Kovats NJ Real Estate Exam Review Flashcards

Kovats NJ Real Estate Exam Review Flashcards remaindermannamed third party that gets what remains when a life estate concludes earnest money & good faith depositsare not required- example: check written along with an offerif offer not accepted deposit returned to buyer mineral rightsrights below surface perennial plantingscome back every year, included in sale of home, real property always recommend _______legal counsel or legal attorney for legal matters navigable bodies of watershow up on government survey map, mean water is navigable and belongs to government if no broker is in place...salesperson license is automatically suspended deed restrictionsany private limitations on owners use of property concurrent ownershipownership by two or more people fixturesfixated to property so while they one were personal property are now real property such as kitchen cabinets and tubs, if considerably hard to remove they are real property ownership in sevraltyownership by one person and one person only partnershipsgeneral or limited bill of saletransfers personal property attorney review clauseall licensee prepared contracts of sale and leases with a term of one year or more must contain the required attorney review clause- during attorney review, can go back or cancel with zero liability- mandatory 3 business day period tenancy by entiretysame as joint tenancy but between a husband and a wife which is automatically created in NJ when they take title ( civil union couple) how many days of notice are needed for the real estate commission to search broker records?zero life estate pur autre viegranting a life estate to one person measured on the life of another littoral landany land washed by waves realtorA member of the National Association of Realtors Examination requirements to become salesperson - obtain fingerprints to confirm good moral character- pass state examination- hang license with a brokerage* all must be completed within one year of course completion date franchise companymust disclose that each office is independently owned and operated what best describes all rights that accompany property ownership?bundle of rights

licensees may offer a free estimate of value also known ascomparative market analysis police powerany public/ governmental restrictions on owners use of property broker cooperationbroker must acknowledge that they have to fully cooperate with other brokers in regards to listed properties deedtransfers real property life tenantcannot devise their interest in a life estate- grantor would have revisionary interest real estate commission8 members- 5 brokers who have been state residents for atleast 10 years- 2 members of the public- 1 government designee Submit all written offers to clients within.. 24 hours nonfreeholdleasehold riparian rightswater rights joint tenancy- right of survivorship ( when joint tenant dies interest automatically passes to surviving joint tenant)- cannot devise interest to heirs (because of ^)- requires equal ownership- no corporations- unity of time, title, interest, possession- if a joint tenant sells their interest their share becomes tenancy in common non-resident licensing- can be obtained but must sign irrevocable consent form stating that you acknowledge you are an out of state resident and you can be called to court in New Jersey if you break laws, rules, or regulations of the state of New Jersey- necessary to obtain real estate license as a non-resident what must be permanet;y displayed outside the brokers main office?licensees licenses tenancy in common- no right to survivorship-can devise interest to heirs- equal ownership is not required but allowed (if ownership % is ever unequal, then it is always tenancy in common)- corporations are okay- unity of possession infeasible interestincapable of being defeated what document is given to seller when taking listings which indicates that they may not discriminate when selling/ renting?attorney general memorandum- this document must be given to owner when listing net listingsstating that anything received above the sale price is the commission for salesperson^ is illegal in NJ price fixinglicensee must not conspire with other licensees (salespersons, brokers, brokerage firm) to set fixed pricing, rate, commission, or fees only way a life tenant can devise is if life tenant dies before life measure in life estate pur autre vie a life estate is conveyed to A for the life of X.,A dies.

Title:-goes to A's heirs until the death of X

estateany ownership or possessory interest in property

Chapter 5methods of ownership qualified or conditional fee estateownership that may end on the happenings of certain events- comes with restrictions comminglingmixing of personal and business funds- is illegalif client money is not deposited within 5 business days immediately assumed guilty of commingling defeasible interestcapable of being defeated brokeran individual who owns or operates a brokerage firm which includes listing, selling, buying, renting, or negotiating real estate- only one broker (broker of record) per licensed real estate offfice- broker name must be displayed on outside of brokerage door and on all advertisements- must be present in the office once per week (excluding vacations/emergencies) salespersonan individual who is employed by a broker to sell, rent, or negotiate real estate- can only work for one brokerage/broker- can only be paid commission by employing broker Emblement Rightsseller reserves right to come back to property and reap rewards of harvest until fully complete what is a pocket card?real estate id card* licensee must keep in their possession at all times when operating real estate business air rightsrights above surface fee simplehighest degree of ownership Chapter 3New Jersey License Laws license lendingabsentee broker who is not in the office atleast once per week referral feescan be paid to licensee for referring a potential client to another broker- between brokers- these fees can be paid out to any brokerage in the entire country what can occur if a broker is not present in office atleast once per week?the broker/brokerage can be accuse of license lending broker-salespersonqualified as a broker but operates in a salesperson capacity what kind of power does the real estate commission have?subpoena power employment agreementbest evidences relationship of salesperson and broker- commission split- broker promises to pay commission within 10 days of receiving funds chattal mortgage (security agreement)finances personal property back up offerany offer submitted after attorney review concludes alluvionbody of water that goes down stream and makes soil deposits on bank of river therefore adding land sherman antitrust actprevent non competitive or anti competitive practices in business practices in NJ must notify real estate commission within how many days of any convictions?30 days

suspensionportion of remaining license term annual plantingsdo not come back every year, not included in sale of home, personal property- emblement rights How long must a broker keep records?6 years - completed transactions and client money dealt with6 months - expired listings and unaccepted offers how many business days does a brokerage have to process a licensees termination request?

• business days

guaranty fundput in place to compensate consumers who have been financially harmed by licensees guilty actions- 20,000 may be paid out per violation- real estate licensee does not get paid for commission not made- when guaranty payment is made, guilty licensees are auto revoked mortgagefinances real property discriminatory commission splitslicensees should not discriminate when determining commission splits temporary broker license* can only be obtained during time of hardship- must apply within 30 days of broker death/incapacitation- salesperson must have 3 years full-time experience prior to applying for temporary broker license- is only good for a year must provide receipt within 90 days when ... charging advance fee of $25 or more personal propertyeasily movable and does not convey with sale unless otherwise stated waiver of broker cooperationbroker may sign a waiver stating that they will only work with buyers from their brokerage firm for said listing- list their home to the exclusion of all brokerages other lisitng broker Salesperson qualifications- 18 years or older- highschool diploma/GED- good moral character- US resident(must take 75-hour course and pass state exam ) salesperson may be involved in sale of used mobile home but not sale of brand new mobile home for commission what can a licensee not dooffer free services contingent on client singing contract brokerage firms must bephysical locations open to public during normal business hours- cannot be in the house of a salesperson trade fixturesplaced by tenants used in course/trade of business allowed to remove when vacate but must pay for damage caused by removal real estate sale full disclosure actregulates sales marketing of out of state property in NJ- 100 lots or more is regulated by bureau of subdivided land sale- 7 calendar day cooling off period/ recession period- $50,000 max fine per violation rebates* may only be paid to buyers- can only be paid out by brokers- must disclose that there are tax implications for receiving rebate- if commission rate advertised must disclose that in NJ commission is negotiable