New-York tribune., 1922-12-31
1908 Complaints
Lodged Against
Jersey Realtors
Commission in First Report
Saws There Are 5000
Agents in State and That
Brokers Are Honest

The Real Estate License Commission
Of New Jersey has submitted It's first
report. Any ono who doubts the value
Of the license act will be convinced by
the report that this legislation was
good thing for the buying public and
the real estate business.
"The license law is the fret measure
Of protection, outside Of the state
courts. that New jersey has ever
known" says the report.
The volume Of real estate business
handled in New Jersey annually
reaches into billions Of dollars. the
transfers Of property every year exceed
so, 900 in number. and practically every
one OF the latter involves a mortgage
consideration. Every village has at
least one person ready to act for com
pensation in realty Transaction.
when these things are considered the
report sets forth; at becomes apparent
20 every one that the time has arrived
when a business activity Of such mag
nitude and which has a bearing upon
practically every citizen who has pur-
chased OF hopes 20 purchase a home
should be subject TO proper regula-
tion."
gill Licenses Issued
The New Jersey law became effective
on October /, 1921. The commission
has issued a total Of 6,l7l licenses. Oi
this number 4,3O6 were for brokers and
es5 for salesmen. This was more
/ than doIble the number anticipated
The only requisites for license have
been proof Of proper character and a
desire 20 be honest In dealing with inc
/ public.
The licensing act was passed st the
behest of the responsible real estate
| brokers Of the state.
A total Of ,098 complaints, Of which
/ siYty-two were Of q highly serious ma
! ture involving dishonest and nefarious
practices upon the part Of real estate
operators, we're heard by the commits
sion during the period covered by the
report.
In a number Of these cases the ac-
eused brokers FASTENED 10 make amends
when they discovered that they had
been complained about and their right
10 continue in the business stood in
jeopardy.
The operation Of the law and the cx.
penses entsiled no Withdrawals from
the state treasury. for the license act
requires al expenses 70 be met from
the fees md cnsrges collected foi
licenses After at obligations were
met the commission turned In 20 thu
general state fund more than $4,000.
Answers on High Level
More has been done 20 elevate tn
standard Of the real estate buriness ~
New Jersey by this license law thar
anything else IN the history OF tha
calling" tho report says. Brokers anC
salesmen who heretofore may not have
hesitated 10 resort 20 shady practicei
have not only discontinued them bu
arc frowning on those who attempt u
perpetrste thomP
Real estate men arc cooperating
with the commission 10 see that al
violAtoTs are called 90 account. Th'
law also is proving popular with th'
great majority Of the people of tn
state. The commission has created NJ
monopoly in the matter Of issuing H.
ccnses. the report declaring that "it ID
not TOO difieult 20 get license. but II
is not easy 10 keep It after II hos beer
granted
Members Of The commission are Franz
stevens, Of Jerfey City; Vincent Y
Bradley. Trenton. and Michael A. De,
vine, Atlsntic City.