New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 3 - LICENSING › Section 11:5-3.9 - Return of license when broker ceases to be active; office closing; change of broker of record

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each broker who ceases to be active shall within five business days of the cessation of business return to the Commission his license, and the licenses of all salespersons, broker-salespersons and referral agents for cancellation.
(b) Each employee's license must be accompanied by a letter terminating employment in compliance with 45:15-14.
(c) No broker engaging in the real estate brokerage business as a sole proprietor, as a broker of record of a partnership or as a broker of record of a corporation shall be relicensed by the Commission unless within 30 days of the date of which the broker ceases engaging in the real estate brokerage business he or she shall complete and submit an affidavit to the Commission certifying that:
1. The broker's license, the corporate or partnership license, and the licenses of all referral agents, salespersons and broker-salespersons have been returned to the Commission for cancellation;
2. The broker's trust account has been closed and that all funds held in trust for others have been disbursed to proper parties;
3. All commissions and other compensation owed to salespersons, referral agents and broker-salespersons have been paid, or, if not yet received by the broker, will be paid upon receipt;
4. No further commissions are due the broker except that any commissions for services previously rendered and payable in the future upon the occurrence of specified events are described on a list attached to the affidavit. The list shall describe the nature and amounts of such outstanding commissions with sufficient information to identify each transaction;
5. The broker has notified all principals in ongoing transactions, in writing, that the broker has ceased engaging in the real estate brokerage business or that the broker will hereinafter engage in the real estate brokerage business in another capacity. The notice shall describe the disposition of pending transactions and the name of custodian and place of deposit of any funds received from principals;
6. The broker has removed from the licensed premises all signs indicating that the premises contains the office of a licensed real estate broker;
7. The broker has recalled all signs and other advertisements or trade materials indicating that the broker is engaged in the real estate brokerage business;
8. The broker has advised the appropriate telephone services that the firm is no longer engaged in the real estate brokerage business, and that further telephone directories should not contain the name of the individual or firm as licensed brokers;
9. There are no outstanding fines or penalties due and owing the Real Estate Commission;
10. The broker acknowledges his or her responsibility to maintain records as required in 11:5-5.4. The broker must provide the address of the place of depository of such records and acknowledge responsibility to advise the Commission of any change in the name of the custodian or place of depository for a period of six years.