What courses must an applicant for a brokers license

NJ Real Estate - Licensing Requirements Flashcards Marla takes a real estate class at Big Ed's school of Real Estate and Auto Repair. When she asks If the school is approved by the New Jersey Real Estate Commission, Ed tells her "NO, but don't worry; that approval mumbo-jumbo is all politics and I know the Governor." Can Marla apply for the real estate license?Not if the school is not approved by the Real Estate Commission What courses must an applicant for a broker's license complete?One 90-hour general real estate course, two 30 hours Agency/Ethics and Office Management How many total hours of education in an approved school, and years of experience, does the Real Estate Commission require for a broker applicant to have completed in order to take the broker's licensing exam?225 hours and 3 year experience immediately prior Providing false information in response to a screening

question may result in:

Denial of the application, suspension of any license issued, and the imposition of substantial fines New Jersey Real Estate CommissionComposed of eight members5 are real estate brokers with 10+ years experiencetwo from general publicone from state government3 year terms An applicant for the salesperson's license is on parole:Her application may be denied depending on the circumstances PartnershipAn association of two or more people to carry on business for profit. The law generally regards a partnership as a group of individuals, not as an entity separate from its owners.Title 11, Chapter 5Rules and regulations set up by the commission Errors and Omissions InsuranceProfessional liability insurance that protects real estate licensees from mistakes or negligence.Continuing EducationMandatory education requirement for all licensees every 2 years.Who is eligible for a waiver of education and experience requirements for licensure?A disabled US veteran who lives in new jersey Deposit1. Money offered as an indication of good faith regarding the future performance of a purchase agreement. Also called earnest money. 2. A tenant's security deposit.Salesperson licensed with a real estate referral company

(SLWRERC)

A licensee whose activities are restricted to only making referrals and not any other real estate activity, must be licensed with a real estate referral company Bobby had his loan officer's license revoked eight years ago. Will his application for a real estate sales license be denied?Maybe, depending on the circumstances of the revocation BrokerAuthorized to operate a real estate business, to hire salespersons, and to charge for public services. Broker of

record is the authorized and necessary singular broker for the company

Which of the following are acceptable proof of citizenship for real estate license applicants?A certificate of US citizenshipA certificate of US birth abroadAn expired US passport InactiveThe license status of any salesperson who returns his or her license to the Division of Real Estate to pursue non-real estate activities. The license may remain inactive indefinitely if it is renewed each year and continuing education requirements are met.License1. Official permission to do a particular thing that the law does not allow everyone to do. 2. Revocable, non-assignable permission to enter another person's land for a particular purpose.Does a person who, for a fee, provides rental location assistance need to be licensed?Yes"Any person who, before a lease has been fully executed or, where no lease is drawn, before possession is taken by the tenant, charges or accepts any fee, commission or compensation in exchange for providing assistance in locating rental housing, including providing written lists or telephone information on purportedly available rental units, without being licensed pursuant to this act shall be a disorderly person and shall be subject to a fine of not less than $200 or to imprisonment for not more than 30 days or both." What is the difference between a broker and a broker-salesperson?A person, licensed as a broker, who works under another broker is a broker-salesperson Which of the following is not acceptable proof of citizenship for real estate license applicants?A student ID Which of the following best describes when the Real Estate Commission may waive education requirements for taking the state examination?Applicant's education and experience Real PropertyThe interests, benefits, and rights inherent in the ownership of real estate.

New Jersey has reciprocity with the following states:None!

When will a New Jersey broker or salesperson receive his or her biannual license renewal notice?Between April 1 and April 15 Broker-salespersonFully qualified broker who remains under another broker's supervision Under which condition can a person conduct business without a license?NoneQUESTION RATIONALENo person shall engage either directly or indirectly in the business of a real estate broker, broker-salesperson or salesperson, temporarily or otherwise, and no person shall advertise or represent himself as being authorized to act as a real estate broker, broker-salesperson or salesperson, or to engage in any of

the activities described in R.S.45:15-3, without being

licensed so to do.Tom earned his salesperson's license this year. Two years ago, he was wronged in a FSBO real estate transaction.

Can he pursue justice through the Commission?No, because he was not a licensed agent at the time of the incident