reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 1 - ORGANIZATIONAL RULES › Section 11:5-1.5 - Commission records open to public inspection; investigative files not open to the public

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The New Jersey Real Estate Commission makes, maintains and keeps records as listed in (b) through (g) below.
(b) Current and computerized public licensing records are available at the Commission's office for inspection and copying during normal business hours upon sufficient notice to the Commission staff. The Commission staff may require several weeks notice to locate records other than computerized records. Except as otherwise noted in this section, records are maintained for a minimum of three years. Older records may be unavailable. Copies of records can be purchased from the Commission at the fees established in the Open Public Records Act at N.J.S.A. 47:1A-5.
(c) Requests for certified copies of the Commission's public licensing records (or for a certificate of the absence of a public record) shall be submitted in writing and must specify which records are requested and the time period covered by the request. The Commission staff requires at least 10 working days to provide certified copies of public records.
(d) The following records are maintained pursuant to the Real Estate Licensing Act:
1. Certifications of license history and status based upon computerized licensing records;
2. Real estate broker, broker-salesperson, salesperson, referral agent, school and instructor license applications, and materials submitted therewith to obtain, transfer, reinstate or renew such licenses, and the final disposition of such applications. However, criminal history information obtained by the Commission pursuant to 11:5-3.3 and personal data on a licensee such as home address, home telephone number and date of birth are considered confidential;
3. Real Estate Commission meeting minutes;
4. Orders to Show Cause and complaints issued by the Attorney General's office charging that a licensee or an unlicensed person has violated provisions of the Real Estate License Act or the Commission's administrative rules; documents accepted into the agency record in any such proceeding; and the final disposition of such proceedings including settlements; and
5. Notices, proposals and other records concerning rulemaking required to be kept or distributed to the public by the Commission pursuant to the Administrative Procedure Act, 52:14B-1 et seq. and N.J.A.C. 1:30-3 and 4 et seq. Complete records of unadopted proposals are available for one year after publication of the proposal. Complete records of adopted rules are available for three years after each rule's effective date.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 2 - EDUCATION › Section 11:5-2.1 - Educational requirements for salespersons, referral agents and brokers in making application for licensure examination

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All applicants for a salesperson's, referral agent's or broker's license shall present with their license application evidence of their satisfactory completion of a course of education in real estate subjects taught in accordance with 45:15-10.1 and as required by this section.
1. This requirement shall also apply to disabled veterans making application for licensure pursuant to 45:15-11. However, the Commission shall approve a program of studies in real estate completed by such a veteran offered by a provider other than a licensed school if the program consisted of at least 75 hours in the case of an applicant for a salesperson's or referral agent's license, or 225 hours in the case of an applicant for a broker's license and the program was offered by an accredited college or university for credit.
2. No person shall receive credit toward the fulfillment of the salesperson or referral agent prelicensure education requirement for attendance at a broker's prelicensure course and no person shall receive credit toward the fulfillment of the broker's prelicensure education requirements for attendance at a salesperson's or referral agent's prelicensure course.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 2 - EDUCATION › Section 11:5-2.2 - Licensed schools and instructors; requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The following regulations are applicable to schools and instructors licensed to conduct prelicensure courses of education in real estate subjects pursuant to 45:15-10.4 and 10.5, to applicants for such licenses and, as applicable, to the conducting of continuing education courses by such schools and instructors pursuant to 11:5-12.1.
1. The original license term for pre-licensure course instructors and schools shall begin on July 1, 1994 and terminate on February 28, 1997. Thereafter, each two-year license term for school and instructor licenses shall run from March 1 to the last day of February of the second following year.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 2 - EDUCATION › Section 11:5-2.3 - Applications processed by the Education Bureau of the Real Estate Commission

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Applications for the following licenses and approvals are processed by the Education Bureau of the Real Estate Commission:
1. Real Estate Instructor license;
2. Real Estate School license;
3. License for additional teaching location of a licensed real estate school;
4. Approval of Real Estate School Director;
5. Approval of experience report for broker license applicant;
6. Approval of real estate continuing education provider;
7. Approval of real estate continuing education instructor; and
8. Approval of real estate continuing education course.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 2 - EDUCATION › Section 11:5-2.4 - Examination eligibility certificates

