45:15-10 Examination required for initial licensure; term, renewal +35New Jersey · Real Estate · English

Before a license is granted, the applicant (and partners/directors/officers actively engaged) must pass an examination testing general knowledge of NJ statutes on real property, conveyancing, mortgages, agreements of sale, leases, R.S.45:15-1 et seq., Commission rules, and other subjects. Licenses expire at the end of a two-year term and are renewed biennially without examination upon fee payment and completion of continuing education.

• ✓Applicants must pass an examination covering NJ real property law, conveyancing, mortgages, sales agreements, leases, and Commission rules
• ✓Licenses expire at the end of a two-year term
• ✓Renewal is biennial, without examination, upon fee payment and CE completion
• ✓Referral company salespersons are exempt from the CE renewal requirement

Compensation may be paid by seller, buyer, a third party, or shared between firms; agreements must be in writing signed by the applicable party. Payment of compensation alone does not establish an agency relationship. A firm may be compensated by more than one party regardless of its relationship.

• ✓Compensation agreements must be in writing signed by the seller or buyer as applicable
• ✓Payment of compensation by itself does not establish an agency relationship
• ✓A firm may be compensated by more than one party regardless of its agency relationship
• ✓Compensation may be flat fee, percentage, or another lawful method — all deemed a commission

To receive compensation a firm must have a written brokerage services agreement — with buyer or seller (residential) or with the seller but not the buyer (commercial) — addressing compensation terms and, for buyer agreements, what happens if the other side offers insufficient compensation. Exceptions: broker's price opinion, comparative market analysis, or no-services referral between firms.

• ✓Residential requires an agreement with buyer or seller; commercial requires one with the seller but not the buyer
• ✓Buyer agreements must address insufficient compensation (buyer pays difference or directs not to show non-compensating listings)
• ✓No agreement is needed for a BPO, CMA, or no-services referral between firms

Initial license fees (including a $50 application fee and applicable Real Estate Guaranty Fund fees of $10 for salespersons/referral and $20 for brokers/broker-salespersons): business entities, broker of record, sole proprietor broker, and broker-salesperson are $270; salesperson and salesperson (referral) are $160; branch office is $150; temporary broker license is $300. Renewal fees are assessed biennially for a two-year term.

• ✓Initial fee includes $50 application fee plus Guaranty Fund fees ($10 salesperson/referral; $20 broker/broker-salesperson)
• ✓Broker/broker-salesperson/business entity/broker of record/sole proprietor initial fee: $270
• ✓Salesperson and salesperson (referral) initial fee: $160; branch office: $150; temporary broker license: $300
• ✓Renewal fees are assessed biennially for a two-year term per N.J.S.A. 45:15-15

Renewal fees: business entities, broker of record, sole proprietor broker, and broker-salesperson $200; salesperson and salesperson (referral) $100; branch office $100. Late renewal fees: business entities and broker $40; broker-salesperson $20; salesperson and salesperson (referral) $20.

• ✓Broker-level renewal fee: $200; salesperson/referral renewal: $100; branch office renewal: $100
• ✓Late renewal fee for business entities and brokers: $40
• ✓Late renewal fee for broker-salespersons and salespersons/referral: $20

Transfer fee is $25 for broker-salespersons and salespersons/referral. Reinstatement of unrenewed licenses (including $50 application fee): broker-level and business entities $250; salesperson/referral $150; branch office $150. Change fees are $50 each for name change, business address change (plus $10 per individual licensee), status change, and branch office supervisor change.

• ✓License transfer fee is $25 for broker-salespersons and salespersons/referral
• ✓Reinstatement fee: $250 broker-level/business entities; $150 salesperson/referral and branch office (includes $50 application fee)
• ✓Name change, status change, address change, and branch supervisor change fees are $50 each
• ✓Business address change adds $10 for each individual licensee

If a licensed broker dies or becomes incapacitated and no other member/officer holds a broker-salesperson license (or a sole proprietor broker with no broker-salesperson employee), the commission may issue a temporary broker's license to another person to continue operations. The applicant must have held a salesperson license for at least three years and apply within 30 days. The temporary license lasts up to one year, cannot be extended or renewed, and continues only until the licensee can take the broker course and pass the exam.

