Podcast
Questions and Answers
What is a broker?
What is a broker?
One who buys and sells for another for a fee.
What are 3 other ways to call a broker?
What are 3 other ways to call a broker?
Real estate broker, broker of record, transaction broker.
What is a broker-salesperson?
What is a broker-salesperson?
A qualified broker who practices real estate as a salesperson in another broker's office.
What is a broker's designate?
What is a broker's designate?
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What is the Bureau of Subdivided Land Sales Control?
What is the Bureau of Subdivided Land Sales Control?
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How many hours of Continuing Education study are required for license renewal?
How many hours of Continuing Education study are required for license renewal?
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What is the Guaranty Fund?
What is the Guaranty Fund?
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Who maintains the Guaranty Fund?
Who maintains the Guaranty Fund?
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Who administers the Guaranty Fund?
Who administers the Guaranty Fund?
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What must a wronged party obtain to collect from the Guaranty Fund?
What must a wronged party obtain to collect from the Guaranty Fund?
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How is the Guaranty Fund funded?
How is the Guaranty Fund funded?
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If unable to collect that judgment, within how many years may one apply to the Guaranty Fund?
If unable to collect that judgment, within how many years may one apply to the Guaranty Fund?
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From the Guaranty Fund, the MAX PAYOUT for one claim = $__________
From the Guaranty Fund, the MAX PAYOUT for one claim = $__________
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In the Guaranty Fund, once a fund pays a claim against a broker, this happens: ____________
In the Guaranty Fund, once a fund pays a claim against a broker, this happens: ____________
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In the Guaranty Fund: If found guilty, this happens ____________
In the Guaranty Fund: If found guilty, this happens ____________
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In order to apply to the Guaranty Fund, they must file a ___________ against the offender.
In order to apply to the Guaranty Fund, they must file a ___________ against the offender.
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Who is the administrator of real estate licenses?
Who is the administrator of real estate licenses?
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What is the law governing real estate practice in NJ?
What is the law governing real estate practice in NJ?
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The Real Estate License Act is aka ____________
The Real Estate License Act is aka ____________
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What regulation covers the sales of out-of-state property in NJ?
What regulation covers the sales of out-of-state property in NJ?
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What are the registered trademark terms reserved for members of the National Association of Realtors®?
What are the registered trademark terms reserved for members of the National Association of Realtors®?
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What is a referral agent?
What is a referral agent?
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What is a referral fee?
What is a referral fee?
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What is a salesperson in real estate?
What is a salesperson in real estate?
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The administrative code is aka ____________
The administrative code is aka ____________
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Title 11, chapter 5 is aka ____________
Title 11, chapter 5 is aka ____________
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Study Notes
Broker Definitions and Roles
- A broker buys and sells for others in exchange for a fee.
- Terms synonymous with broker include real estate broker, broker of record, and transaction broker.
- Broker-salesperson is a qualified broker who operates as a salesperson under another broker's supervision.
- Broker's designate acts in the absence of the broker within their office.
Key Regulatory Entities
- The Bureau of Subdivided Land Sales Control is the NJ state agency responsible for approving and registering out-of-state property sales.
- The New Jersey Real Estate Commission administers the Guaranty Fund and oversees real estate licensing.
Continuing Education and Licensure
- A total of 12 hours of continuing education is required for license renewal in New Jersey.
Guaranty Fund Insights
- The Guaranty Fund is designated to reimburse individuals harmed by fraudulent actions or poor service from real estate licensees.
- Funding for the Guaranty Fund occurs at initial license issuance: $10 for salespersons and $20 for brokers or broker-salespersons.
- To access the Guaranty Fund, wronged parties must acquire a court judgment against the offender and file a criminal claim; actions cannot be brought against a spouse.
- A claim to the Guaranty Fund can be made within 6 years of obtaining the court judgment when collection isn't possible.
- The maximum payout from the Guaranty Fund is $20,000 per offense.
- If a claim is paid from the Guaranty Fund, the broker’s license will be revoked until reimbursement, including interest, is made to the fund.
- If found guilty of misconduct, a broker will lose their license immediately with no exceptions.
Legal Framework
- The Real Estate License Act, also known as Title 45, Chapter 15, governs real estate practices in New Jersey.
- The Real Estate Sales Full Disclosure Act regulates the sale of out-of-state properties in New Jersey.
- The Administrative Code, referred to as Title 11, Chapter 5, consists of the rules and regulations set by the real estate commission.
Additional Terms
- A REALTOR or REALTOR-ASSOCIATE is a registered trademark reserved for members of the National Association of Realtors®.
- A referral agent has the authority solely to refer potential buyers and sellers to a broker or broker-designate.
- A referral fee refers to the portion of a commission shared with the broker responsible for sending a client to an agent.
- A salesperson must operate under a licensed broker and can only receive compensation from that broker, referred to as the supervising broker.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge of essential real estate terminology with these flashcards from Weichert's Chapter 1. This quiz covers definitions and various roles in the real estate sector, specifically focusing on brokers and their related titles. Perfect for anyone studying real estate in New Jersey.
