Attorney Review Clause A clause found in real estate contracts, giving buyerseller

Weichert Realty Chapters 1-8 Flashcards Guaranty FundReimburses people defrauded or badly served by licensees in real estate transactions; party must obtain court judgment; each salesperson contributes $10/broker $20 at initial issuance of license; Max payment is $20,000 per offense; license revoked until fund reimbursed, with interest Attorney Review ClauseA clause found in real estate contracts, giving buyer/seller the right to consult an attorney, who may disapprove of the contract within 3 business day after delivery of signed contract by both parties Safe Harbor GuidelinesIRS won't questions independent contractor status when associate is licensed, has fluctuating income based on commissions, and works under written contract specifying independent contractor status buyers' brokerbrokers who help buyers to find suitable properties; retained by buyers; loyalty to buyers salespersonworks under sponsoring broker; can only be compensated by employing broker; may only work for one brokerage at a time power of attorneya legal document authorizing someone to act on your behalf, by written authorization special agencyoccurs when broker/seller or broker/buyer sign written employment contract; Exclusive listing agreement or exclusive buyer agency agreement licensing procedurecomplete 75-hour prelicensing course and receive passing score report; submit score report to Real Estate Commission, complete request for criminal-history with $160 check; complete fingerprinting/consent to criminal history check ($66.05) ; license good for 2 years, renewed July 1 buyer's broker/agentagent who takes a buyer as the principal/client; seller is the customer ready, willing, and able buyerOne who is prepared to buy property on the seller's terms and is ready to take positive steps to consummate the transaction.Allocation of Customers or MarketsAn agreement among real estate companies to divide their markets and refrain from competing for each other's business. This is Illegal under antitrust laws.Duplicate originalCopy of the original written agreement; should be given to every person who signs listing contract immediately; any changes to doc must be initialed by all parties

1974 Amendment to Fair Housing ActAdded sex as a protected class guilty knowledgedid broker know of salesperson's offense? their license may not be affected if no guilty knowledge; when broker's license suspended or revoked, salespersons' licenses suspended until end of current license period, free to affiliate with another broker cash deposits/withdrawalscustomer/client who makes cash deposit must be given written receipt; any cash of $10,000 or more must be reported to IRS; withdrawals payable to person never to cash HUD enforcementone year to file with HUD based on discrimination, 2 years to file suit; judge can issue injunction ordering offender to rent to complaining party or refrain from renting; penalties $21039 first offense, $52596 second offense, $105194 third offense, as well as punitive damages with no $ limit; covers threatening of agents customerthe person on the other side of the transaction, who the agent is not representing Procuring Causethe one who brings about a sale by producing a ready, willing, able buyer or brings about the meeting of the minds NJ Law Against Discrimination (LAD)passed in 1945; by 1966 covered housing and public accommodation; protected classes include race, color, ancestry, nationality and origin, creed, sex, gender or expression, sexual orientation, marital status, civil union/domestic partner, familial status, pregnancy, disability, lawful income for mortage/rent, liability for service in Air Force Real Estate License ActTitle 45 chapter 15 The 1988 Amendments to the Fair Housing Act expanded protection coverage to include handicapped (including AIDS and mental disabilities) and familial status (members under 18) as protected classes; alcoholics protected but drug abusers and criminals are not unlicensed assistantscan't show property, answer questions about property, make cold calls, discuss contracts, make calls for rent collectioncan answer phones/forward calls, process and submit MLS listings, places signs on properties, pick up keys, deliver docs, schedule appointments for showings, set up files, track and secure docs, have keys made for listings, write/place ads, type contracts, keep records, deposit earnest money/deposits/rent, follow up on loan aps, compute commissions Listing AgreementA contract between an owner (as Principal) and a real estate broker (as agent) by which the broker is employed as agent to find a buyer for the owner's real estate on the owner's terms, for which service the owner agrees to pay a

commission General Agentone who is authorized to execute the principal's business of a particular kind and scope of assigned authority

Federal Fair Housing Act/elderlyhousing for elderly exempt if solely occupied by people 62 plus or if 80 percent occupied by at least one person 55 plus sales contracts and listing agreements, bills for brokerage services, records of payment to salespersons and cooperating brokers, bank statements, cancelled checks, and deposit slips must be kept for 6 years by broker Federal Fair Housing Act of 1968An act prohibiting discrimination in the sale or rental of housing on the basis of race, color, religion or national origin sex, handicap and familial status.owners, trustees, attorneys, executors, legal guardians, banks, court officials individuals who don't need a license to participate in a real estate sale; may draw up a binding lease for a new tenant in property the resident owns Main office, Branch office.broker must maintain a place of business in state; if office in home it must have separate area/entrance visible from street; can never be in home of an associate to avoid illegal practice of license lending; must display broker's name and words "Licensed Real Estate Broker" on exterior and name of all associates displayed in office; all persons working in each Branch Office under full-time supervision of broker/broker-salesperson and duplicate licenses NJ Real Estate CommissionAdministrator of real estate licenses since 1921, operates within Department of Banking and Insurance required on the listing contract for 1 to 4 family residencesAs seller you have the right to individually reach an agreement on any fee, commission, or other valuable consideration with any broker. No fee, commission, or other consideration has been fixed by any governmental authority or by any trade association or multiple listing service.Fiduciary ResponsibilitiesCOALD (Care, Obedience, Accounting, Loyalty, Disclosure) Fraudulent MisrepresentationAny misrepresentation, either by misstatement or by omission of a material fact, knowingly made with the intention of deceiving another and on which a reasonable person would and does rely to his or her detriment.independent contractorgets a commission, must pay taxes yourself; less control by broker to work certain hours or attend office meetings transaction brokerone who facilitates a transaction without functioning as an agent for either buyer or seller Civil Rights Act of 1866prohibits any type of discrimination based on race/color permanent records of trust/escrowkept for 6 years minimum NjLADNJ Laws of Discrimination; can lead to loss of license License Qualifications18 years old, high school grad/equivalent, evidence of good morals, complete 75-hr prelicensing course, disclose SSN for child support enforcement, provide citizenship