• ✓Applicant must have held a salesperson license at least 3 years
• ✓Application must be made within 30 days of death or incapacity
• ✓Temporary broker's license is effective for up to one year
• ✓Temporary broker's license cannot be extended or renewed
• ✓Requires a certified death certificate or physician certification of incapacity plus regular license fee

A disposition of a subdivision or subdivided lands is subject to this act if: (a) any offer or disposition is made in this State; or (b) any offer originating outside this State is directed by the subdivider or agent to a person or resident within this State.

• ✓The act applies if any offer or disposition of subdivided lands is made in New Jersey
• ✓The act also applies to out-of-state offers directed to a person or resident within New Jersey

Every salesperson applicant must complete 75 hours in the aggregate of real estate education courses at a Commission-licensed school. At least three hours must be on ethics and ethical conduct in the salesperson profession, and at least one hour must be on fair housing and housing discrimination.

• ✓Salesperson applicants must complete 75 hours of pre-licensure education
• ✓At least 3 hours must cover ethics and ethical conduct
• ✓At least 1 hour must cover fair housing and housing discrimination

Every broker or broker-salesperson applicant must complete 150 hours in the aggregate of real estate and related education courses at a Commission-licensed school. Thirty hours must be on ethics and ethical conduct in the broker profession, and at least one hour must be on fair housing and housing discrimination.

• ✓Broker/broker-salesperson applicants must complete 150 hours of pre-licensure education
• ✓30 hours must cover ethics and ethical conduct
• ✓At least 1 hour must cover fair housing and housing discrimination

The Commission may waive some or all of the salesperson educational requirements when an applicant's education or experience is, in the Commission's judgment, substantially equivalent. The Commission prescribes by regulation the requirements to qualify for a waiver.

• ✓The Commission may waive educational requirements for substantially equivalent education or experience
• ✓Waiver requirements are prescribed by Commission regulation

Every real estate broker must maintain a designated main office open to the public, prominently displaying the broker's license and those of all licensed employees. The main office is the business address for all licensed persons. Branch offices require separate licenses ($50 each) and must be under the direct supervision of a broker-salesperson. Every place of business must conspicuously display the broker's name and the words 'Licensed Real Estate Broker.' Out-of-state main offices require a valid broker's license in that state.

• ✓Broker must maintain a designated main office open to the public
• ✓Broker's license and all employee licenses must be prominently displayed in the main office
• ✓Each branch office requires a separate license at a fee of $50
• ✓Branch offices must be under direct supervision of a broker-salesperson
• ✓Exterior must display broker's name and 'Licensed Real Estate Broker'

Unless used to evade the act, the act does not apply to dispositions: by an owner for his own account in a single/isolated transaction; wholly for industrial or commercial purposes; pursuant to court order; by a governmental agency; as cemetery lots; of LESS than 100 lots/units/interests; where common elements are limited to unimproved, unencumbered open space (unless federal ILSFDA registration applies); or in a development wholly of rental units creating a landlord-tenant relationship.

• ✓Offerings of less than 100 lots, parcels, units, or interests are exempt
• ✓Single/isolated owner transactions, court-ordered, governmental, cemetery, industrial/commercial, and wholly-rental developments are exempt unless used to evade the act

The act also does not apply to offers/dispositions of: mortgage- or deed-of-trust-secured indebtedness; securities/units of a regulated real estate investment trust; securities registered with the NJ Bureau of Securities; and oil/gas/mineral or royalty interests regulated as securities. NJREC may exempt a subdivision or its lots when enforcement is unnecessary due to the small amount or limited character of the offering. A subdivider completing secondary registration is exempt from the section 4 registration requirements.

