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The notes below are intended only to supplement a complete and diligent review of the related chapter in your course text. Studying these notes alone is not expected to be adequate test preparation.

GENERAL - PART 2

©Copyright 1998 - 2008 Tim Wyman. All rights reserved. Reproduction in whole or in part in any form or medium without express written permission of is prohibited. See Terms & Conditions to use this material.

Simply knowing the real estate language is half the battle in preparing oneself for the examination. This exercise will help to commit the terminology to memory. Read the definition on the left and then recite the term being defined. Place your mouse pointer over the maroon colored box to the right of the definition to reveal the correct answer.

Damages awarded by a court to serve as a punishment in addition to actual damages actually suffered
To approve; to sanction
A broker member of the National Association of Realtors
A salesperson member of the National Association of Realtors
The laws governing the promotion and sale of property located outside the state of New Jersey
A person appointed by the court to preserve and control property pending final determination of the court
The mutual exchange of privileges; one institution recognizing the privileges of the other
To get back; to recover
A fee paid for recommending or referring a potential client or customer
To give up, resign, or refuse to follow
To cancel, annul or void
When taking a listing for this type of property, the agent must give the seller a copy of the Attorney General's Memorandum
The withdrawal, nullification or recalling of an offer or a privilege such as a license
A law enacted by the legislative branch of government
Having made a will
A person who has made a will
An account, separate from the brokers operating or personal accounts, for the sole purpose of holding a client's or customer's money
A person who holds the property of another in trust
The party who places his property in trust with a trustee
One who purchases something; buyer
One who sells something; seller
To give up; to refrain from enforcing
A guarantee as to conditions in the past, present or future
An order by a court directing an authorized officer of the court, to carry out its terms which usually compel a person to do something
The maximum fine imposed by the NJREC for a first violation
The maximum fine imposed by the NJREC for a second violation
Maximum amount payable from the Guaranty fund per transaction