Commission Rules And Regulations

Front 1

a licensed salesperson is allowed to

Back 1

leave one broker and affiliate with another

Front 2

inder some circumstances, real estar office may be in the home of

Back 2

a broker

Front 3

broker Waldo wants to open a branch office in a new shopping mall in the next town. the office can be supervised by

Back 3

a broker-salesperson

Front 4

salesman stan clemenzio accepts an earnest money deposit and turns it over to his broker, robert lee. roberts must

Back 4

deposit within five days in a trust account

Front 5

an escrow account may be opened in

Back 5

any authorized New Jersey Financial institution

Front 6

a broker must keep copies of

Back 6

contracts for six years

Front 7

every person who signs a contract is entittled to receive a duplicate original. when are they entitled to receive it?

Back 7

immediately

Front 8

every sales contract prepared by a broker must contain a notice that

Back 8

the buyer and the seller may seek attorney review within three business days.

Front 9

even when the broker is the seller's agent, buyers are entittled to

Back 9

fair dealing

Front 10

for a first offense, the Real Estate Commission could fine a licensee as much as

Back 10

$5,000

Front 11

The commission will rule that someone could never again get a license after how many violations?

Back 11

three

Front 12

salesperson Joe is indicted for possesion of controlled substance with intent to sell and is out on bail until trial. The Real Estate Commission may

Back 12

not take any actionunless he is cinvicted

Front 13

the Real Estate Commision must give a licensee how much notice before a haering is held a possible violation

Back 13

10 days

Front 14

sun city holds a door-prize drawing at a weekend open house it runs. this practice

Back 14

violates the commission's rules

Front 15

donna white, a broker, is offering her mother's house for sale and will charge no commission. should she reveal that she is a licensed agent

Back 15

yes, as soon as she meets the propective buyer

Front 16

which of the following statements about broker-run advertisements in newspapers is correct

Back 16

advertising offering free appraisals is prohibited, although CMA's are permitted

Front 17

The "resonable effort' licensees are required to make to determine all material information about a property's physical condition could normally include all of the following

Back 17

a. asking the seller about the property's condition
b. performing a visual inspection
c. asking the seller's agent about the property condition.

Front 18

a new jersey licensee is permitted to represent both parties to a transaction if he obtains

Back 18

informed, written consent of the seller, buyer, and any other agent involved.

Front 19

any agreement between competing offices to establish standard commission rate is referred to as

Back 19

illegal price-fixing

Front 20

a salesperson working for broker betty was disciplined for pursuing a flagrant and continued course of misrepresentaions, making false promises and fsiling to pay over money belonging to others. in this case, betty's license

Back 20

will be suspended or revoked only if Betty knew abouta the salesperson's activities and did nothing about it.

Front 21

broker's addtional place of business

Back 21

bramch office

Front 22

copy of real estate contract with original signatures

Back 22

duplicate originals

Front 23

least severe discipline by the Real Estate commission

Back 23

probation

Front 24

mixing broker's money with that of others

Back 24

commingling

Front 25

cancellation of a real estate license

Back 25

revocation

Front 26

place for money belonging to clients and customers

Back 26

escrow account

Front 27

every person who signs a listing contract, sales contact or lease should immediately receive a duplicate original of the document, multiple original copies for the parties signatures.

Back 27

any additions or changes to a document after the original signing be initialed by all parties and a copy given to each party

Front 28

The commission requires that all sales contracts prepared by licensees contain an

Back 28

attorney review clause, giving nuyer and seller the right to consult an attorney, who may disaprove a contract within 3 business days after delivery of signed contracts to both parties. (similiar clause in residential leases)

Front 29

all written offers must be forwarded to sellers within

Back 29

24 hours

Front 30

at the time of listing, owners of property must be furnished with a copy of the

Back 30

Attorneys Generals Memorandum