For many, obtaining a real estate license is an advantageous opportunity that opens new doors for their careers. All laws and regulations involved with obtaining a license come from the New Jersey Real Estate Commission. Currently, all applicants who wish to receive their license as a broker, salesperson or broker-salesperson must fulfill the educational requirements for licensure established by law and pass an examination conducted under the supervision of the REC.
The REC is empowered to revoke licenses and/or otherwise sanction individuals and firms for violations of the license law.
According to the Commission, all applicants for licensure as a broker or salesperson must meet the standards for good character and fulfill the educational requirements for licensure established by law. In addition, the Commission is authorized to conduct investigations, hold hearings and revoke licenses and otherwise sanction individuals and firms for violations of the license law or its administrative rules.
The laws and mandates set forth by the New Jersey Real Estate Commission are separate from the regulations of the REALTOR® organization, though all New Jersey REALTORS® must first be licensed real estate professionals with the state.
Real Estate Licenses
To qualify for a real estate salesperson’s license, an applicant must be at least 18 years of age, have a high school education or equivalency, complete a 75 hour prelicensure course at a licensed school and pass the license examination.
After successfully completing the course and passing the examination, the applicant must then apply for a license through a sponsoring real estate broker.
To qualify for a broker’s license, an applicant must have a high school education or equivalency, and must successfully complete 150 hours of prelicensure education.
Applicants must first complete a 90-hour general real estate course followed by two 30-hour courses on Agency/Ethics and Office Management and related topics. In addition, applicants must have been continually licensed and employed on a full-time basis as a New Jersey real estate salesperson for the three years immediately preceding their application.
A broker-salesperson has the qualifications of a real estate broker but is employed by and operates under the supervision of a licensed real estate broker to perform the functions of a real estate salesperson. To become a broker-salesperson, an applicant must first meet the licensing requirements of a real estate broker.
If an applicant has ever been convicted of a crime or is currently on parole or probation his/her application for a real estate license may be denied.