I am a Licensed NJ Real Estate Instructor and Real Estate School Director in South Jersey. It is alarming that many brokers and agents do not know the NJ Real Estate licensing laws. I teach broker courses and pre-licensing courses and I hear the same thing over and over again and that is " I have been doing this for years and my broker never said it was wrong." Well it could be one of two reasons why you are not being corrected by your broker when you are breaking the NJ Real Estate Licensing Laws. The first reason is that your broker has not been to school in years and he/she may not know the NJ Real Estate Licensing Laws. The second reason is that the broker is not aware of the real estate transactions that you are engaging, therefore a lack of supervision may also be a reason the broker will be fined as well.
The most common NJ License Law that brokers/agents prohibited from doing are:
- Collecting Dual Commission in a Dual Agency Transaction
- Hiring a Real Estate Agent without having he/she sign an employment contract
- Depositing earnest deposit money in the salesperson's account
- Broker commingle personal funds with client funds
- Leaving a listing appointment without giving the client a copy of the signed listing agreement
- Failing to deposit earnest deposit within 5 business days
- Failing to supervise the agents and other employess
- Failing to notify the REC within 30 days that he/she has a pending criminal charge
- Using discriminatory ads that violate Fair Housing laws like: "No Children"
- Failing to list the name of the brokerage, and brokerage office number on all ads
- Failing to use proper name that is listed with the REC on all forms of advertisement
- Failing to identify your title when you specifically are named in any form of advertisement
If you would like to schedule an 2 hour course for your office and agents on New Jersey Licensing Laws then please give me a call at 609-228-5736 x 202.
Ask For: Charlenia Owens,
Licensed NJ Real Estate Instructor