REAL ESTATE COMMISSION
5. Business opportunity sales (2 hours);
6. The laws of agency (12 hours);
7. Appraising (2 hours);
8. License Act and regulations (9 hours);
9. Other state, Federal and municipal laws and regulations, including N.J.S.A. 17:16C-1 et seq., 39:1-1 et seq., 46:8-43 et seq. and 46:8C-1 et seq. as they pertain to the resale of mobile and manufactured housing units which bear or are required to bear motor vehicle titles (5 hours);
10. Salesperson duties and pitfalls in the real estate business (3 hours);
11. Quizzes and final examination (3 hours).
(g) The 150 hours of prelicensure education required of candi- dates for licensure as a broker or broker-salesperson by N.J.S.A. 45:15-10 shall be acquired as provided in this subsection. A 90 hour general broker’s prelicensure course shall first be completed in accordance with the following syllabus and directives. Thereafter, two 30 hour broker courses as described in (g)5, 6 and 7 below shall be completed. All three courses, totaling 150 hours of instruction, must be successfully completed within a period of two years. Where the three courses are not so completed, a candidate must again successfully complete any previously taken course and all courses not previously taken within the two year time frame, and again fulfill the experience requirement es- tablished at N.J. S.A. 45:15-9 and N.J.A.C. 11:5-3.8 in order to qualify to challenge the broker license examination.
1. The 90 hour general broker’s prelicensure course may be taught in blocks or modules of material. The maximum number of modules into which the course may be divided is 23, with their content corresponding to the 23 subject matter areas identi- fied in the syllabus below. Schools offering courses in modules may include more than one subject matter in a given module. No student may commence a course which is offered in modules on a date other than the starting date of any module. No student shall be given credit for the successful completion of a 90 hour general broker’s prelicensure course unless and until they have received instruction in all of the subject matter areas identified below for approximately the number of hours indicated, and passed a comprehensive final examination. The 90 hour general broker’s prelicensure course shall be conducted in accordance with the following syllabus and directives. Substantive instruc- tion shall be provided on the following topics for approximately the number of hours indicated:
i. Review license laws and regulations including provisions of the Real Estate Sales Full Disclosure Act and N.J.A.C. 11:5-9 (six hours);
ii. Listing contracts–sales and rentals (three hours);
iii. Sale contracts (three hours);
11:5-2.1
iv. Deeds and real property rights and interests including nature of ownership, legal description, chain of title, restrictions, consideration, various types, acknowledgments and recording, land and land elements, water rights (including riparian rights), state claims regarding tidelands estates and other interests, meth- ods of ownership, dower and curtesy, wills and descent, adverse possession and fixtures (three hours);
v. Advanced financing techniques including qualification formulae, various types, typical prerequisites (insurance, flood in- surance, if applicable, certificate of occupancy, etc.) and income tax ramifications (six hours);
vi. Liens, foreclosures and redemptions (one hour);
vii. Easements, restrictions, etc. (one hour);
viii. Condemnation (one hour);
ix. Zoning, including non-conforming uses, variances, subdivisions, planning, zoning issues raised by condominium construction or conversion and other types of real estate development (five hours);
x. Surveys (non-government type) and legal descriptions (one hour);
xi. Property taxes, assessment, re-valuations, assessment appeals and special appeals (three hours);
xii. Real estate valuation including techniques and distinc- tions between comparative market analyses and formal appraisals (three hours);
xiii. Settlement/closing procedures, RESPA forms (six hours);
xiv. Mathematics relative to real estate (six hours);
xv. Laws: Federal Fair Housing and the New Jersey Law Against Discrimination, New Jersey “Mount Laurel” require- ments, RESPA, Truth in Lending, rent control, New Jersey Land Use Law, New Jersey’s Truth in Renting Law, and the provisions in that law, in N.J.S.A. 17:16C-1 et seq., in N.J.S.A. 39:1-1 et seq. and in N.J.S.A. 46:8C-1 et seq. which pertain to the resale of mobile and manufactured housing units which bear or are re- quired to bear motor vehicle titles (total three hours);
xvi. Business and management practices (total of six hours for (g)lxvi(1) through (6) below), including:
(1) Company structure including single ownership, partner- ship, corporate, requirements to establish, employees vs. inde- pendent contractors;
(2) Office management including bookkeeping and account- ing relative to real estate, escrow responsibilities, company dol- lars, ledgers, records and computers;
(3) Personnel management including recruiting, hiring, training, supervising, compensation and termination;