NJ REAL ESTATE TERMS & KEY WORDS 557 Test Question Review With Correct Answers |D0wnload to score A+|79 Pages

BROKER - ️️The use of the term "Broker" refers to one who operates his or her own business. Any person or firm who, for a commission or other valuable consideration engages in listing, selling,buying, renting, negotiating, exchanging, or auctioning the real estate of others. BROKER-SALESPERSON - ️️Fully qualified broker who remains under another broker's supervision BUREAU of SUBDIVIDED LAND SALES CONTROL - ️️State agency that approves and registers some out-of-state property GUARANTY FUND - ️️Reimburses persons defrauded or badly served by licensees in real estate transaction. There is a $20,000.00 limitation on recovery for any 1 claim. NEW JERSEY REAL ESTATE COMISSION - ️️Administrator of Real Estate Licenses REALTOR - ️️Member of a specific trade organization REALTOR-ASSOCIATE - ️️Salesperson who joins a particular real estate trade group SALESPERSON - ️️- Any person for a commission or other valuable consideration, is employed by a broker to buy, sell, rent or negotiate the real estate of others. - Must work under the supervision of a broker. - Can except commission from employing broker ONLY! TITLE 45, CHAPTER 15 - ️️Lae governing the practice of real estate in New Jersey.