• ✓Registered securities, regulated REIT interests, mortgage-secured indebtedness, and securities-regulated mineral interests are exempt
• ✓NJREC may exempt small or limited-character offerings, and secondary-registration subdividers are exempt from section 4 registration

During licensure exams for broker, broker-salesperson, salesperson, or salesperson (referral): examinees may not refer to any notes, books, or memoranda; copying questions or making notes for personal use is strictly prohibited; and no examinee may leave the exam room except at the examiner's discretion.

• ✓Examinees may not refer to notes, books, or memoranda during the exam
• ✓Copying questions or making personal notes is strictly prohibited
• ✓No examinee may leave the exam room except at the examiner's discretion

The real estate license examinations required by N.J.S.A. 45:15-10 must be passed by all broker, broker-salesperson, salesperson, and salesperson (referral) applicants before licensure. Exams are multiple choice prepared by a Commission-designated testing service. Fees for taking exams and for fingerprint scanning are service fees paid directly to the testing service and fingerprint vendor, separate from Commission fees.

• ✓All license applicants must pass a multiple-choice exam prepared by a designated testing service
• ✓Exam and fingerprint fees are service fees paid directly to the vendors, not the Commission

A salesperson (referral) not previously licensed as broker/broker-salesperson/salesperson may upgrade to salesperson based on time held: under one year requires no continuing education; between one and six years requires 24 hours of core-topic CE completed within the two years immediately preceding application; more than six years requires completing the full prelicensure course.

• ✓Referral agent licensed less than one year: no continuing education required to become a salesperson
• ✓Referral agent licensed 1–6 years: complete 24 hours of core-topic CE within the two preceding years
• ✓Referral agent licensed more than 6 years: must complete the prelicensure course
• ✓Rules apply only to those not previously licensed as broker, broker-salesperson, or salesperson

Every licensee must make all transaction records, books of account, instruments, documents, and forms available for inspection by the Commission when pertinent to a complaint investigation. The Commission may issue subpoenas, administer oaths, and conduct hearings. All transaction, listing, and property management files must be maintained at the offices of employing/corporate/partnership brokers; upon leaving or transferring, no salesperson (referral), salesperson, or broker-salesperson may remove file contents from the broker's offices.

• ✓Every licensee must make records available for Commission inspection pertinent to a complaint investigation
• ✓The Commission may issue subpoenas, administer oaths, and conduct investigative hearings
• ✓Transaction, listing, and property management files must be maintained at the offices of the employing/corporate/partnership broker
• ✓Departing or transferring salespersons/broker-salespersons may not remove file contents from the broker's offices
• ✓'Files' means all transaction records required to be kept under N.J.A.C. 11:5-5.4

A principal is not liable for an agent's or transaction broker's act, error, or omission unless the principal participated in, authorized, or benefited from it (liability limited to the benefit's value absent punitive damages). A firm is not liable for property condition information the seller failed to provide if the firm made reasonable efforts including inquiry and visual inspection.

• ✓Principal not liable unless they participated in, authorized, or benefited from the act
• ✓Liability from benefit is limited to the value of that benefit absent punitive damages
• ✓Firm not liable for undisclosed seller property information if it made reasonable efforts (inquiry and visual inspection)

Unless otherwise agreed in writing, a principal may not be charged with knowledge of facts known by the firm but not actually known by the principal, and the firm may not be charged with knowledge of facts known only by the principal, provided the firm made reasonable efforts to ascertain material physical-condition information.

• ✓Knowledge is generally not imputed between principal and firm unless actually known
• ✓Firm must make reasonable efforts (inquiry and visual inspection) for this protection to apply

No license may be issued to any person known to have been convicted within the prior five years of forgery, burglary, robbery, any theft offense other than shoplifting, criminal conspiracy to defraud, or like offenses, nor to any partnership, association, or corporation in which such person is a member, officer, director, employee, or controlling stockholder. No license may be issued or renewed to a person convicted of a sex offense qualifying for registration under Megan's Law (C.2C:7-2).