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Education Bureau issues Certificates of Examination Eligibility to:
1. Broker license candidates who have fulfilled or, to the extent permitted by 11:5-3.8 and 2.1(e), had waived the broker license experience and/or education requirements;
2. Instructor license candidates who have fulfilled or, to the extent permitted by 11:5-2.2(k), had waived the instructor license education requirement; and
3. Salesperson or referral agent license candidates who, as provided in 11:5-2.1(e), have had the salesperson's or referral agent's license education requirement waived.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 2 - EDUCATION › Section 11:5-2.5 - Education Bureau forms and processing times

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The following forms are utilized by the Education Bureau of the Real Estate Commission:
1. Application for real estate school license for non-public school;
2. Application for licensure of additional teaching location for a non-public real estate school;
3. Application for real estate school license for public college, university or adult education program;
4. Application for real estate instructor license;
5. Application for change in address of administrative office or primary teaching location of non-public real estate prelicensure school;
6. Application for relicensure of public college, university or adult education program with new director;
7. Application for relicensure of non-public school with new director or with new partner(s) (partnership) or new owner(s) of a controlling interest (corporation) or school name change;
8. Application for waiver of salesperson or referral agent prelicensure education requirement;
9. Application for partial waiver of broker prelicensure education requirement and/or complete waiver of experience requirements;
10. Experience report for Broker License Applicant;
11. New Jersey State Police, State Bureau of Identification Request for Criminal History Record Information Form;
12. Application for approval of real estate continuing education provider;
13. Application for approval of real estate continuing education instructor; and
14. Application for approval of real estate continuing education course.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 2 - EDUCATION › Section 11:5-2.6 - Education Bureau transaction fees

Current through Register Vol. 56, No. 14, July 15, 2024
The fees applicable to transactions processed by the Education Bureau of the Real Estate Commission that are unrelated to real estate continuing education are listed in the table below. Fees applicable to applications for approval of real estate continuing education providers, instructors and courses are listed in 11:5-12.1 7.
EDUCATION BUREAU TRANSACTION FEES
Description
Amount
Criminal history check and
State-contracted vendor fee (paid
electronic fingerprint scan
directly to vendor)
Application fee, school license
$ 100.00
Application fee, instructor license
$ 50.00
Application fee, waiver of
$ 25.00
salesperson or referral agent
education
Initial license fee, non-public
$ 400.00 for licenses issued in the
school
first year of a two-year license term;
$ 200.00 for licenses issued in the
second year of a two-year term.
Renewal fee, non-public school
$ 400.00 plus $ 200.00 for each
additional licensed location
License fee, additional teaching
$ 200.00 for licenses issued in the
location
first year of a two-year license term;
$ 100.00 for licenses issued in the
second year of a two-year term.
Change of address (school)
$ 50.00
License fee, instructor
$ 200.00 for licenses issued in the
first year of a two-year license term;
$ 100.00 for licenses issued in the
second year of a two-year term.
Renewal fee, instructor
$ 100.00
Change of name (school)
$ 100.00
Change of name for individual
$ 50.00
Change of school director
$ 50.00
Application fee, waiver of
$ 25.00
salesperson education
Application fee, waiver of broker
$ 25.00
education or experience
Application fee, approval of
$ 25.00
experience report for broker license
applicant
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 3 - LICENSING › Section 11:5-3.1 - Terms of real estate licenses

Current through Register Vol. 56, No. 14, July 15, 2024
Commencing July 1, 1997, broker, broker-salesperson, salesperson, referral agent and branch office licenses shall be issued on the basis of two year license terms. All licenses issued during each biennial term shall run from the date of issuance to the end of the biennial term. All licenses shall expire on June 30 of the second year following the year in which the license term commenced.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 3 - LICENSING › Section 11:5-3.2 - Payment of fees as prescribed by statute

Current through Register Vol. 56, No. 14, July 15, 2024
With the exception of fees paid to the State-contracted fingerprint scanning vendor, fees paid to the license examination administration vendor and fees paid to accomplish an online transfer or termination as set forth in 11:5-3.1 1, any and all fees prescribed by the Real Estate License Act shall be paid by broker's business account check, certified or bank check or money order payable to the State Treasurer of New Jersey. No cash or currency shall be accepted.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 3 - LICENSING › Section 11:5-3.3 - Criminal history record check

