Shared Flashcard Set

Details

Real Estate Licensing- Chap. 1
Essential of New Jersey Real Estate, 12th Edition
13
Real Estate & Planning
Not Applicable
09/23/2016

Additional Real Estate & Planning Flashcards

 


 

Cards

Term
Broker
Definition
individual licensed to charge the public for real estate services
Term
Broker-salesperson
Definition
fully qualified broker who remains under another broker's supervision
Term
Bureau of Subdivided Land Sales Control
Definition
state agency that approves and registers some out-of-state property

 

 

Term
Guaranty Fund

 

 

Definition
reimburses people defrauded or badly served by licensees in real estate transactions

 

 

Term
New Jersey Real Estate Commission

 

 

Definition
administrator of real estate licenses

 

 

Term
Real Estate License Act

 

 

Definition
law governing the practice of real estate in New Jersey

 

 

Term
Real Estate Sales Full Disclosure Act

 

 

Definition
regulations covering out-of-state properties sold in New Jersey

 

 

Term
REALTOR®

 

 

Definition
member of a private real estate trade organization

 

 

Term
REALTOR-ASSOCIATE®

 

 

Definition
salesperson who joins a particular real estate trade group

 

 

Term
Referral agent

 

 

Definition
licensee limited to presenting prospective clients and customers to the broker

 

 

Term
Referral fee

 

 

Definition
money paid another broker for sending a client or customer

 

 

Term
Salesperson

 

 

Definition
one licensed to assist a broker in real estate transactions

 

 

Term
Title 11, Chapter 5

 

 

Definition
state rules and regulations for real estate licensees

 

 

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