NJ Real Estate Exam New Version.

NJ Real Estate Exam New Version.Broker - ANSWEROne who buys and sells for another for a fee. Broker-Salesperson - ANSWERA qualified broker who practices real estate in the position of salesperson in another broker's office bureau of subsidized land sales control - ANSWERregulations covering out of state properties sold in NJ continuing education - ANSWER12 hours required every two years, two of which must be on ethics NJ Real Estate Commission - ANSWERDepartment 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 - ANSWERTitle 45 chapter 15 Title 11, chapter 5 - ANSWERNJ real estate license act administrative code Real estate sales full disclosure act - ANSWERcovers the sales of out of state property in NJ referral agent - ANSWERonly allowed to refer prospects to a brokers office referral fee - ANSWERpart of a commission or fee paid to a broker who sends a client salesperson - ANSWERworks under a sponsoring licensed broker doing business in the name of the broker branch office - ANSWERmust be under the direct supervisor of a broker or broker salesperson and must have a duplicate license commingling - ANSWERbrokers are prohibited from mixing their own funds with money in the trust account duplicate original - ANSWERmultiple original copies for the parties signatures. required for all listing contracts, sales contracts and leases escrow account - ANSWERalso known as trust account. must be in an a