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Commission shall require an individual licensee or any officer, director, partner or owner of a controlling interest of a licensed corporation or partnership to complete an electronic fingerprint scan through the State-contracted vendor, pay the fees required for its processing and submit proof of completion of the fingerprint process with their licensing application.
(b) Evidence of completion of the fingerprint scanning process shall include the applicant's copy of the completed fingerprint scanning vendor's form and a copy of the payment receipt issued by the fingerprint scanning vendor at the time of the completion of the fingerprint scanning process.
(c) The applicant, if a natural person, shall submit with his or her license application the evidence of completion of the fingerprint scanning process set forth in (b) above.
(d) The applicant, if a corporation or partnership, shall submit with its application for license evidence of completion of the fingerprint scanning process as set forth in (b) above for each officer, director, partner, or owner of a controlling interest.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 3 - LICENSING › Section 11:5-3.4 - Examination rules

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In the administration of examinations for licensure as a real estate broker, broker-salesperson, salesperson or referral agent, the following examination rules shall apply:
1. Examinees shall not be permitted to refer to any notes, books, or memoranda.
2. The copying of questions or making of notes for personal use is strictly prohibited.
3. No examinee shall leave the examining room except at the discretion of the examiner.
4. The real estate broker license, salesperson and referral agent license examinations, required by 45:15-10 to be taken and successfully passed by all applicants for a real estate broker, broker-salesperson, salesperson or referral agent license before said license may be issued, shall be in the form of a multiple choice examination prepared by a testing service as designated by the Commission. Fees charged applicants to take the real estate examinations and for fingerprinting scanning shall be considered service fees to be paid directly to the testing service and fingerprint scanning vendor separate and apart from any fee required by 45:15-9 to be paid to the Commission at the time of the license application.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 3 - LICENSING › Section 11:5-3.5 - Requests for disclosure of social security numbers and electronic mailing addresses

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Commission may request that licensees and license applicants, including registrants for license examinations, submit their social security numbers to the Commission. All such requests shall either include or be accompanied by a notice stating:
1. The purpose or purposes for which the Commission intends to use the social security numbers;
2. That disclosure made pursuant to the request is either voluntary or mandatory; and
3. That the request is authorized by this section and by such other law as may be applicable.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 3 - LICENSING › Section 11:5-3.6 - Salesperson's and referral agent's licenses; age requirement

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No salesperson's or referral agent's license shall be issued to any person who has not attained the age of 18 years.
(b) Every applicant for licensure as a salesperson or referral agent shall present with his or her application for licensure a certificate of satisfactory completion of a course of education in real estate subjects at a school licensed by the Commission pursuant to 45:15-10.1(a)  and 10.4 and 11:5-2.2, unless waived by the Commission in accordance with the provisions of 45:15-10.2.
(c) An applicant must pass the State salesperson or referral agent examination and apply for and request the issuance of a salesperson's or referral agent's license not later than one year after the date of successful completion of the course prescribed at 11:5-2.1. Any person who fails to apply for the issuance of a salesperson's or referral agent's license within the one year period shall be required to retake and successfully complete the prescribed course in real estate and the examination.
(d) All applicants for licensure as a salesperson or referral agent shall certify that they possess a high school education or equivalency. The Commission may require the production of evidence of such education or equivalency as a condition to issuing a license to any applicant.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 3 - LICENSING › Section 11:5-3.7 - Employment of salesperson or referral agent sponsored by broker

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No broker shall knowingly sponsor an applicant for licensure as a real estate salesperson or referral agent who does not bear a good reputation for honesty and fair dealings.
(b) An application for licensure or renewal of licensure as a referral agent shall include a certification signed by the licensed real estate broker by whom the applicant is or will be employed confirming:
1. The broker and the applicant have reviewed the restrictions imposed by law upon the activities of a referral agent; and
2. The applicant or referral agent has acknowledged that he or she is aware that the activities of a referral agent are limited to referring prospective consumers of real estate brokerage services only as set forth in 11:5-6.1 0(a)2.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 3 - LICENSING › Section 11:5-3.8 - Qualifications for licensing; broker and broker-salesperson