• ✓No license if convicted within 5 years of forgery, burglary, robbery, theft (other than shoplifting), or conspiracy to defraud
• ✓Bar extends to partnerships/corporations where the barred person has a controlling interest or is an officer/director
• ✓No license issued or renewed for a qualifying sex offense conviction (Megan's Law)

Upon filing a proper application naming the authorized NJ-licensed brokers, with the correct fee, statement of record (section 10), and proposed public offering statement, NJREC issues a notice of filing. Within 90 days of the notice of filing, NJREC must enter an order registering or rejecting. If no rejection order is entered within 90 days, the lands are deemed registered unless the applicant consented in writing to a delay.

• ✓NJREC must register or reject within 90 days of the notice of filing
• ✓If no rejection is entered within 90 days, the subdivision is deemed registered unless the applicant consented in writing to a delay

If section 9 requirements are met, NJREC registers the lands and designates the public offering statement form. If requirements are not met, NJREC notifies the applicant that the application must be corrected within 30 days of receipt; these preliminary findings require no hearing. A written request for a hearing stays the rejection order until a hearing is held and a determination is made.

• ✓The applicant has 30 days from receiving the deficiency notice to correct the application
• ✓A written hearing request stays the order of rejection until a hearing and determination occur

At any residential showing generally open to the public, a sign must be posted at the entrance or on a sign-in sheet advising prospective buyers that the hosting firm represents the seller only and has no relationship with the buyer — except where the buyer has no exclusive buyer agency agreement and agrees to the agent becoming a disclosed dual or designated agent.

• ✓A sign must be posted at the entrance or on the sign-in sheet at open houses
• ✓The sign advises the firm represents the seller only
• ✓Information given to the open house agent is NOT considered confidential and may be disclosed to the seller
• ✓Buyers already exclusively represented must disclose that representation on the sign-in sheet

The brokerage activities of a salesperson licensed with a real estate referral company (a salesperson (referral)) are limited in scope. This section, within Subchapter 6 (Conduct of Business), specifically governs referral company salespersons and defines the restricted set of activities they may perform.

• ✓A salesperson (referral) has brokerage activities limited to those specified in N.J.A.C. 11:5-6.10
• ✓Subchapter 6 also governs advertising, contracts, disclosures, and consumer information though not reproduced here

A Bureau of Real Estate Education is established within the Division of the NJ Real Estate Commission in the Department of Insurance, responsible for the licensure of real estate pre-licensure schools and instructors.

• ✓The Bureau of Real Estate Education handles licensure of pre-licensure schools and instructors
• ✓The Bureau is within the Commission Division in the Department of Insurance

No school may conduct real estate education courses satisfying pre-licensure prerequisites unless licensed as a real estate school. Licensure requires that owners, management, and facilities meet qualifications, and owners/officers/directors/controlling-interest holders must affirmatively demonstrate good moral character.

• ✓Schools must be licensed to conduct qualifying pre-licensure courses
• ✓Owners, management, and facilities must meet all licensure qualifications
• ✓Owners and officers must affirmatively demonstrate good moral character

No person (except a guest lecturer) may teach qualifying real estate education courses unless licensed as a real estate instructor. Licensure requires demonstrating good moral character, completing a Commission-approved instructor course, passing a written examination under Commission auspices, and meeting other qualifications.

• ✓Instructors (except guest lecturers) must be licensed to teach qualifying courses
• ✓Instructors must complete a Commission-approved instructor course and pass a written examination
• ✓Instructors must demonstrate good moral character

A person whose license was revoked under R.S.45:15-17 or C.45:15-19.1 cannot be a general partner, officer, director, or owner of a controlling interest in a licensed partnership, limited partnership, or corporation, nor be retained, employed, or compensated by a licensee, nor occupy or share office space in a licensed office during the revocation period.

• ✓Revoked person cannot hold a controlling interest in a licensed entity
• ✓Revoked person cannot be employed or compensated by any licensee
• ✓Revoked person cannot occupy or share office space in a licensed office during revocation

The initial registration fee is $500.00 plus $35.00 per lot/parcel/unit/interest, not to exceed $3,000.00, and is valid for one year from approval. NJREC may revise fees to reasonably cover but not exceed administrative expenses. NJREC may require an onsite inspection; the registrant pays the inspection fee equal to travel costs from NJ plus additional expenses, all accounted for to the applicant. Registrations approved under P.L.1975, c.235 before enactment are exempt from initial registration; consolidated filing fees match the initial-registration fee.

