11:5-3.11 INSURANCE
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,”.
11:5-3.11 License transfer and termination procedures
(a) For the purpose of expediting the right of licensees to engage in real estate activities, where license certificates cannot be issued without delay after all conditions have been fulfilled, the Commission directs that a certificate of authority in the form of a letter to the licensee be sent to serve as a temporary license for a limited period of time.
(b) In cases where a licensee who is transferring from one broker to another requests that their current broker deliver their license to them, rather than return it to the Commission, so as to personally facilitate the transfer process, the license shall be so delivered, provided that:
1. The rear of the license certificate is signed and dated by the terminating broker in the appropriate location prior to the delivery of the license to the departing licensee;
2. At the time of the delivery of the license to the departing licensee, the termination confirmation section of the license, reflecting the effective date of the licensee’s separation from that broker, has been completed, signed and retained by the terminating broker; and
3. Within five business days of the delivery of the license to the departing licensee, the terminating broker shall either:
i. Mail to the Commission the completed and signed termination confirmation section of the license and send a copy of it to the departing licensee at their last known residence address; or
ii. Process the termination online at http://www.state.nj.us/ dobi and send a copy of the completed and signed termination confirmation section of the license to the departing licensee at their last known residence address.
(c) A transferring licensee who receives their license from the terminating broker after that broker has signed the license and entered the date of termination on it may then take that license to their new employing broker. Prior to the transferring person commencing work as a licensee for the new employing broker, that broker shall:
1. Enter on the license in the appropriate location the effective date of the individual’s employment with that broker and sign the license as the new employing broker;
2. Detach the temporary license stub portion from the main license document and place it with the licenses of the other persons licensed with that broker; and
3. Either mail to the Commission the dated and signed license of the transferring individual with the required transfer fee (see N.J.S.A. 45:15-14) in the form of a certified or cashier’s check or money order or broker’s business account check (See N.J.A.C. 11:5-3.2) or process the transfer online at http://vvww. state.nj.us/dobi and pay the required transfer fee in the form of an electronic check or credit card and retain the paper license signed by the broker, with the effective date of the transferring individual’s employment with their firm entered thereon, as a business record as set forth in (f) below.
(d) In cases where a broker terminates the employment of a broker-salesperson, salesperson or referral agent with his or her firm or where a broker-salesperson, salesperson or referral agent resigns such employment, written notice specifying the effective date of the termination or resignation shall be provided by the terminating broker or by the resigning licensee, as applicable. Within five business days of the broker’s issuance of a notice of termination or receipt of a resignation, if the licensee has not requested the delivery of the license to them so as to personally facilitate a transfer of their license to another broker, the broker shall either:
1. Deliver or mail to the Commission the licensee’s license; or
2. Process the termination online at littp://www.state.nj.us/ dobi; and
3. Regardless of whether the procedure in (d)1 or 2 above is utilized, contemporaneously send to the licensee at their last known residence address written notice of the license having been returned to the Commission or of the termination of the licensee’s employment with the broker having been processed online.
(e) The following regulations pertain to online transfers and terminations:
1. Only referral agent, salesperson or broker-salesperson licenses can be transferred or terminated online;
2. All terminations and transfers shall be completed by an active broker of record or an active employing broker;
3. A broker of record or employing broker shall not process an online termination or transfer on their own license; and
4. Online transfers are not allowed unless the license of a referral agent, salesperson or broker-salesperson has been terminated by the broker of record or employing broker under whose supervision the transferring individual was licensed to engage in brokerage activity prior to the termination.
(0 Brokers who terminate licensees or accomplish the transfer of licensees to their firms as set forth in this section shall maintain records of such terminations and transfers for six years.
R.1972 d.127, effective June 28, 1972.