Licensing Key Terms I
Individual licensed to charge the public for real estate services
Broker
The Real Estate License Act is a...
Law governing the practice of real estate in NJ
The New Jersey Real Estate Commission is a division of what governmental department?
The Department of Banking and Insurance
Fully qualified broker who remains under another broker's supervision
Broker-Salesperson
Member of a private real estate trade organization
REALTOR
The Real Estate License Act is known as...
Title 45, Chapter 15
Classes required for license renewal
Continuing Education
Money paid another broker for sending a client or customer
Referral Fee
How many members compose the New Jersey Real Estate Commission and who appoints them?
8, the governor
Reimburses people defrauded or badly served by licensees in real estate transactions
Guaranty Fund
A person licensed to assist a broker in real estate transactions
Salesperson (aka a Real Estate Agent)
Until what date are all initial, renewed, and reinstated licenses valid?
June 30th of the next odd-numbered year
The New Jersey Real Estate Commission is an...
Administrator of real estate licenses
Licensee limited to presenting prospective clients and customers to the broker
Salesperson Licensed with a Real Estate Referral Company
How many hours of study must an applicant complete to be eligible for a broker's license?
150 hours