Real Estate

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