Patricia is a licensed broker in New Jersey who operates her own brokerage, Premier Properties. She decides to take a two-year sabbatical and places her broker's license on inactive status. Her associate, Daniel, holds a broker-salesperson license and has been managing the day-to-day operations. Can Premier Properties continue operating with Daniel in charge while Patricia's license is inactive?
Correct Answer
C) No, because a brokerage must have an active licensed broker as its responsible broker to remain open
Under N.J.S.A. 45:15-1 et seq. and NJREC regulations, every real estate brokerage must have an active licensed broker serving as the responsible broker. A broker-salesperson, while holding broker-level qualifications, is not authorized to serve as the responsible broker of an independent brokerage. With Patricia's license on inactive status, Premier Properties cannot legally continue operating unless another active licensed broker assumes the responsible broker role.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
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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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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