NJ Real Estate Study Guide Exam 2023.

NJ Real Estate Study Guide Exam 2023.Broker - ANSWER One who buys and sells for another for a fee. Broker-Salesperson - ANSWER A qualified broker who practices real estate in the position of salesperson in another broker's office bureau of subsidized land sales control - ANSWER regulations covering out of state properties sold in NJ continuing education - ANSWER 12 hours required every two years, two of which must be on ethics NJ Real Estate Commission - ANSWER Department of Banking and Insurance. 8 members. 5 brokers for at least 10 years, two from general public and one representing the state government Real estate license act - ANSWER Title 45 chapter 15 Title 11, chapter 5 - ANSWER NJ real estate license act administrative code Real estate sales full disclosure act - ANSWER covers the sales of out of state property in NJ referral agent - ANSWER only allowed to refer prospects to a brokers office referral fee - ANSWER part of a commission or fee paid to a broker who sends a client salesperson - ANSWER works under a sponsoring licensed broker doing business in the name of the broker branch office - ANSWER must be under the direct supervisor of a broker or broker salesperson and must have a duplicate license commingling - ANSWER brokers are prohibited from mixing their own funds with money in the trust account duplicate original - ANSWER multiple original copies for the parties signatures. required for all listing contracts, sales contracts and leases escrow account - ANSWER also known as trust account. must be in an authorized financial institution in NJ to be used for depositing all money belonging to other persons guilty knowledge - ANSWER knew what was going on and did not attempt to stop it probation - ANSWER first step after a complaint against a licensee. fine of up to $5000 suspension - ANSWER suspend a license fine up to $10,000 revocation - ANSWER permanently revoke licence. Fine up to $10,000 waiver of broker cooperation - ANSWER what a seller must sign if they direct the broker not to cooperate with any other brokers principal - ANSWER client agency - ANSWER a fiduciary relationship that falls within in the requirements of the law of agency