Kevin holds a New Jersey salesperson license affiliated with Metro Realty. He decides to take a six-month leave of absence and does not want to pay for an active license during that period. Under New Jersey law, what option is available to Kevin?
Correct Answer
A) Kevin may place his license on inactive status with the NJREC and may not conduct any licensed real estate activities during that period.
Under N.J.S.A. 45:15-1 et seq. and NJREC regulations, a New Jersey licensee may place their license on inactive status. While on inactive status, the licensee cannot perform any activities that require a real estate license and cannot receive real estate compensation. This allows Kevin to pause his career without permanently surrendering his license, and he can reactivate it later upon meeting any applicable requirements.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
A group boycott is an illegal antitrust practice in which two or more competing real estate businesses agree to refuse to work with a specific person, company, or entity in order to harm that party's ability to compete.
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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