Broker - ✔✔ One who buys and sells for another for a fee.
Broker-Salesperson - ✔✔ A qualified broker who practices real estate in the
... [Show More] position of salesperson in another broker's office
bureau of subsidized land sales control - ✔✔ regulations covering out of state properties sold in NJ
continuing education - ✔✔ 12 hours required every two years, two of which must be on ethics
NJ Real Estate Commission - ✔✔ Department of Banking and Insurance. 8 members. 5 brokers for at least 10 years, two from general public and one representing the state government
Real estate license act - ✔✔ Title 45 chapter 15
Title 11, chapter 5 - ✔✔ NJ real estate license act administrative code
Real estate sales full disclosure act - ✔✔ covers the sales of out of state property in NJ
referral agent - ✔✔ only allowed to refer prospects to a brokers office
referral fee - ✔✔ part of a commission or fee paid to a broker who sends a client
salesperson - ✔✔ works under a sponsoring licensed broker doing business in the name of the broker
branch office - ✔✔ must be under the direct supervisor of a broker or broker salesperson and must have a duplicate license
commingling - ✔✔ brokers are prohibited from mixing their own funds with money in the trust account
duplicate original - ✔✔ multiple original copies for the parties signatures. required for all listing contracts, sales contracts and leases
escrow account - ✔✔ also known as trust account. must be in an authorized financial institution in NJ to be used for depositing all money belonging to other persons
guilty knowledge - ✔✔ knew what was going on and did not attempt to stop it
probation - ✔✔ first step after a complaint against a licensee. fine of up to $5000
suspension - ✔✔ suspend a license fine up to $10,000
revocation - ✔✔ permanently revoke licence. Fine up to $10,000
waiver of broker cooperation - ✔✔ what a seller must sign if they direct the broker not to cooperate with any other brokers
principal - ✔✔ client
agency - ✔✔ a fiduciary relationship that falls within in the requirements of the law of agency
fiduciary relationship - ✔✔ one of trust and confidence in which an agent is responsible for the money and/or property of others. It requires putting the principal's interest above all others, including the broker's own interest.
fiduciary - ✔✔ agent
COALD - ✔✔ Care, obedience, accounting, loyalty, disclosure
general agent - ✔✔ empowered to represent the principal in a broad range of matters (ex: property manager)
universal agent - ✔✔ has authority to represent the principal in all matters that can be delegated (ex: power of attorney)
special agent - ✔✔ authorized to represent that principal in one specific capacity only (most broker relationships)
standard of care - ✔✔ the quality of service a normal person would expect from a broker or salesperson
disclosure - ✔✔ agent's duty to pass on to the principal all the facts and information obtained that could affect the principal's business or decisions, whether or not the client asks
subagent - ✔✔ the salesperson's relationship to the principal as the agent of the broker
independent contractor - ✔✔ pay own taxes, receive no insurance, get nothing from brokerage that could be considered an employee benefit
ready, willing and able buyer - ✔✔ one who is prepared to buy on the seller's terms, is financially capable and is ready to take positive steps towards the consummation of the transaction
procuring cause - ✔✔ the person who brings about a ready, willing and able buyer or brings about a meeting of the minds
meeting of the minds - ✔✔ takes place when the parties are in agreement on price, down payment and financing method [Show Less]