• ✓Initial registration fee = $500 plus $35 per lot/unit, capped at $3,000, valid one year from approval
• ✓The registrant pays inspection fees covering NJ round-trip travel and additional expenses, which must be accounted for to the applicant

The NJ Real Estate Commission may promulgate regulations under the Administrative Procedure Act to effectuate P.L.2024, c.32. The Act's rights, remedies, and prohibitions are in addition to and cumulative of common law and statutory rights and do not abrogate them. The Act took effect August 1, 2024.

• ✓The NJ Real Estate Commission may adopt regulations under the Administrative Procedure Act
• ✓The Act's remedies are cumulative and do not abrogate common law or statutory rights
• ✓P.L.2024, c.32 took effect August 1, 2024

When a license of a partner, officer, director, or controlling-interest owner is revoked, the commission must revoke the entity's license unless divestiture conditions are met within a fixed time: partnership connections severed and interests divested, corporate officers terminated and controlling interests divested, or limited partnership interests divested. 'Controlling interest' means 5% or more of equity/ownership.

• ✓Entity license is revoked unless the revoked person's connection is severed and interest divested
• ✓'Controlling interest' means 5% or more of equity of a corporation or partnership ownership
• ✓Divestiture/severance must occur within the commission's fixed time period

Upon receiving a proper application with a statement of record, NJREC examines to determine that: the subdivider can convey the interest if the purchaser complies (with release clauses/trust safeguards where appropriate); proposed improvements will reasonably be completed as represented; advertising and the promotional plan are not false, misleading, or discriminatory and afford full and fair disclosure; the subdivider (and its principals) has no disqualifying convictions or restraining orders; and the section 12 public offering statement requirements are met.

• ✓Advertising and the promotional plan must not be false, misleading, or discriminatory and must afford full and fair disclosure
• ✓The subdivider (and corporate principals) must have no disqualifying land-sales convictions or restraining orders warranting denial

Every individual, partnership, or corporation licensed as a broker must maintain a special trust or escrow account in an approved NJ depository institution for all monies received as broker, escrow agent, or temporary custodian of others' funds. The account must be in the broker's licensed name, designated 'trust account' or 'escrow account,' kept separate from all personal/business accounts, and all checks/deposit slips must bear the words 'trust account' or 'escrow account.' Broker-salespersons are exempt. Brokers may also establish a separate interest-bearing escrow account for a specific transaction.

• ✓Broker must maintain a separate trust or escrow account in an approved NJ depository institution
• ✓Account must be in the broker's licensed name and kept separate from personal/business accounts
• ✓All checks and deposit slips must contain the words 'trust account' or 'escrow account'
• ✓Requirement does not apply to a broker-salesperson
• ✓Transaction-specific interest-bearing escrow accounts must be maintained separate from other funds

The statement of record must include: names/addresses/interests of persons with an interest; a legal description, total area, topography, and a scaled, signed/sealed engineer or surveyor map showing lot dimensions and relation to improvements; title condition with all encumbrances/restrictions/covenants; general terms of disposition; access conditions, unusual noise/safety conditions, utility availability, and improvement schedules; whether the property is subject to natural forces or lies in a federally designated flood hazard area; blanket-encumbrance consequences and protections; organizational documents; title/lien instruments; conveyance forms; easement instruments; financial statements; management/recreation contracts; governmental compliance status; and prompt reporting of material changes.

• ✓The statement of record must disclose whether the property lies in a federally designated flood hazard area and blanket-encumbrance consequences
• ✓The subdivision map must be drawn to scale and signed/sealed by a licensed professional engineer or land surveyor

The information in any statement of record, plus required additions and corrections (section 10), must be made available to the public under NJREC regulations, and copies must be furnished to every applicant at a reasonable charge prescribed by the commission.

