Under New Jersey's three-tier licensing structure, which of the following statements about a broker-salesperson is NOT accurate?
Correct Answer
C) A broker-salesperson may independently open and operate their own brokerage without further application
A broker-salesperson in New Jersey may NOT independently open and operate their own brokerage without further application — this statement is inaccurate and is therefore the correct answer to this EXCEPT/NOT question. To operate an independent brokerage, a broker-salesperson must formally change their license status with the NJREC from broker-salesperson (affiliated) to independent broker. Simply holding a broker's license while classified as a broker-salesperson does not confer the right to operate independently.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
An agency relationship created when a principal's actions or words lead a third party to reasonably believe that an agent has authority, and the principal fails to correct this belief.
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