The course covers topics such as agency law, including what terms define an agency relationship, the characteristics of three types of agency relationships, and both the provisions of the Real Estate Licensing and Registration Act (RELRA) and how RELRA related to brokers/consumers relationships. Agency relationships are discussed in further detail, identifying the duties of licensees and how RELRA relates to disclosure of relationships with consumers. The methods by which agency can be created and terminated are explained, and the content addresses what actions by a licensee a consumer is liable for, and what actions by a consumer a licensee is liable for Fiduciary obligations of an agent to the principal and the third party, respectively, are identified, which is followed by a case study addressing how to avoid undisclosed dual agency. This concept is followed by a description of New Jersey Real Estate Commission license law explaining details brokers must include on their licenses, what they must disclose, and the provisions they must follow to legally operate a real estate business.
The course concludes with provisions of the New Jersey Real Estate Commission rules regarding escrow accounts, and the definition of ethics in real estate, which includes a handout of the Code of Ethics of the National Association of Realtors®.
The course also features a case-based scenario, interactive exercises, handouts, and exercises designed to give a practical knowledge of New Jersey agency and license law for real estate professionals.