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All references in this section to "brokers" shall include broker-salespersons. The experience requirement for licensure as a broker imposed by 45:15-9 is construed to require a demonstration by the applicant of their 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.
1. A person who is presently licensed as a broker in another state and who has been actively licensed and engaged in the real estate brokerage business on a full time basis as a broker, broker-salesperson or salesperson for at least three years immediately preceding the date of application shall qualify for a waiver of the experience requirement for licensure as a New Jersey real estate broker.
2. With the exception of persons licensed as brokers in other states, all applicants for licensure as a broker must have been continuously licensed and employed on a full-time basis as a real estate salesperson during the three years immediately preceding their application. Such full-time employment shall be demonstrated by a showing that:
i. The applicant has worked as a salesperson under the authority of the broker(s) with whom they were licensed for at least 40 hours per week and during the hours of approximately 10:00 A.M. to 8:00 P.M.;
ii. Such work in (a)2i above was performed during any five days in each week of the three-year period; and
iii. If the applicant was employed in any other occupation during the three year period, such other employment was on a part-time basis and did not exceed 25 hours per calendar week.
3. No applications for approval of an applicant's experience to qualify for licensure as a broker shall be made until an applicant:
i. Has been continuously licensed as a salesperson for at least the three years immediately preceding such application;
ii. Has completed the 90-hour general broker's prelicensure course and the two 30-hour courses referred to in 11:5-2.1(g).
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 3 - LICENSING › Section 11:5-3.10 - Sponsoring of license applications or transfers of license

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The New Jersey Real Estate Commission, Department of Banking and Insurance, hereby grants to brokers of record or employing brokers the right to have initial applications for licenses of referral agents, salespersons or broker-salespersons who will be in their employ authorized by one other person, other than the broker of record or employing broker. This other person must be the holder of a broker's license and an officer of the broker of record's corporation or a member of his or her partnership, as the case may be. In the event the employing broker is a sole proprietor, such a designee shall be licensed as a broker-salesperson in the employ of the employing broker. The broker of record or employing broker, as applicable, shall file with the New Jersey Real Estate Commission a power of attorney granting this authority to the designated person at least 10 days prior to delegating performance of the function of that person.
(b) Any employing broker or broker of record may authorize one individual in their employ to sign and surrender to the Real Estate Commission, in accordance with the requirements of 45:15-14, the real estate referral agent, salesperson or broker-salesperson license of any licensee whose employment relationship with that employing broker or broker of record is terminated. The employing broker or broker of record shall, on a form to be provided by the Commission, notify the Commission in writing of the designation of the employee so authorized, which person need not be the holder of a real estate license. The form designating the authorized person shall be filed with the Real Estate Commission at least 10 days prior to delegating performance of the function of that person. The employing broker or broker of record shall immediately notify the Real Estate Commission in writing in the event that, for any reason, the authority of the person so designated to perform that function is revoked, and shall indicate whether a new designee is to be named. Only the employing broker or broker of record and one other person duly designated and identified to the Real Estate Commission as provided in this section may perform the said license transfer functions at any one time.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 3 - LICENSING › Section 11:5-3.11 - License transfer and termination procedures

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For the purpose of expediting the right of licensees to engage in real estate activities, where license certificates cannot be issued without delay after all conditions have been fulfilled, the Commission directs that a certificate of authority in the form of a letter to the licensee be sent to serve as a temporary license for a limited period of time.
(b) In cases where a licensee who is transferring from one broker to another requests that their current broker deliver their license to them, rather than return it to the Commission, so as to personally facilitate the transfer process, the license shall be so delivered, provided that:
1. The rear of the license certificate is signed and dated by the terminating broker in the appropriate location prior to the delivery of the license to the departing licensee;
2. At the time of the delivery of the license to the departing licensee, the termination confirmation section of the license, reflecting the effective date of the licensee's separation from that broker, has been completed, signed and retained by the terminating broker; and
3. Within five business days of the delivery of the license to the departing licensee, the terminating broker shall either:
i. Mail to the Commission the completed and signed termination confirmation section of the license and send a copy of it to the departing licensee at their last known residence address; or
ii. Process the termination online at
http://www.state.nj.us/dobi
and send a copy of the completed and signed termination confirmation section of the license to the departing licensee at their last known residence address.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 3 - LICENSING › Section 11:5-3.12 - License applications processed by the Licensing Bureau

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Applications for the following license types are processed by the Licensing Bureau:
1. Real Estate Salesperson;
2. Real Estate Referral Agent;
3. Real Estate Broker--Salesperson;
4. Real Estate Broker--Sole Proprietor;
5. Real Estate Broker--Business entity;
6. Real Estate Broker--Broker of Record of a licensed business entity; and
7. Branch office.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 3 - LICENSING › Section 11:5-3.13 - Licensing Bureau forms, instructions, processing times, deadlines

