New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 5 - REAL ESTATE COMMISSION
Subchapter 8 - DISCIPLINARY ACTIONS/CONDITIONS FOR RESTORATION OF LICENSE/REAL ESTATE GUARANTY FUND CLAIMS
Section 11:5-8.2 - Real estate guaranty fund

Universal Citation: NJ Admin Code 11:5-8.2

Current through Register Vol. 56, No. 18, September 16, 2024

(a) Every real estate licensee shall pay an additional amount as specified in 45:15-35 with their application for a license.

1. Said fees shall be paid into the real estate guaranty fund and be utilized in accordance with 45:15-34 et seq.

(b) Before making a request for the entry of a court order directing payment from the real estate guaranty fund, a judgment credit shall have a writ of execution issued and prior to its return shall make a bona fide effort to examine the judgment debtor under oath and make any and all other reasonable searches and inquiries to ascertain whether the judgment debtor possesses real or personal property or other assets, liable to be sold or applied in satisfaction of the judgment in whole or in part. Information regarding any personal or real property or other assets liable to be sold or applied in satisfaction of the judgment which are discovered must be reported in writing to the officer to whom the writ of execution is directed.

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