• ✓Statement-of-record information must be made available to the public under NJREC regulations
• ✓Copies must be furnished to every applicant at a reasonable charge set by NJREC

Effective August 1, 2024, P.L. 2024, c.32 added sections 45:15-16.86 through 45:15-16.101, establishing statutory agency relationships (buyer's agent, seller's agent, disclosed dual agent, designated agent, and transaction broker), requiring written brokerage services agreements, and adding a mandatory open-house disclosure sign. These provisions apply alongside — and do not replace — the existing licensing provisions.

• ✓RECPEA became effective August 1, 2024, adding sections 45:15-16.86 through 45:15-16.101
• ✓It creates statutory agency relationships and requires written brokerage services agreements plus a mandatory open-house disclosure sign

The commission approves a depository institution only if it provides written confirmation that it will immediately notify the commission of any dishonored or NSF check or instrument written on the broker's escrow or trust account.

• ✓Depository institution must provide written confirmation to be approved
• ✓Institution must immediately notify commission of any dishonored/NSF check on broker's escrow or trust account

'Agency relationship' is the relationship created under the act between a brokerage firm and a principal regarding real estate brokerage services. 'Agent' means a real estate brokerage firm (including affiliated brokers, broker-salespersons, and salespersons licensed under R.S.45:15-1 et seq.) that has an agency relationship with a principal. 'Brokerage firm' includes brokers, broker-salespersons, and salespersons authorized to provide brokerage services who are affiliated with the firm, and also includes anyone acting as an agent/employee of a subdivider under the Full Disclosure Act.

• ✓An agency relationship exists between a brokerage FIRM and a principal, with affiliated licensees acting as the agent
• ✓'Broker' also includes any licensee acting as agent/employee of a subdivider under C.45:15-16.28

'Brokerage services' means rendering services for which a real estate license is required under chapter 15 of Title 45. A 'brokerage services agreement' is a WRITTEN agreement between a brokerage firm and principal appointing the firm to represent the principal as an agent or to work with a buyer/seller as a transaction broker. Examples include sale and rental listing agreements; buyer-lessee agency agreements; and transaction broker, dual agency, and designated agency agreements.

• ✓A brokerage services agreement must be in writing
• ✓Brokerage services agreements include listing agreements, buyer-lessee agency, transaction broker, dual agency, and designated agency agreements

'Buyer' means an actual or prospective purchaser, or an actual/prospective tenant in a rental or lease transaction. A 'buyer's agent' is a brokerage firm (with affiliated licensees) that has an agency relationship and works ONLY with the buyer, owing the buyer fiduciary duties. 'Commercial real estate' means a fee title, possessory estate, or lease in NJ real property other than property improved with one single-family unit or one multifamily structure of four or fewer residential units, or such unimproved property.

• ✓A buyer's agent works only with the buyer and owes the buyer fiduciary duties
• ✓Commercial real estate excludes property improved with one single-family unit or a multifamily structure of four or fewer residential units

A real estate broker acting as an escrow agent or temporary custodian of others' funds cannot receive, obtain, or use any interest earned on those funds for the broker's own personal or business use.

• ✓Broker cannot use interest earned on escrow funds for personal or business use
• ✓Applies to brokers acting as escrow agent or temporary custodian

A licensee who receives others' monies as a representative of a broker acting as escrow agent or temporary custodian must only accept them as cash or a negotiable instrument payable to the broker (or other commission-prescribed form). The licensee must immediately account for and deliver the funds to the broker for deposit into the escrow/trust account, or dispose of them as required by the escrow agreement.

• ✓Monies must be cash or negotiable instrument payable to the broker
• ✓Licensee must immediately account for and deliver funds to the broker
• ✓Funds deposited into escrow/trust account or handled per escrow agreement

All licenses are issued in a commission-prescribed form showing the licensee's name and address with the commission's seal. Each broker must give written notice of any business address change, after which the commission issues new licenses for the unexpired term for a $50 fee for the new broker license plus $10 per additional certificate. Changing address without notification and issuance of a new broker's license automatically cancels the license.

