Current through Register Vol. 56, No. 18, September 16, 2024
(a) The
applicant shall designate a currently licensed New Jersey real estate broker as
its original broker of record with the initial application for registration,
and such broker and any substituted or supplemental brokers must comply with
the New Jersey Real Estate Brokers and Salesmen Act,
45:15-1 et seq., and the rules
promulgated thereunder. An applicant/registrant may substitute another broker
for the one initially designated. The initially designated broker and all
substituted brokers shall execute an affidavit in accordance with
11:5-9.4(a)1.
1. The applicant may designate, in addition
to the broker of record, other brokers who may join in the disposition of the
registered property subject to filing the proper application with the
Commission. The additional brokers, known as supplemental brokers, shall also
execute an affidavit as required by
11:5-9.4(a).
Nothing herein shall prevent any New Jersey broker from cooperating with any
other New Jersey broker in any transaction, in accordance with
11:5-6.4(c). For
the purposes of this section, persons who are licensed as New Jersey real
estate brokers, and who have been designated by the applicant/registrant and
approved by the Commission as the broker of record or as a supplemental broker
for a particular subdivision, and who have been issued a current brokers
release for that subdivision, are considered authorized brokers.
(b) Only authorized brokers may
receive commissions from the registrant for the sale of interests in registered
properties within New Jersey.
(c)
Only authorized brokers and persons licensed under them may distribute
literature on, or personally or via telephone solicit for prospective
purchasers and only persons licensed under such authorized brokers as
broker-salespersons or salespersons may offer or attempt to negotiate the sale
or rental of an interest in a registered property, or provide or prepare
contracts in New Jersey pertaining to registered property.
1. Where permitted by local law, unlicensed
employees of a registrant working in the situs state and/or from the offices of
the registrant may mail to New Jersey purchasers promotional literature on
registered properties and may make appointments for New Jersey purchasers to
inspect registered properties, provided that such persons make no material
representations about such properties.
2. An authorized broker and only persons
licensed under such authorized brokers as broker-salespersons or salespersons
shall be present at any promotional booth maintained by a registrant or an
agent of a registrant at any trade show or similar exhibition in New Jersey,
and at any seminar promoting the sale or rental of registered property
conducted by a registrant or any agent of a registrant in this State.
(d) All authorized brokers shall:
1. Prominently display the current broker's
release;
2. Provide a copy of the
current New Jersey Public Offering Statement to all New Jersey purchasers with
whom they have had contact prior to the signing of any contract;
3. Obtain a signed and dated receipt for the
same from the purchaser in all cases where the broker provides the Public
Offering Statement to the purchaser, which receipt shall be maintained as a
business record by the broker in accordance with
11:5-5.4; and
4. In all cases where the broker provides or
prepares a contract which is signed by a New Jersey purchaser, the broker shall
maintain a copy of that contract as a business record in accordance with
N.J.A.C. 11:5-5.4.
(e)
New Jersey brokers may not represent unregistered subdivisions or sections of
unregistered subdivisions unless such projects are exempted from registration
pursuant to N.J.S.A. 45:15-16.3 2 and
11:5-9.1 8.
