KW Prep

Types of Real Estate Licenses in New Jersey

Broker, Salesperson, Broker-Salesperson, Referral Agent

Pre-licensing Education for a New Jersey Salesperson

75-hour approved real estate course

License Renewal Period in New Jersey

Every 2 years (biennially)

Purpose of the New Jersey Real Estate Commission (NJREC)

To regulate licensing, enforce real estate laws, and ensure ethical practices

Maximum Fine for First Violation of Real Estate Law in New Jersey

$5,000

Types of Real Estate Agency Relationships

Seller’s Agent, Buyer’s Agent, Dual Agent, Transaction Broker

Disclosures in an Agency Relationship

Material facts, conflicts of interest, and the nature of the agency relationship

Fiduciary Duty of Obedience

Agents must follow legal instructions from their client

Commingling in Real Estate

Mixing client funds with personal or business funds, which is illegal

Penalty for an Agent Acting Without a License in New Jersey

Fine up to $50,000 and possible criminal charges

Federal Law Prohibiting Housing Discrimination

The Fair Housing Act of 1968

Additional Protections under New Jersey’s Law Against Discrimination (LAD)

Covers marital status, sexual orientation, gender identity, and source of lawful income

Steering in Real Estate

Directing buyers or renters to or away from certain neighborhoods based on race or other protected characteristics

Redlining

Denying loans or insurance based on neighborhood demographics rather than individual creditworthiness

Deadline for Fair Housing Violation Complaints with HUD

Within one year of the alleged violation