account. must be in an authorized
escrow account financial institution in NJ to be used for depositing all
money belonging to other persons
knew what was going on and did not attempt to stop
guilty knowledge
it
first step after a complaint against a licensee. fine of
probation
up to $5000
suspension suspend a license fine up to $10,000
revocation permanently revoke licence. Fine up to $10,000
waiver of broker what a seller must sign if they direct the broker not to
cooperation cooperate with any other brokers
principal client
a fiduciary relationship that falls within in the
agency
requirements of the law of agency
one of trust and confidence in which an agent is
responsible for the money and/or property of others.
fiduciary relationship
It requires putting the principal's interest above all
others, including the broker's own interest.
fiduciary agent
COALD Care, obedience, accounting, loyalty, disclosure
empowered to represent the principal in a broad
general agent
range of matters (ex: property manager)
has authority to represent the principal in all matters
universal agent
that can be delegated (ex: power of attorney)
https://quizlet.com/1063978094/nj-real-estate-exam-flash-cards/?new 2/8
NJ Real Estate Exam
Save
Terms in this set (306)
Broker One who buys and sells for another for a fee.
A qualified broker who practices real estate in the
Broker-Salesperson
position of salesperson in another broker's office
bureau of subsidized land regulations covering out of state properties sold in NJ
sales control
12 hours required every two years, two of which must
continuing education
be on ethics
Department of Banking and Insurance. 8 members. 5
NJ Real Estate
brokers for at least 10 years, two from general public
Commission
and one representing the state government
Real estate license act Title 45 chapter 15
Title 11, chapter 5 NJ real estate license act administrative code
Real estate sales full covers the sales of out of state property in NJ
disclosure act
referral agent only allowed to refer prospects to a brokers office
part of a commission or fee paid to a broker who
referral fee
sends a client
works under a sponsoring licensed broker doing
salesperson
business in the name of the broker
must be under the direct supervisor of a broker or
branch office
broker salesperson and must have a duplicate license
https://quizlet.com/1063978094/nj-real-estate-exam-flash-cards/?new 1/8
, 8/5/25, 9:18 AM NJ Real Estate Exam Flashcards | Quizlet
brokers are prohibited from mixing their own funds
commingling
with money in the trust account
multiple original copies for the parties signatures.
duplicate original required for all listing contracts, sales contracts and
leases
also known as trust account. must be in an authorized
escrow account financial institution in NJ to be used for depositing all
money belonging to other persons
knew what was going on and did not attempt to stop
guilty knowledge
it
first step after a complaint against a licensee. fine of
probation
up to $5000
suspension suspend a license fine up to $10,000
revocation permanently revoke licence. Fine up to $10,000
waiver of broker what a seller must sign if they direct the broker not to
cooperation cooperate with any other brokers
principal client
a fiduciary relationship that falls within in the
agency
requirements of the law of agency
one of trust and confidence in which an agent is
responsible for the money and/or property of others.
fiduciary relationship
It requires putting the principal's interest above all
others, including the broker's own interest.
fiduciary agent
COALD Care, obedience, accounting, loyalty, disclosure
empowered to represent the principal in a broad
general agent
range of matters (ex: property manager)
has authority to represent the principal in all matters
universal agent
that can be delegated (ex: power of attorney)
https://quizlet.com/1063978094/nj-real-estate-exam-flash-cards/?new 2/8