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The following forms are utilized by the Licensing Bureau:
1. Original salesperson or referral agent license application;
2. Original broker/broker-salesperson application;
3. Name change (by license or application);
4. Broker status change;
5. Referral agent, salesperson or broker-salesperson transfer of license (on rear of license document);
6. Broker's Authorized Designee or Power of Attorney;
7. Change of business address;
8. Application for broker license for business entity (includes application for broker of record license);
9. Application for sole proprietor broker license;
10. Application for reactivation within current license term or for reinstatement of referral agent or salesperson license;
11. Application for reactivation within current license term or for reinstatement of broker-salesperson license;
12. Office Closing affidavit;
13. Application for branch office license;
14. Change of branch office supervisor;
15. Initial Application for Renewal of Broker License and of all related licenses;
16. First Supplemental Renewal Application (lists licensees who became licensed with the broker between the date on which the Initial Renewal Application form was generated and the date on which the First Supplemental Renewal Application form was generated);
17. Second Supplemental Renewal Application (lists licensees who became licensed with the broker between the date on which the First Supplemental Renewal Application form was generated and the expiration date of the license term in which the renewal forms are generated);
18. Change of corporate representative and multiple license;
19. Change of broker of record;
20. Change of corporate title;
21. Corporate license and multiple broker license;
22. Reinstatement of business entity broker license;
23. Reinstatement of sole proprietor broker license;
24. Additional broker of record license to sole proprietor broker;
25. Change of tradename or new tradename;
26. Multiple broker of record license;
27. Temporary broker's license;
28. Change of Broker of Record Affidavit;
29. Individual irrevocable consent to service of process;
30. Corporate irrevocable consent to service of process;
31. Partnership/LLC/other irrevocable consent to service of process;
32. The form to request fingerprint scan processing utilized by the State-contracted fingerprint scanning vendor; and
33. Change of license type.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 3 - LICENSING › Section 11:5-3.14 - Licensing fees

Current through Register Vol. 56, No. 14, July 15, 2024
The fees applicable to transactions processed by the Licensing Bureau are listed in the table below. Renewal fees are assessed biennially for the renewal of licenses for a two-year term pursuant to N.J.S.A. 45:15-15. All other fees are payable in full regardless of when during a license term the application to which the fee pertains is submitted.
LICENSE FEES
Initial License Fees (amounts include $ 50.00 application fee and, where applicable, Real Estate Guaranty Fund fees of $ 10.00 for salespersons and referral agents and $ 20.00 for brokers and broker-salespersons. See 45:15-35. Amounts do not include the processing fee for fingerprint scanning payable directly to the State-contracted vendor):
License
Fee
Corporations, partnerships and other business entities
$ 270.00
Broker of record
$ 270.00
Sole proprietor broker
$ 270.00
Broker-salesperson
$ 270.00
Salesperson
$ 160.00
Referral agents
$ 160.00
Branch office
$ 150.00
Temporary broker license
$ 300.00
Renewal Fees:
License
Fee
Corporations, partnerships and other business entities
$ 200.00
Broker of record
$ 200.00
Sole proprietor broker
$ 200.00
Broker-salesperson
$ 200.00
Salesperson
$ 100.00
Referral agents
$ 100.00
Branch office
$ 100.00
Late Renewal Fees:
License
Fee
Corporations, partnerships and other business entities
$ 40.00
Broker
$ 40.00
Broker-salesperson
$ 20.00
Salesperson
$ 20.00
Referral agents
$ 20.00
Transfers:
License
Fee
Broker-salesperson
$ 25.00
Salesperson
$ 25.00
Referral agents
$ 25.00
Reinstatements of unrenewed licenses (amounts include $ 50.00 application fee):
License
Fee
Corporations, partnerships and other business entities
$ 250.00
Broker of record
$ 250.00
Sole proprietor broker
$ 250.00
Broker-salesperson
$ 250.00
Salesperson
$ 150.00
Referral agent
$ 150.00
Branch office
$ 150.00
Changes:
Type
Fee
Name change
$ 50.00
Change of business address: sole proprietor brokers and
$ 50.00
corporations, partnerships or other business entities (plus
$ 10.00 for each individual licensee)
Change of status--sole proprietor, broker, broker of
$ 50.00
record, broker-salesperson, salesperson or referral agent
Change of branch office supervisor
$ 50.00
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 3 - LICENSING › Section 11:5-3.15 - Change of status from referral agent to salesperson or broker-salesperson

