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1 acre
43,560 square feet
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Agent
One authorized to act for another
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Antitrust laws
Regulations prohibiting price-fixing
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Attorney-in-fact
person authorized to act under a power of attorney
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Broker
one authorized to act for another in real estate transactions
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Buyer's broker
agent who takes a buyer as the principal
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Client
principal who engages an agent
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Commission
broker's usual compensation
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Consumer Information Statement
written explanation of a business relationship
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Customer
third party in a transaction, not the principal
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Disclosed dual agent
one who works for both the seller and the buyer
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Disclosure
revealing to another any pertinent information
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Dual agency
brokers taking both parties as principals
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Employee
salesperson whose broker pays Social Security, regulates hours, etc.
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Fiduciary
one who owes special duties to another
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Fiduciary relationship
trust and confidence between parties
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Fraud
intentional or unintentional misleading of another, who is harmed thereby
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General agent
one empowered for a wide range of actions
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Independent contractor
salesperson who sets own hours, pays own estimated income taxes, etc.
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Kickback
illegal sharing of a commission with seller
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Latent defect
problem not discoverable by normal prudent inspection
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Law of agency
rules governing conduct of agents
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Listing agreement
contract by which the owner retains a broker to find a buyer
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Meeting of the minds
agreement between a buyer and seller on major points
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Megan's Law
legislation requiring that communities be alerted to the presence of sex offenders
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Power of attorney
Written authorization of agency
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Principal
the one employing an agent; the client
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Procuring cause
The one who brings about a sale
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Puffing
harmless exaggeration as salesmanship
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Ready, willing, and able buyer
one qualified and prepared to purchase
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Salesperson
person licensed to assist a real estate broker
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Special agent
one authorized to act for another in a specific transaction
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Subagent
agent of an agent
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Transaction broker
one who facilitates a transaction without functioning as an agent
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Branch office
broker's additional place of business
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Commingling
mixing broker's money with that of others
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Duplicate original
copy of a real estate contract with original signatures
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Escrow account
place for money belonging to clients and customers
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Guilty knowledge
awareness of wrongdoing with no attempt to stop it
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Probation
least severe discipline by the Real Estate Commission
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Revocation
cancellation of a real estate license
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Suspension
temporary lifting of a real estate license
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Trust account
another name for escrow account
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Waiver of Broker Cooperation
form sellers must sign for an office-exclusive listing
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Broker
individual licensed to charge the public for real estate services
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Broker-salesperson
fully qualified broker who remains under another broker's supervision
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Bureau of Subdivided Land Sales Control
state agency that approves and registers some out-of-state property
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Continuing education
classes required for license renewal
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Guaranty Fund
reimburses people defrauded or badly served by licensees in real estate transactions
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New Jersey Real Estate Commission
administrator of real estate licenses
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Real Estate License Act
law governing the practice of real estate in New Jersey
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Real Estate Sales Full Disclosure Act
regulations covering out-of-state properties sold in New Jersey
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REALTOR®
member of a private real estate trade organization
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REALTOR-ASSOCIATE®
salesperson who joins a particular real estate trade group
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Referral agent
licensee limited to presenting prospective clients and customers to the broker
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Referral fee
money paid another broker for sending a client or customer
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Salesperson
one licensed to assist a broker in real estate transactions
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Title 11, Chapter 5
state rules and regulations for real estate licensees
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