• ✓Broker must give written notice of any change of business address
• ✓New broker license fee is $50; $10 for each additional certificate
• ✓Changing address without notification automatically cancels the existing license

All broker, broker-salesperson, and salesperson licenses are kept by the employing broker, while the pocket card is given to the licensee to carry when working. Upon termination or resignation, written notice must be given with the effective date. Within five business days the broker must deliver the license to the commission (with a copy of notice to the licensee) or provide transfer materials. No licensee may act under the license after termination until authorized by the commission. A new license is issued upon a $25 fee and proof of new broker affiliation. A salesperson/broker-salesperson may be licensed under only one broker at a time.

• ✓Employing broker keeps the license; licensee carries the pocket card
• ✓Broker must deliver terminated license to commission within 5 business days
• ✓New license issued upon payment of a $25 fee and proof of new broker affiliation
• ✓A broker-salesperson or salesperson cannot be licensed with more than one broker at a time
• ✓Licensee cannot act under the license after termination until authorized by the commission

Biennial fees are $200 for a broker's license, $200 for a broker-salesperson's license, $100 for a salesperson's license, and $100 for a branch office license. Late renewal fees are $20 for salesperson/broker-salesperson and $40 for broker. The commission must refuse to renew licenses of persons convicted of enumerated offenses. Revocation or suspension of a broker's license automatically suspends all affiliated broker-salesperson and salesperson licenses pending change of broker.

• ✓Biennial fees: broker $200, broker-salesperson $200, salesperson $100, branch office $100
• ✓Late renewal fee: $20 salesperson/broker-salesperson, $40 broker
• ✓Commission must refuse to renew license of licensee convicted of enumerated offenses
• ✓Revocation/suspension of a broker's license automatically suspends affiliated licensees' licenses
• ✓Out-of-state offices require the broker to hold a valid license in good standing in that state

No real estate salesperson or broker-salesperson may accept a commission or valuable consideration for any specified acts from any person except their employing or contracting broker, who must be a licensed real estate broker.

• ✓Salesperson/broker-salesperson may only accept compensation from their employing/contracting broker
• ✓The employing/contracting broker must be a licensed real estate broker

A rebate paid by a broker to a purchaser of residential real property must be calculated after the purchaser negotiates the rebate rate, memorialized in writing or a buyer agency agreement at the outset of the relationship, and disclosed to all parties including any mortgage lender. Rebates cannot be paid to unlicensed persons for acts requiring licensure, cannot be contingent on using other broker services/products, and cannot be based on a lottery, contest, or game.

• ✓Rebate must be calculated after purchaser negotiates the rate and memorialized in writing
• ✓Rebate must be disclosed to all parties including any mortgage lender
• ✓Rebate cannot be paid to an unlicensed person for acts requiring licensure
• ✓Rebate cannot be contingent on using other broker services or based on a lottery/contest/game

Any advertisement for a rebate must include a disclosure about the purchaser's obligation to pay applicable taxes on the rebate and a notice to contact a tax professional about tax implications. These disclosures must be clearly and conspicuously displayed, with text size equal to or larger than the advertisement text.

• ✓Ad must disclose purchaser's obligation to pay applicable taxes on the rebate
• ✓Ad must advise purchaser to contact a tax professional
• ✓Disclosure text must be equal to or larger than the advertisement text

Each licensed broker, broker-salesperson, or salesperson must complete up to 16 hours of continuing education as a condition of biennial renewal, except salespersons licensed with a referral company and brokers/broker-salespersons with 40+ years of experience. The commission approves CE courses, providers, and instructors via a 14-member Volunteer Advisory Committee. Licensed real estate schools and instructors are deemed approved providers/instructors. The commission may confer credit for out-of-state courses and waive requirements for illness, emergency, hardship, or active duty military service.

• ✓Up to 16 hours of CE required as a condition of biennial license renewal
• ✓Salespersons with a referral company are exempt from CE
• ✓Brokers/broker-salespersons with 40+ years experience are exempt from CE
• ✓A 14-member Volunteer Advisory Committee recommends approval of courses, providers, and instructors
• ✓Commission may waive CE for illness, emergency, hardship, or active duty military service