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A licensed referral agent who was not previously licensed as a broker, broker-salesperson or salesperson and who has been licensed as a referral agent for less than one year shall be eligible for licensure as a salesperson without being required to complete any continuing education.
(b) A licensed referral agent who was not previously licensed as a broker, broker-salesperson or salesperson and who has been licensed as a referral agent for between one and six years immediately preceding making application for a change of status to that of a licensed salesperson shall, in order to qualify for licensure as a salesperson, complete 24 hours of continuing education, all of which shall be in core topics as set forth in 11:5-12.4. The 24 hours of continuing education shall be completed within the two years immediately preceding application for licensure as a salesperson.
(c) A licensed referral agent who was not previously licensed as a broker, broker-salesperson of salesperson and who has been licensed as a referral agent for more than the six immediately preceding years shall, in order to qualify for licensure as a salesperson, be required to complete the prelicensure education requirement applicable to salespersons and to pass the State license examination for salespersons.
(d) A licensed referral agent who was previously licensed as a broker, broker-salesperson or salesperson who has been licensed as a referral agent for the six immediately preceding years or any lesser period shall, in order to qualify for reissuance of a broker, broker-salesperson or salesperson license, complete the hours of continuing education as set forth below:
1. To qualify for relicensure as a salesperson, a person who has been licensed as a referral agent for less than three years shall complete 12 hours of continuing education, all of which shall be in core topics as set forth in 11:5-12.4 within the two years immediately preceding application.
2. To qualify for relicensure as a salesperson, a person who has been licensed as a referral agent three years or more, but less than six years, shall complete 18 hours of continuing education, all of which shall be in core topics as set forth in 11:5-12.4 within the two years immediately preceding application.
3. To qualify for relicensure as a broker or broker-salesperson, a person who has been licensed as a referral agent for less than three years shall complete 18 hours of continuing education within two years immediately preceding application, all of which shall be in core topics as set forth in 11:5-12.4.
4. To qualify for relicensure as a broker or broker-salesperson, a person who has been licensed as a referral agent for three years or more, but less than six years, shall complete 24 hours of continuing education within the two years immediately preceding application, all of which shall be in core topics as set forth in 11:5-12.4.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 4 - EMPLOYMENT PRACTICES/OFFICE AND LICENSEE SUPERVISION › Section 11:5-4.1 - Licensee business relationship agreements; commissions; accounting to salespersons and referral agents; actions for collection of compensation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Prior to a salesperson or referral agent engaging in any real estate brokerage activity, a broker and the salesperson or referral agent must enter into and sign a written agreement that contains the terms of their business relationship. Such agreement shall contain terms including, but not limited to, the following:
1. The rate of compensation to be paid to the salesperson or referral agent during his or her affiliation with the broker;
2. A promise by the broker to pay to the salesperson or referral agent his or her portion of commissions earned within 10 business days of their receipt by the broker or as soon thereafter as such funds have cleared the broker's bank, or in accordance with another payment schedule explicitly set forth in the written agreement;
3. The rate of compensation payable to the salesperson or referral agent on transactions which close and, if applicable, on renewals which occur subsequent to the termination of the salesperson's or referral agent's affiliation with the broker; and
4. A provision that any future changes to the agreement will not be binding unless the changes are contained in a writing signed by both parties.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 4 - EMPLOYMENT PRACTICES/OFFICE AND LICENSEE SUPERVISION › Section 11:5-4.2 - Broker supervision and oversight of individual licensees, office operations and escrowed monies

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The following apply to individual broker licensees operating as sole proprietors (employing brokers) or as the authorized broker (broker of record) of a corporation or other entity licensed as a New Jersey real estate broker. As used in this section, the term "individual broker" shall refer to employing brokers and brokers of record and the term "broker licensee" shall refer to sole proprietors and corporations or other entities licensed as brokers.
1. The Commission will hold responsible individual brokers for any actions of the broker licensee or any person employed by or licensed through the broker licensee taken in the pursuit of its real estate brokerage business which violate any of the provisions of the real estate license law, 45:15-1 et seq., or the regulations promulgated thereunder.
i. This responsibility shall apply regardless of where the persons licensed through the broker licensee engage in actions in pursuit of the broker licensee's real estate brokerage business.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 4 - EMPLOYMENT PRACTICES/OFFICE AND LICENSEE SUPERVISION › Section 11:5-4.3 - Use of license for the benefit of others

