Rules, Orders, Bulletins. Applications and Forms. Health Care Providers. Topics A to Z. Grants, RFPs and Budget. Contact the Department. E-mail licensing questions to: relic dobi. The New Jersey Real Estate Commission REC issues licenses to real estate brokers and salespersons, real estate schools, and course instructors, as well as establishes standards of practice for the real estate brokerage profession. The law in New Jersey requires all applicants for licensure as a real estate salesperson or broker to possess good character, trustworthiness, honesty and integrity.
The Fair Housing Continuing Education CE requirement has been implemented and is now required for the current — license cycle. All individual licensees except Salespersons Referral must complete a minimum of 1 Hour of Fair Housing in the Core category in order to fulfill their CE requirements. If license renewal is not completed by July 19, , the license will become inactive. Breakdown of Required CE Hours. More information. Hot Topics for Licensees.
Although a market analysis contains some of the information found in an appraisal, only a certified appraiser can prepare an appraisal which contains a more detailed approach and a highly calculated valuation.
You can never call your presentation an appraisal. Just attempting to do any of the listed activities without being licensed can land you in serious trouble. Foreclosures are first put to auction at the county courthouse and if not sold, they are foreclosed upon by the lender and can be sold in an online auction run by companies who employ licensed agents. An owner can collect rent from his own tenant, but he cannot hire someone to do it for him unless they are actively licensed by the state.
An owner holding a mortgage for the buyer of his property can specify the terms he wants in the loan but the mortgage document would be drawn by an attorney. Should the buyer ask for your assistance in negotiating the loan with the seller, you need to be familiar with terms, rates and other facets of the transactions.
A seller may want to discuss what rate he should charge and how long he should hold the loan. You need training and experience to render this assistance.
If you are not sure of something you may have your broker assist, or have the attorney who will prepare the mortgage documents the advice. Franchise offices must let the public know that each office is under separate ownership and may differ from other offices under the same franchise name. All of the above are just some of the ways that the commission can keep tabs on the conduct of licensees. The commission was formed to protect the public, and takes complaints from customers and clients seriously.
A married couple do not have to choose tenants by entireties, but they are the only property owners that can assume this form of ownership. Like joint tenants, there is the right of survivorship. In tenancy by the entireties, when one party dies the remaining party gets full ownership. In joint tenancy, when one dies, the remaining partner s absorb the ownership.
It can not be passed by inheritance, as in tenancy in common. Condemnation is the process in which the property can be taken for the greater good of the community. Eminent domain is the government's right to do so. A latent defect is an issue that you cannot see and could not be discovered upon reasonable inspection before a sale. In some cases, it is hidden by repairs or remodeling. For example, a house that had a fire in the attic, causing damage to the interior and exterior of the roof.
A quick fix could be slapping plywood over the interior and new shingles over the exterior roof. The structural damage underneath would be hidden from sight, and a buyer could end up with serious problems down the road without ever knowing the home was deteriorating beneath the patchwork.
It can be possible that the seller bought the property in that condition and was not aware of the potential hazard. An estate for years might sound like a long- term lease but actually it can represent any amount of time as long as it has a definite beginning and ending. It can be for an overnight stay or for two years.
A periodic tenancy may sound like it would better describe your vacation, but a periodic tenancy is for a period of time, like a week to week or month to month, that carries on until one of the parties gives notice to terminate the lease. To alienate title is simply to remove yourself from possession of the title, which is what happens when you no longer hold title to the property and have transferred ownership.
A contract is not legal if the intent of the contract is illegal and cannot be enforced, as in a duel contract. An example would be if the buyer is paying the seller undisclosed cash on the side or when the seller puts a lower sale price on a duel contract in order to pay less state tax based on the sale price of the property while keeping the contract with the original terms secretly between buyer and seller only.
The illegal contract constitutes fraud and the contract is void. A voidable contract is one that can be voided by one party to the contract while remaining binding on the other party. If a mental health counselor used his position of authority to sell real estate to his client, the contract may be voidable based on undue influence or duress.
The contract would be binding on the counselor but could be voided by the client. The buyer in an option contract is the optionee. The optionee can decide against purchasing the property at any time during the agreed-upon option period, in this case 30 days.
The option is binding on the seller, or optionor, and he cannot back out or make any changes to the terms. The buyer, however, agrees to forfeit the deposit money if she choose not to purchase, as the seller held the property off the market for the 30 days. Because the seller is bound to perform and sell the property if the buyer decides to exercise her option and the buyer has the choice to buy or not buy, the contract is a unilateral contract, forcing only one party to perform.
If the mortgagee falls behind in their payments to the mortgagor, the acceleration clause gives the lender the ability to call the entire balance of the loan due and payable.
In the event the buyer cannot repay the loan or make payment arrangements acceptable to the lender, the lender may start foreclosure proceedings. Usury laws are in place to protect the public from predatory lending practices.
The state of New Jersey limits the interest rate to 17 percent if the seller is selling investment property. If the seller were selling his primary home, however, he could charge you up to 30 percent! Regulation Z provides the buyer with written disclosures of the total cost of borrowing money from a lending institution. Prev Next Finish. Bookmark Page. You are working with a customer and have found the perfect property.
You are getting ready to prepare an offer when they ask, "Do we need a lawyer? It is up to the customer. No, most people in this area don't use them. You should never buy a property without an attorney. I can help you with everything the lawyer would do and save you money. You work for Broker A. Agent Bill, who also works for Broker A, asks you for help in closing a sale he is working on, and offers you 10 percent of his commission for the assistance.
After the settlement, who will pay your commission to you? Bill, who promised you the commission. Broker A. The seller. The co-operating broker. What is the difference between a client and a customer? A client is someone you have a contract with to perform services for a fee and a customer is someone looking to buy something for no additional fee.
A client is looking to buy something for no additional fee. Obtaining a real estate license is an advantageous opportunity that opens new doors.
Types of Licenses. Salesperson's License To qualify for a real estate salesperson's license, an applicant must be at least 18 years of age, have a high school education or equivalency, complete a hour pre-licensure course at a licensed school and pass the license examination.
Broker's License To qualify for a broker's license, an applicant must have a high school education or equivalency, and must successfully complete hours of prelicensure education. Broker-Salesperson's License A broker-salesperson has the qualifications of a real estate broker but is employed by and operates under the supervision of a licensed real estate broker to perform the functions of a real estate salesperson.
Looking for in-person pre-licensure classes? For more information about obtaining a New Jersey Real Estate License or any licensing inquiries, please visit the Real Estate Commission's website or contact them by phone at
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