NJ Real Estate Prelicensing Exam 1(Chapter One)With Complete Solutions.

Real Estate License Act Title 45, Chapter 15 Rules and regulations set up by the Real Estate Commission Title 11, Chapter 5, Administrative Code Number of Members in Real Estate Commission 8 Number of Real Estate Brokers on Commission 5 Number of Members of General Public on Real Estate Commission 2 Number of years a person on the Real Estate Commission serves 3 Person allowed to charge the public for services. Broker Number of people each real estate company must have as authorized broker one A real estate agent receives compensation from the broker only Only allowed to refer prospects for brokerage services to the supervising broker or the broker's designate Referral Agent All initial, renewed and reinstated licenses are issued on a _________ term 2 years list real estate, sell, buy or rent real estate, collect rent, solicit prospective purchasers or sellers, negotiate a real estate loan, sell lots or other parcels sell business opportunities that involve real estate. A broker's license is required to: negotiate the purchase, sale or exchange of real estate, negotiating real estate loans, leasing renting and collecting rent and selling lots or other parcels A real estate salesperson, under the supervision of a broker, assists in: A real estate license is not required for 1. Owners handling their own properties 2. attorneys, executors, trustees, receivers, administrators, legal guardians, and others handling real estate under the court of law 3. Banks and trust companies 4. Insurance Companies Exception to the payment of services a selling broker can rebate part of the commission to the buyer in the form of either a credit or a check. NO FINDERS FEES ALLOWED. Unlicensed assistants may not: show property answer any questions about property make cold calls discuss or explain a contract or other documents with clients make calls for rent host open houses alone distribute promotional material alone attend home inspections alone Unlicensed assistant may answer phones and forward calls process and submit listings and changes to the MLS place signs on properties, pick up keys and deliver documents schedule appointments for showing set up files have keys made, write and place ads, type contract forms, order inspections, keep records of money follow up on loan apps compute commission Apply for broker's license have served three years full-time as a licensed salesperson; consecutively! Complete 150 hrs of study Referral Agents license requirement submit a certificate stating the legal restrictions on the brokerage activity of a referral agent have been reviewed with the supervising broker Exceptions to EXPERIENCE and fee requirements for broker licensure honorably discharged war veteran with a service connected wound or disability No license convicted within 5 years Non residents obtaining a license file a form consenting to be sued in NJ Corporations can get a license if An officer holds a broker's license Temporary License issued if salesperson has 3 years experience immediately preceding the date of application Guaranty Fund to reimburse public who suffer monetary loss due to wrongdoing in a transaction. Must get a court judgement. $20,000 max pymt per offense. license revoked; must pay back. Rental Units advertised must be checked every day for availability Rental Units listed must be checked every 3 days for availability