N.J. Admin. Code § 11:5-3.10

Current through Register Vol. 56, No. 19, October 7, 2024

Section 11:5-3.10 - Sponsoring of license applications or transfers of license

(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.

R.1972 d.127, effective 6/28/1972.
See: 4 N.J.R. 71(a).
Amended by R.1983 d.471, effective 11/7/1983.
See: 15 N.J.R. 1343(a), 15 N.J.R. 1865(c).
"Salesman" replaced by "salesperson".
Amended by R.1987 d.119, effective 3/2/1987.
See: 18 N.J.R. 2418(a), 19 N.J.R. 409(b).
Substantially amended.
Amended by R.2012 d.006, effective 1/3/2012.
See: 43 N.J.R. 1791(a), 44 N.J.R. 86(b).
In (a), inserted "Banking and" and "referral agents," and substituted "authorized" for "sponsored" following the first occurrence of "employ", and deleted "authorized" preceding the second occurrence of "broker"; and in (b), inserted "referral agent,".