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. 18, September 16, 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.
(b) The Commission shall give due consideration to the following in reviewing the experience of an applicant:
(c) Broker-salespersons shall meet the same qualifications as brokers, including the qualifications as set forth in (a) and (b) above. A person licensed as a broker-salesperson must be employed by and act under the supervision of a duly licensed real estate broker and shall not independently maintain an office or escrow account. A broker-salesperson may be authorized to serve as an office supervisor or a branch office in accordance with the provisions of 45:15-12.
(d) Every applicant for licensure as a broker or broker-salesperson shall present with his or her application for licensure examination a certificate of satisfactory completion of courses in real estate and related subjects at a school licensed by the Commission or offered by another approved provider pursuant to 45:15-10.1(b) and 11:5-2.1 and 2.2, unless waived by the Commission in accordance with the provisions of 45:15-10.2 and 11:5-2.1.
(e) An applicant must pass the State broker license examination and apply for and request the issuance of a license as a broker or broker-salesperson not later than one year after successful completion of the 150-hour broker prelicensure education requirements. Any person who fails to apply for the issuance of a license as a broker or broker-salesperson within the said one year time period shall be required to retake and successfully complete all prescribed courses and the examination and must submit evidence of having again fulfilled the experience requirement during the three years immediately preceding the new application.