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No arrangement, direct or indirect, shall be entered into by any licensee whereby an individual licensee lends his name or license for the benefit of another person, firm or corporation, or whereby the provisions of the real estate statute and rules relating to licensing are circumvented.
(b) Lending a broker's license for the benefit of another person, firm or corporation shall be construed as including any arrangement whereby a broker fails to personally oversee and direct the operations of the business of which he or she is licensed as broker of record or employing broker. For the purposes of this section, personal oversight and direction of the business shall be construed as requiring the broker to be physically present in the main office or branch office locations of the business at least one day each week (excluding vacations and emergencies). Communication via telephone and/or mail alone for an extended period of time may be considered by the Commission as evidence of prohibited license lending.
(c) Nothing in this section shall be construed to limit a broker's responsibility to insure the adequate supervision of all offices in accordance with the requirements of 11:5-4.4 and 4.5.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 4 - EMPLOYMENT PRACTICES/OFFICE AND LICENSEE SUPERVISION › Section 11:5-4.4 - Maintained offices

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Every resident real estate broker not licensed as a broker-salesperson shall maintain a main office for the transaction of business in the State of New Jersey, which shall be open to the public during usual business hours. This main office and the activities of the licensees working from it shall be under the direct supervision of either the broker himself or herself, or of a person licensed as a broker-salesperson. Such supervision shall be maintained on a full time basis. Maintaining full-time supervision shall not be construed as requiring the person performing the supervisory functions to be present at the office location continuously during usual business hours. However, the person performing the supervisory functions shall provide sufficient information so as to allow the personnel at the main office to make communication with that person at all times. Further, the licensee supervising the main office shall be so employed on a full-time basis and, when not required to be away from the office for reasons related to the business of the office, shall be physically present at that office during usual business hours at least five days per calendar week (excluding vacations and emergencies) and shall not be otherwise employed during such time.
1. In the event the main office of a broker is under the direct supervision of a broker-salesperson, the broker who maintains such a main office shall be ultimately responsible for all activities conducted by licensees and employees. Such a broker shall also provide sufficient information to the personnel at such offices so as to allow them to make communication with such broker at all times. Nothing in this section shall be construed to limit a broker's responsibility to comply with the requirements of 11:5-4.3.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 4 - EMPLOYMENT PRACTICES/OFFICE AND LICENSEE SUPERVISION › Section 11:5-4.5 - Branch office compliance with N.J.A.C. 11:5-4.4 (Maintained offices)

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In the event a real estate broker maintains a branch office or offices, every such place of business shall comply with the provisions of 11:5-4.4 (Maintained offices).
(b) No license shall be issued for a branch office situated in the dwelling premises of a referral agent, a salesperson or a broker-salesperson.
(c) Any branch office shall be under the direct supervision of a licensed broker employed as a broker salesperson by the broker maintaining the branch office.
(d) Such individual shall devote his or her full time to management of said office during the usual business hours.
(e) The name of the individual responsible for the supervision of the branch office shall be recorded at all times with the Commission.
(f) When a branch office license is issued to a broker it shall specifically set forth the name of the broker and the address of the branch office, and shall be conspicuously displayed at all times in the branch office. The branch office shall also prominently display the name of the broker-salesperson licensee in charge as "office supervisor" and the names of all other licensees doing business at that branch office.
(g) The said branch office license shall be returned for cancellation or correction upon the change of an "office supervisor".
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 5 - TRUST ACCOUNTS/RECORDS OF BROKERAGE ACTIVITY › Section 11:5-5.1 - Special accounts for funds of others; commingling

