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Real Estate Licensing

LEARNING OBJECTIVES At the end of this chapter, the student will be able to • describe classes of New Jersey real estate licenses including the qualifications and exemptions and • explain licensing procedures for New Jersey residents, out-of-state residents, and rental agencies. KEY TERMS • broker • broker-salesperson • Bureau of Subdivided Land Sales Control • continuing education • Guaranty Fund • New Jersey Real Estate Commission • Real Estate License Act • Real Estate Sales Full Disclosure Act • REALTOR® • REALTOR-Associate® • referral agent • referral fee • salesperson • Title 11, Chapter 5 PRESENTATION OUTLINE I. Who Must Be Licensed—anyone who takes part in a real estate transaction in New Jersey for another person for a fee, commission, or other valuable consideration. II. Real Estate Commission—division of the Department of Banking and Insurance, composed of eight members appointed by the governor. III. Real Estate Licenses—all initialed, renewed, and reinstated licenses are issued on biennial terms that expire on June 30 of odd-numbered years. A. Classes of Licenses 1. Broker is authorized to operate a real estate business, to hire salespersons, and to charge the public for services. 2. Salesperson works under a sponsoring licensed broker. 3. Broker-salesperson has fulfilled all the requirements of a broker yet chooses to work in a sales capacity for and in the name of a broker. 4. Referral agent is allowed only to refer prospects for brokerage services to the supervising broker or the broker’s designate. B. Activities Covered C. Exemptions D. Payment for Services E. Unlicensed Assistants F. License Qualifications G. Change of Status H. Exceptions I. Required Experience J. Time Limit on Application K. Nonresidents L. Corporations M. Examination N. Temporary License O. Continuing education requirements P. Failure to Renew Q. License Fees R. License Transfer and Termination IV. Licensing Procedure A. Successfully 75-hour prelicensing course and the state license exam; receive Score Report; Submit Score Report to Real Estate Commission; criminal-history check; fee. B. Fingerprinting V. Salesperson’s or Referral Agent’s License Examination A. Information B. Appointment C. What to Bring D. The Examination VI. Continuing Education A. Renewed on July 1, odd-numbered years B. 12 hours required: six hours within the core topics area, including two hours on ethics C. Not required for referral agents, anyone completing broker’s course within past two years, and salesperson licensed within the preceding year. VII. Guaranty Fund VIII. Interstate Property IX. Rental Referral Agencies IN SOME STATES THIS VIDEO CAN ONLY BE USED AS STUDY GUIDE AND DOES NOT COUNT TOWARDS CLASS TIME For access to more videos and help passing the exam: https://www.asktherealestateinstructo... Or If you are in New Jersey and looking to change careers go to: https://newdirection.school