Maria is a licensed real estate salesperson in New Jersey. Her broker, Robert, has been sanctioned by the NJREC for a pattern of trust account violations. Which of the following actions is the NJREC authorized to take against Robert's broker license?
Correct Answer
B) Suspend or revoke his license and impose a monetary penalty
Under N.J.S.A. 45:15-17, the NJREC has the authority to suspend or revoke a real estate license and impose monetary penalties for violations of the License Act, including trust account mismanagement. The Commission may also impose fines of up to $5,000 per violation. These disciplinary tools give the Commission broad enforcement powers to protect the public.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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