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Every resident real estate broker shall establish and maintain, in an authorized financial institution in New Jersey, and every reciprocally licensed Real Estate broker shall establish and maintain in an authorized financial institution in New Jersey or the State wherein he has a resident real estate broker's license, a special account or special accounts, separate and apart from other business or personal accounts, for the deposit of all moneys or others received by the broker acting in said capacity, or as escrow agent, or as temporary custodian, in a real estate transaction.
(b) Every real estate broker shall file with the broker's application for licensure or license renewal an affidavit or certificate setting forth the name or names of the financial institution or institutions where said special account or accounts have been established and shall identify any and all account numbers. Any change in an existing account or the establishment of any new account shall be immediately reported to the Real Estate Commission in the form of an affidavit or certification.
(c) In construing 45:15-17(o), the following shall be considered to constitute commingling by a licensee:
1. Mingling the money of his principals with his own;
2. Failure to maintain and deposit promptly in a special account in an authorized financial institution, separate and apart from personal or other business accounts, all moneys received by a real estate broker acting in said capacity, or as escrow agent, or as the temporary custodian of the funds of others in a real estate transaction; or
3. Failure to promptly segregate any moneys received which are to be held for the benefit of others.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 5 - TRUST ACCOUNTS/RECORDS OF BROKERAGE ACTIVITY › Section 11:5-5.2 - Funds of others; safeguards

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No licensee shall accept funds or deposits from a prospective purchaser without ascertaining that there have been established by escrow, or otherwise, adequate precautions to safeguard such funds or deposits where the licensee knows, or conditions are such as to palpably give him reason to know, any facts which would tend to reasonably create a doubt:
1. As to the ability of the seller to perform his contractual obligations; or
2. As to the ability of the seller to return such funds or deposits in the event of the failure of a contingency contained in a real estate contract.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 5 - TRUST ACCOUNTS/RECORDS OF BROKERAGE ACTIVITY › Section 11:5-5.3 - Advance fees; accounting

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any broker who charges or collects an advance fee in excess of $ 25.00 for services to be rendered, such as, but not limited to advertising costs, under an advance fee agreement, shall within 90 days after such charge or collection furnish his principal with an accounting as to the use of such moneys.
(b) Such accounting shall set forth the actual amount of each individual expenditure, including date of insertion and name of newspaper or periodical, and similarly detail any other type of promotional expenditure if the funds are spent for other than newspaper or periodical advertising.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 5 - TRUST ACCOUNTS/RECORDS OF BROKERAGE ACTIVITY › Section 11:5-5.4 - Records to be maintained by broker

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Every broker shall keep records as prescribed herein of all funds of others received by him or her for not less than six years from the date of receipt of any such funds. All such funds shall be deposited by the broker in accordance with the requirements of 11:5-5.1.
1. Whenever a broker receives funds to be held in trust in cash, a written receipt signed by the licensee to whom the funds were paid and specifying the date, amount, purpose and from whom those funds were received shall be issued to the payor of the funds. A copy of that receipt shall be retained by the broker as prescribed in this section.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 5 - TRUST ACCOUNTS/RECORDS OF BROKERAGE ACTIVITY › Section 11:5-5.5 - Inspection of records

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Every licensee shall make available for inspection by the Commission or its designated representatives all records of transactions, books of account, instruments, documents and forms utilized or maintained by such licensee in the conduct of the licensed business, which may be pertinent to the conduct of the investigation of any specific complaint.
(b) To accomplish the objectives and carry out the duties prescribed by this Act, especially the provisions of 45:15-17, the Commission may issue subpoenas to any person, administer an oath or affirmation to any person, and conduct hearings in aid of any investigation or inquiry.
(c) All files on pending and closed sale, exchange or lease transactions, all files on listings for sales or rentals, and all property management files shall be maintained or stored at the offices of brokers licensed as employing brokers or corporate or partnership brokers. Upon terminating their employment with such a broker, and/or transferring to the employ of another such broker, no referral agent, salesperson or broker-salesperson shall remove or cause to be removed any of the contents of such files from the offices of the broker. The term "files" as used herein shall be construed to mean all transaction records required to be kept by brokers pursuant to 11:5-5.4.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 5 - REAL ESTATE COMMISSION › Subchapter 6 - CONDUCT OF BUSINESS › Section 11:5-6.1 - Advertising rules

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Unless otherwise set forth herein, subsections (b) through (
o
) below shall apply to all categories of advertising including all publications, radio or television broadcasts, all electronic media including E-mail and the Internet, business stationery, business cards, business and legal forms and documents, and signs and billboards.
1. Individuals operating as sole proprietors and licensed as employing brokers shall conspicuously display on the exterior of their maintained place of business their name and the words "Licensed Real Estate Broker".
2. Firms licensed as corporate or partnership brokers shall conspicuously display on the exterior of their maintained place of business their regular business name and the name of the individual licensed as their broker of record and the words "Licensed Real Estate Broker".