Principles and Practices of Real Estate for Salespeople Course
75 Hour Sales Class
Description: This course is approved by the State of New Jersey to fulfill the 75-hour classroom prerequisite for taking the P.S.I. real estate examination for real estate salespersons. It has been designed specifically for individuals planning a career in real estate. Covers all topics on the state exam including agency, contracts, title, methods of ownership, appraisals, licensing laws, and discrimination. The course material includes: text book, exams, quizzes and various handouts which have been designed to prepare our students for the state examination. The course exam will be administered upon the student’s completion of all requirements, including attendance. Attending this school will not obligate you to become employed with our affiliated real estate broker (s) nor guarantee you an interview or a job with our affiliated real estate broker(s).
Real Estate Broker Licensing Course
The experience requirement for licensure as a broker requires the applicant to demonstrate a commitment to real estate brokerage as their primary vocation, as evidenced by their involvement in the real estate brokerage business on a full-time basis. Applicants must have been continually licensed and employed as a real estate salesperson during the three years immediately preceding their application. To demonstrate full-time employment, the applicant must show that they have worked as a salesperson under the authority of a broker for at least 40 hours per week during the hours of approximately 10:00 A.M. to 8:00 P.M. during any five days of each week. If the applicant was employed in any other occupation during the three year period, such other employment must not have exceeded 25 hours per week. If you need to verify your license status, you should do so before enrolling in the broker course.
90 hour Broker Basic: This course covers, in depth, New Jersey real estate law and rules and regulations. Also covered are agency, ethics, contracts, appraisal, federal law, fair housing, title, taxes, deeds, ownership methods, mortgage financing, and many other related subjects.
30 Hour Broker Ethics: This course strives to strengthen the candidate’s knowledge of agency law, dual agency and its inherent conflicts, the difference between law and ethics, and other related material.
30 Hour Broker Management: Among the subjects covered in this course are: How do you open a new company or branch office, importance of trust account, recruiting, maintaining agents, sales meetings, office systems and procedures, understanding attorney review, and much more.
A broker license candidate must first successfully complete courses of study in real estate consisting of a minimum of 150 hours. The 150 hours is divided into three separate courses: a 90 hour general real estate broker course, a 30 hour course on brokers’ ethics and agency law and relationships, and a second 30 hour course on office management and related topics. All three courses of instruction must be completed within a period of two years.
Applicants must have been continually licensed and employed on a full-time basis as a New Jersey real estate salesperson for the three years immediately preceding their application. Here is the link to the License History Request Form.
After completion of all three courses, applicants must submit to the Education Qualification Section of the NJ Real Estate Commission, their completed school certificate and a completed Experience Report, verified and signed by their Broker.
Full tuition, which includes the textbooks, can be paid either by check, money order, or PayPal/Credit Card (Online Only), no later than one week prior to the starting date of the course, but with advanced notice, tuition may be accepted on the first day of class. Refunds will be honored upon written request prior to the starting date of the course. There will be no exceptions to this refund policy! Students who must withdraw from the program already in progress due to circumstances beyond their control may request a refund upon written request. Upon approval, the amount of the tuition refund, minus a $100.00 Registration Fee, will be prorated based on the remaining hours of the course. The student, however, must retake the entire pre-licensure course before receiving the School Certificate.
15 Hour Refresher Course – PA, NY*, FL Salesperson Licensees
This course serves as a 15-hr course for salespersons that are licensed in a state whose pre-licensing requirements are less than New Jersey (75 hours of pre-license education), and who wish to obtain a New Jersey salesperson’s license. It provides relevant and up to date information on the NJ Real Estate Commission’s rules and regulations with an overview of how the brokerage business operates in New Jersey. It is offered in its entirety as a “complete package” for those candidates that lack the minimum pre-license education hours required for a New Jersey salesperson’s license. The out-of-state candidates will not receive Continuing Education credit for this course, but will receive a “CERTIFICATE OF COMPLETION” that will enable them to take the New Jersey Salesperson Exam.
NJREC STATUTE AND RULES
• NJ Real Estate Commission (N.J.R.E.C.)
• Types of Licenses granted by the N.J.R.E.C.
• Activities requiring a license
• Fees and the Guaranty Fund
• License Display, Pocket Card and Continuing
• Introduction and knowledge assessment
• History and background of Agency
• N.J.A.C. 11:5-6.9 requirements
• Office Policy
• Definition and elements of Agency and Fiduciary duties
• Vicarious Liability and Sub-agency
• Buyer Agency
• Disclosed Dual Agency
LISTING AGREEMENTS AND CONTRACTS
• Types of Listings
• The Listing Agreement
• Multiple Listing Service
• CMA (Comparative Market Analysis)
• Inspection and Disclosure
• Seller Proceeds
• Attorney Review and Opinion 26
• Processing the Transaction
• Knowledge Assessment exercise
• History of Fair Housing Laws
• Real Estate Brokers and Fair Housing Laws
• Working with Sellers and Buyers
• Violations vs. Exemptions
• Office Policy and Procedure
• Complaint Procedures and Penalties
*NY Licensees – If licensed prior to July 1, 2008, NY only required 45 hours, therefore you must take an additional 30 hours of a pre-licensed Broker’s course (to meet the 75 hour requirement for NJ).