Maria recently passed the New Jersey broker's examination and received her broker's license. She has decided that she does not want to open her own brokerage at this time and instead wants to continue working under the supervision of her current employing broker, Sunrise Realty. Under New Jersey law, what license category will Maria hold?
Correct Answer
C) Broker-salesperson, because she holds a broker's license but works under a supervising broker
Under N.J.S.A. 45:15-1 et seq., a licensee who has qualified for and received a broker's license but chooses to work under the supervision of another broker rather than operating an independent brokerage is classified as a broker-salesperson. Maria's situation is the classic definition of this NJ-specific license category. She holds broker-level qualifications but remains affiliated with Sunrise Realty.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
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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A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
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