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WEICHERT REAL ESTATE SCHOOL - UNITS 1-8 QUESTIONS WITH VERIFIED SOLUTIONS $18.99
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WEICHERT REAL ESTATE SCHOOL - UNITS 1-8 QUESTIONS WITH VERIFIED SOLUTIONS
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WEICHERT REAL ESTATE SCHOOL - UNITS 1-8 QUESTIONS WITH VERIFIED SOLUTIONSWEICHERT REAL ESTATE SCHOOL - UNITS 1-8 QUESTIONS WITH VERIFIED SOLUTIONSWEICHERT REAL ESTATE SCHOOL - UNITS 1-8 QUESTIONS WITH VERIFIED SOLUTIONS Real Estate License Act - ANSWER-Title 45 Chapter 5 - laws governing real esta...

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  • January 28, 2025
  • 20
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • weichert real estate school units 1 8 questions
  • weichert real estate school units 1 8 answers
  • real estate license act answer title 45 chapte

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WEICHERT REAL ESTATE SCHOOL -
UNITS 1-8 QUESTIONS WITH VERIFIED
SOLUTIONS
Real Estate License Act - ANSWER-Title 45 Chapter 5 - laws governing real estate in
the NJ

Title 11, Chapter 5 - ANSWER-state rules and regulations for real estate licensees

Real Estate Commission - ANSWER-- 8 members, 5-2-1
- 5 brokers and state residents for past 10 years, 2 members of the public, 1
government designee
- funded by and operate the department of banking and insurance
- state legislature sign real estate laws into effect
-REC needs to give 0 days notice to search brokers record
-have subpoena power
- Commission disputes licensees and can demand an accounting

Broker - ANSWER-Operate a real estate business, to hire salespersons, to charge the
public for services

Broker of Record - ANSWER-Every real estate company must have one person who is
authorized broker for the entire company

Salesperson - ANSWER-Works under a sponsoring licensed broker, doing business in
the name of the broker and receiving compensation only from that broker.

Broker-Salesperson - ANSWER-has fulfilled all of the requirements of a broker yet
chooses to work in a sales capacity for and in the name of another broker.

Salesperson licensed with a real estate referral company (SLWRERC) - ANSWER-only
making referrals and must be licensed with a referral company

Initial/Renewal/Reinstated licenses - ANSWER-Biennial term, expires on June 30 of
odd-numbered years

Real Estate License NOT REQUIRED FOR - ANSWER--FSBO
-attorneys, trustees, receivers, administrators. legal guardians, or others handling RE
under the order of a court
-banks and trust companies
-insurance companies

,Share a Commission - ANSWER-- associated salesperson
- another broker (cooperative listing or referral)
- rebate part of the commission to the buyer in the form of credit/check

Exceptions to Experience Requirement for Broker/Broker-salesperson - ANSWER-
waive experience for: an honorably discharged war veteran

waive education requirement for:
- licensed broker from another state
- previously licensed as a NJ broker within past 5 years
- taken courses in college
- NJ attorneys

Required experience for Broker's license - ANSWER-- employed full time during 3 years
preceding application
- Full time = 40 hours per week

Nonresidents - ANSWER-Qualify + sign an irrevocable consent to service of process

Corporations granted real estate license - ANSWER-= only if one of its officers has a
broker's license (broker of record)

Temporary license when broker of record dies/mentally ill - ANSWER-- temporary
license to salesperson with at least 3 years of experience immediately preceding the
date of application
- complete qualifications within one year, no extensions
- request temporary license within 30 days
- only effective for 1 year

Continuing Education Requirements - ANSWER-Renewal is on July 1 of odd-numbered
years
- Broker, Broker-Salesperson, Salesperson = 12 CEU
- if licensed for >40 years, waived
- Completion during May 1 to June 30 of odd number years = fine of $200 (late fee)
- 12 Hours (6 electives + 6 core) core includes 2 ethics and 1 fair housing
- if licensed for <2 years, do not need to complete 12 hours of CE

Failure to Renew License - ANSWER-Void if not renewed for 2 years

License Transfer / Termination - ANSWER-- broker must notify the commission within 5
business days
- cannot be activated by new employer until termination has been processed by the
commission

Escrow Account / Trust Account - ANSWER-used for the deposit of all money belonging
to other persons (earnst money deposit, rent collection)

, - A broker may keep one or several trust accounts so long as detailed accounting
information is kept and and are clearly identified as being related to a particular
transaction.
- Every broker in responsible for keeping a detailed ledger book accounting for all
transactions.
- All records are subject to unannounced inspection by the NJREC investigative staff.
- All checks must be made payable to the broker trust account and never the
salesperson or broker salesperson.

money held in trust = cash, check, money order, debit card (never credit card)

- withdrawal is never in cash - always payable to a specific person
- withdrawal >$10,000 must be reported to IRS

Escrow Account Funds - ANSWER-Brokers deposit funds within 5 days of acceptance //
Salesperson give any escrow monies to broker Immediately

Brokers must remove the commission from escrow accoutn within 5 days and document
source of authorization

5 IN and 5 OUT

- broker able to leave a nominal amount in account to cover account service charge

Broker Out of Business - ANSWER-- close escrow account, remove signs, notify clients,
provide the commission with a name/address where records will be for next SIX YEARS

Guaranty Fund - ANSWER-Reimburses people defrauded or badly served by licensees
in real estate transactions

- apply within 6 years
- criminal claim must be filed against the offending party
- at the time of the initial license fee, $10 from salesperson and $20 from broker into
Guaranty Fund
- Max payment for a single claim = $20,000
- offenders license is REVOKED until fund is reimbursed with interest

Rental Units - ANSWER-- ADVERTISED - checked every day
- LISTED - checked every 3 days
- if prospective tenants are charged a fee >$25, regulations require deposit of the funds
in an escrow account
- written consent withinn 24 hours
- required real estate licensed

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