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41 Cards in this Set
- Front
- Back
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Apprenticeship
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Formely, the term used to describe the requirement that broker applicants must have been continuously licensed as salespersons for at least 3 years immediatly preceding application. Today reffered to as experimence requirement.
Ex: Need 3 yrs salespersons experience for experimence report. |
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Associate broker(Broker-Salesperson)
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A real estate person holding a broker license that chooses to associate or affiliate with another sponsoring broker rather than opening their own brokerage office. They want the added knowledge and status of a broker , but not desire to operate an independant office.
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Attorney Generals Memorandum-
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A summary of the New Jersey "Law Against Discrimination" Commision rules require every licensed sales person or broker to give a copy of the memorandum when listing a property. PG. 382-3
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Attorney Review
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In New Jersey, a clause that must appear in all purchase and sale agreements and all leases prepared by real estate licenses, allowing buyers and sellers a period of 3 days to consult an attorney who can review and cancel the contract or lease. PG.266
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Back-Up Offer
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An offer presented after expiration of the attorneyt review period. If it is written in the 3 day period, it is not considered a back up offer but still must be submitted. PG 208.
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Branch Office
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Any office other than the main office from which real estate business is conducted. *If a broker maintains more than one place of business, a seperate "branch office license" is required for each office. Must be under proiper supervision of a licensed broker-salesperson.
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Broker Salesperson
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Someone who has satisfied the experimence report and has passed the starte exam for broker, but is employed and operates under supervision of a licensed real estate broker in a sales capacity.
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Broker
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Any person or firm who for a comission or other valuable consideration engages in listing, selling, buying, renting, negotiating, exchanging, or auctioning the real estate of others. Person who operates their own busines.
-18 yrs of age -3 years experience as sales-person fulltime (40 hours a week) -High School Degree -150 Hours of School |
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Bureau of Subdivided Land Sales Control
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A bureau within the New Jersey real estate comission that administers the Real Estate Sales Full Disclosure Act. The Act is intended to discourage fraud and misrepresentation in the sale of properties "located inthe other states" PG. 29
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Commingling
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Mixing money belonging to clients with personal funds PG.24
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Dual Capacity
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Collecting a commission as a real estate broker in a transaction, when at the same time representing either party in a deifferent transaction for a consideration, ie lawyers or execetor Pg.26-> Grounds for suspension->Revoction of icense
-Ability of a person or firm to act both s an agent and principal, or by a person to hold two positions. |
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Cul-de-sac
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A passageway or street with only one outlet; a blind alley; a turn-around
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Dual Agent
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An agent who represents both buyer and seller in the same transaction Pg. 228
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Dual Contract
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A contract drawn for an illegal purpose. For example, where a buyer and seller enter into a second contract with different terms than those in the original contract to benefit fradulently from arrangement. Pg.200
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Duplicate Original
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A photo copy of an oringinal document
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Employing Broker
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The supervising broker for a real estate company organized as a sole proprietorship. Pg. 16
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Employment Agreement
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The employment agreement signed by the broker and salesperson(or broker-salesperson) PG.20
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Escrow Account (Trust Account)
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"Trust Account" An account in which a broker or attorney holds client earnest money deposits or other funds.
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Fiduciary
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Agents are considered by law fiduciaries. A person whp handles the money or property of another person in a position of cinfidence and trust. The agent has a duty to place the principals (buyer or seller) interest ahead of all other duties, including his own.PG.226
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Fraud
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The intential and succesful employment of deception in order to cheat or deceive another person and to thereby gain some dishonest advantage
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Guaranty Fund
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State-Regulated fund used to indemnify aggrieved participants in real estate transactions. The law provides for recovery from the fund or any person who suffers a loss die to embezzlement, conversion or unlawful obtaining of money or property by a licensed real estate broker, broker-salesperson or real eststae salesperson or an unlicensed employee of a real estate broker.Money to support fund is charge to a broker $20 and salesperson $10 when getting first license or even on renewal of license.
*must be reported within 6 years from time of instance. *Civil action must be filed Pg.19 |
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Guilty Knowledge
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A person can be disciplined if they knew what was going on and did nothing to attempt to stop it.
