New Jersey Statutes 45:15-10. Examination required for initial licensure; term, renewal
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Terms Used In New Jersey Statutes 45:15-10
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
45:15-10. Before any such license shall be granted, the applicant, and in the case of a partnership, association or corporation, the partners, directors or officers thereof actually engaged in the real estate business as a broker, broker-salesperson, or salesperson, shall submit to an examination to be conducted under the supervision of the commission which examination shall test the applicant’s general knowledge of the statutes of New Jersey concerning real property, conveyancing, mortgages, agreements of sale, leases and of the provisions of R.S.45:15-1 et seq., the rules and regulations of the commission and such other subjects as the commission may direct. The commission may make rules and regulations for the conduct of such examinations. Upon satisfactorily passing such examination and fulfilling all other qualifications a license shall be granted by the commission to the successful applicant therefor as a real estate broker, broker-salesperson, or salesperson, and the applicant upon receiving the license is authorized to conduct in this State the business of a real estate broker, broker-salesperson, or salesperson, as the case may be. Such license shall expire on the last day of a two-year license term as established by the commission; such license shall be renewed, without examination, biennially thereafter, upon the payment of the fee fixed by R.S.45:15-15, and in the case of a broker, broker-salesperson or salesperson license, upon completion of the continuing education requirements applicable to the holders of such licenses, except that a salesperson licensed with a real estate referral company shall not be required to complete the continuing education requirements as a condition of license renewal under this section or section 23 of P.L.2009, c.238 (C. 45:15-16.2a).
amended 1972, c.94, s.1; 1977, c.331, s.3; 1993, c.51, s.8; 1996, c.38, s.1; 2009, c.238, s.4; 2018, c.71, s.5.