Under the New Jersey Real Estate License Act, which of the following is NOT a recognized ground for disciplinary action against a licensed real estate broker by the NJREC?
Correct Answer
A) Representing a buyer and a seller in the same transaction after obtaining informed written consent from both parties
Dual agency—representing both buyer and seller in the same transaction—is legally permissible in New Jersey, provided that the broker obtains informed written consent from both parties. Because it is an authorized practice when properly disclosed and consented to, it is NOT a ground for disciplinary action. The NJREC expressly recognizes disclosed dual agency as a permitted agency relationship under N.J.A.C. 11:5-6.9.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
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.
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