censes and licenses reinstated pursuant to R.S.45:15-9 may be issued, but the commission may, in its discretion, refuse to grant or reinstate any license upon sufficient cause being shown. The license fees for initial or reinstated licenses shall be determined based upon the biennial fees established herein, with a full biennial fee payable for the license term in which application is received. The revocation or suspension of a broker’s license shall automatically suspend every real estate broker-salesperson’s, salesperson’s and referral agent’s license granted to employees of the broker whose license has been revoked or suspended, pending a change of employer and the issuance of a new license. The new license shall be issued without additional charge, if the same is granted during the license term in which the original license was granted. Any renewal fee in this section shall be billed by the commission at or before the time of the submission of a renewal application by a licensee.
A real estate broker who maintains a main office or branch office licensed by the commission which is located in another state shall maintain a valid real estate broker’s license in good standing in the state where the office is located and shall maintain a real estate license in that other state for each office licensed by the commission. Upon request, the real estate broker shall provide a certification of his license status in the other state to the commission. Any license issued by the commission to a real estate broker for a main or branch office located outside this State shall be automatically suspended upon the revocation, suspension or refusal to renew the real estate broker’s license issued by the state where the office is located. The licenses issued by the commission to every broker-salesperson, salesperson or referral agent employed by the broker shall be automatically suspended pending a change of employer and the issuance of a new license. The new license shall be issued without additional charge if granted during the license term in which the original license was granted.
(2)Memorialized in a written document, electronic document or a buyer agency agreement provided by the broker to the purchaser at the outset of the broker relationship, which document or agreement shall provide the terms of any rebate credited or paid by the broker to the purchaser; and
(3)Disclosed to all parties involved in the transaction, including, but not limited to, any mortgage lender.
b. A rebate shall not be:
(1)Paid to a person not licensed as a real estate broker for any act that requires licensure;
(2)Contingent upon the use of other services or products being offered by a broker or an affiliate of a broker; or
(3)Based on the use of a lottery, contest or
game. L. 2009, c. 273, § 2, eff. Jan. 17, 2010.
45:15-16b. Advertisement for rebate
a. Any advertisement for a rebate allowed pursuant to paragraph (2) of subsection k. of R.S.45:15-17 shall include:
(1)A disclosure concerning the purchaser’s obligation to pay any applicable taxes for receipt of the rebate; and
(2)A notice that the purchaser should contact a tax professional concerning the tax implications of receiving the rebate.
b. The disclosure and notice required pursuant to subsection a. of this section shall be clearly and conspicuously displayed in the advertisement and the size of the text in the notice and disclosure shall be equal to or larger than the size of the text used for the advertisement.
Amended 1953, c. 77, § 3; 1966, c. 11, § 4; 1983, c. 532, 1996, c. 38, § 3, eff. Dec. 18, 1996; 2003, c. 117, § 2009, c. 238, § 9, eff. July 1, 2011. § 5; 1993, c. 51, 36, eff. July 1, § 17; 2003; L. 2009, c. 273,
45:15-16c. § 3, eff. Jan. 17, 2010.
Regulations
45:15-16. Acceptance of commission, valuable consideration
No real estate salesperson, broker-salesperson or referral agent shall accept a commission or valuable consideration for the performance of any of the acts herein specified, from any person except his employer, who must be a licensed real estate broker.
Amended 1993, c. 51, § 18; 2009, c. 238, § 10, eff. July 1, 2011.
45:15-16a. Rebate paid by broker to purchaser
a. Any rebate paid by a broker to a purchaser of residential real property pursuant to paragraph (2) of subsection k. of R.S.45:15-17 shall be:
(1) Calculated after the purchaser negotiates the rebate commission rate;
The New Jersey Real Estate Commission may promulgate regulations pursuant to the “Administrative Procedure Act,” P.L.1968, c.410 (C.52:14B-1 et seq.), necessary to effectuate the provisions of this act [C.45:15-16a et al.].
L. 2009, c. 273, § 4, eff. Jan. 17, 2010.
45:15-16.1. Repealed by L. 1975, c. 235, § 25, eff. Dec. 23, 1975
45:15-16.2. Educational and information programs
The Division of the New Jersey Real Estate Commission in the State Department of Insurance, within the limits of appropriations available or to be made available to it for the purpose, may conduct educational and information programs relating to the real estate brokerage business and real estate brokers, broker-salespersons and salespersons for the information, education, guidance and protection of the general public, licensees,