Under New Jersey law, which of the following statements correctly distinguishes a broker-salesperson from an independent broker?
Correct Answer
D) A broker-salesperson holds a broker's license but must work under the supervision of a licensed broker and cannot operate an independent brokerage
Under N.J.S.A. 45:15-1 et seq., a broker-salesperson holds a full broker's license but has chosen to affiliate with and work under the supervision of another licensed broker. The key distinction is that a broker-salesperson cannot operate an independent brokerage — only an independent broker (one who is not affiliated with another broker) may do so. Both hold broker-level qualifications.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
A non-agency relationship where the broker facilitates a real estate transaction without representing either party, owing limited duties of honesty, fairness, and competence to both.
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
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