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Irrevocable Consent
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Residents of other states may be licensed, but are required to provide a form signed by a non-resident licensee agreeing to be open to suit in New Jersey courts if he or she violates the states laws or regulations. PG.18
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License Lending
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Lending a brokers license for the benefit of another person, firm, or corporation shall be construed as including any arrangement whereby a broker fails to personally oversee and direct the operations of the business of which he or she is licensed as broker of record or employing broker. For the purposes of this section, personal oversight and direction of the business shall be construed as requiring the broker to be physically present in the main office one day each week.Pg. 11:5-4.3(b)....3-18
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Misdemeanor
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A crime of lesser consequesnces than a felony and which is subject to minor jail terms, fines, or both.
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Misrepresentation
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Covers more than a deliberate lie intended to mislead someone, which is called fraudulent (intentional) misrepresentation. There are two other classifications: negligent (unintentional) innocent (honest) misrepresentation is a false statement by someone who believes the information to be true but is not expected to have expertise in the subject.
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Moral Turpitude
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An act viewed by society as demonstrating a serious lack of morals or conscience, such as embezzlement, fraud, shoplifting or sex crime
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Net Listing
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A listing that provides that the agent may retain all sums received over and above a net price to the owner as compensation for his services. A prohibited practice in New Jersey.
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Non-resident License
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A license issued to a person who is not a resident of New Jersey
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Office Supervisor
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The branch office shall also prominently display the name of the broker-salesperson license in charge as “office supervisor” and the names of all other broker-salespersons and the salespersons doing business at the branch office.
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Pocket Card
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When a new license or a license renewal is issued, a wallet-size card identifying the holder as a real estate licensee accompanies it. It is required by The Real Estate Commission that the licensee obtain this pocket card from the broker, sign it, and carry it when conducting real estate business.
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Probation
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as an alternative to suspension or revocation of license the Commission may place a licensee on probabtion
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Suspension of License
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Suspension of license involves a period less than the entire remaining license term. The Commission has the authority, with at least 24 hours notice, to suspend a license without a hearing upon finding that prima facie evidence of commingling or failure to pay over monies exists. A full hearing must be held within 30days of any order imposing such a temporary suspension. Upon entering an order to temporarily suspend the license of any broker, The Commission may also issue an order directing that some or all of the accounts maintained by the broker in any depository institution in the state by temporarily frozen.
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Revocation of License
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The termination of a license for its entire remaining term. Precludes a person whose license has been revoked from being an officer, director, partner or owner of a controlling interest in a licensed corporation or partnership. It also precludes such person from being employed or compensated by, or sharing office space with a licensed broker during the period of time.
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Prospectus
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A printed statement statement distrubuted to describe and to advertise all material aspects of a real estate project
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Real Estate Commission
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Composed of 8 members appointed by the governor. 5 are real estate brokers who have licensed as such for at least 10 years; 2 are chosen from the general public; 1 represents a department of the state government. All members serve 3 year terms, except the governmental member. They serve at the pleasure of the governor. The governor has the right to remove any member for cause. Approves all lisences. Has the power to deny, fine, revboke or suspend a salesperson or broker license if the license violates any license law or regulation.
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Real Estate Sales Full Disclosure Act
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A New Jersey law that regulates the sale across state lines of subdivide land under certain conditions. Buyers have up to 7 calendar days to cancel contracts for purchase or lease of such lands. Brokers who handle out of state subdivisions must register and pay a fee.
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Realtor (R) (NAR)
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is to be used only by those brokers who belong to the national association of realtors. Members follow a certain code of ethics and busniess standards.
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Receiver
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A court-appointed custodian who holds property for the court, penidng final disposition of the matter before the court.
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Rules and Regulations
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The real estate commission is expressly vested with the power and authority to promulgate and enforce all necessary rules and regulations for the conduct of real estate licensees.
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Temporary license
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upon the death or mental or physical incapacity of the broker of record or employing broker. can be issued to a salesperson who has worked 3 yrs fulltime. must be made 30 days of brokers death or incapacity. Temp license good for 1 year.
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