NJ Real Estate Exam Key Terms: Licensing Requirements Flashcards

NJ Real Estate Exam Key Terms: Licensing Requirements Flashcards

In NJ, real estate licenses are issued, reissued, or reinstated On a biennial term and expires June 30 on odd-numbered years Change of status (real estate)When a broker-salesperson or salesperson wants to change his/her license to that of a referral agent for a $50 fee

True or false: It is illegal to share any portion of commission

without a real estate license True (Payment for Services) Renewal fee for broker$200 150 hours of studyBroker pre-licensing (90 hours general course, 30 hours course on broker's ethics/law, 30 hours on office management) Real Estate Sales Full Disclosure ActRegulation covering the sales of out-of-state property in New Jersey.Salesperson license fee$160 SalespersonA real estate licensee who works under or does business in the name of a sponsoring licensed broker and receives compensation only from that broker Non-NJ residents may obtain an NJ real estate license after Following qualifications set for NJ residents and filing irrevocable consent to service of process Unlicensed assistants and secretaries may not Show property, answer any questions about listed properties, make cold calls in person or on the phone, discuss real estate documents and contracts with external parties, call for rent collection, host open houses or promotional booths, or get other companies to hire unlicensed assistants In NJ, a broker's license allows one toList real estate for sale, sell/buy/etc. real estate, collect rent, solicit prospective purchasers/sellers, negotiate a real estate loan, sell lots for a developer, and sell business opportunities that involve real estate In order to obtain a broker's license in NJ, a salesperson must be continuously employed full-time as a real estate salesperson for 3 years immediately Preceding application Broker-salespersonA qualified broker who practices real estate in the position of a salesperson in another broker's office.Title 11, Chapter 5NJ real estate license act administrative code Referral AgentAllowed only to refer prospects for brokerage services to the supervising broker or the broker's designate, don't sale or list

True or False: You do not need a broker's license to sell,

exchange, auction, buy or rent real estate

False: You DO need a broker's license to sell, exchange,

auction, buy or rent real estate

License fee for corporations, etc.$270 Broker license fee/Broker-salesperson license fee $270 Salesperson/referral agent renewal fee$100 In NJ, a salesperson's license allows one to do the following under the supervision of a broker Negotiating the purchase/sale/exchange of real estate, negotiate real estate loans, leasing/renting/collecting rent, and selling lots for a developer

True or False: Under supervision of a broker, a real estate

salesperson can negotiate real estate loans True (Activities covered by license types) Broker of RecordThe individual broker responsible for the real estate transactions and activities of licensees in a partnership or corporation.Guaranty Fundestablished to reimburse members of the public who suffer a monetary loss due to wrongdoing in a real estate transaction by a licensed broker or salesperson or an unlicensed employee of a broker

True or false: Anyone who takes part in a real estate

transaction in NJ for another person for a fee, commission, or other valuable consideration must have a real estate license True (Real estate licensing) Branch office license fee$150 Temporary Broker's LicenseA temporary license issued to a salesperson on death or incapacity of a licensed broker or broker-salesperson. The salesperson must complete the qualification for a broker's license within a year.

True or false: A corporation can be granted a real estate

license if they want to purchase a parcel of land

False: A corporation can be granted a real estate license

only if one of its officers holds a broker's license Finder's feesMoney or gifts to unlicensed persons who refer buyers or sellers, forbidden Real Estate License ActLaw governing the practice of real estate in New Jersey.Title 45, Chapter 15 July 1 on odd-numbered years for 12 hours Date/hours of study in which a salesperson licensed for more than 1 year must complete continuing education for licensing renewal Rental referral agencies mustfurnish prospective tenants with a written contract BrokerA person who can operate a real-estate business, hire salespersons, and charge the public for services National Association of Realtors ®A private trade association that has no connection to real estate licensing In NJ, a real estate license is not required for Owners handling their own property, attorneys and others handling real estate under order of a court, banks and trust companies, and insurance companies

True or false: NJ offers reciprocity of licenses with 40

states

False: NJ does NOT offer reciprocity of licenses at all

True or false: An unlicensed assistant or secretary may not

have keys made for company listings, write and place ads,

type contract forms, order items or inspections, and prepare flyers/promo material

False: An unlicensed assistant or secretary may do so

ONLY under the direction of a licensee

In NJ, a prospective real estate salesperson must complete a ____ hour pre-licensing course 75 Honorably discharged war veterans with a service-connected wound or disability may waive Experience requirements and license/renewal fees for a broker's license or becoming a broker-salesperson

True or false: The education requirement for an NJ real

estate license may be waived for a licensed broker from another state True (Licensing exceptions) Referral agent license fee$160 New Jersey Real Estate CommissionDivision of Department of Banking and Insurance which is responsible providing the commission with personnel and operating funds.In NJ, a prospective broker must have served _______ full-time as a licensed salesperson

• years