Tom holds a broker-salesperson license in New Jersey and has worked under Broker Linda for five years. Tom would like to open his own independent real estate office. What must Tom do under New Jersey law before he can legally operate an independent brokerage?
Correct Answer
A) Apply for and obtain a broker's license from the NJREC, separate from his broker-salesperson license
Under N.J.S.A. 45:15-1 et seq., only a licensed broker (not a broker-salesperson) may operate an independent real estate brokerage in New Jersey. Although a broker-salesperson holds a broker-level education credential, they are still required to be supervised by a licensed broker. To open an independent office, Tom must obtain a separate broker's license from the NJREC.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Continuing education (CE) refers to the ongoing coursework that licensed real estate professionals must complete during each renewal cycle to maintain an active license. CE ensures agents stay current with changes in laws, regulations, and industry practices.
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
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?
A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
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