N.J. Admin. Code § 11:5-4.3

Current through Register Vol. 56, No. 21, November 4, 2024

Section 11:5-4.3 - Use of license for the benefit of others

(a) No arrangement, direct or indirect, shall be entered into by any licensee whereby an individual licensee lends his name or license for the benefit of another person, firm or corporation, or whereby the provisions of the real estate statute and rules relating to licensing are circumvented.

(b) Lending a broker's license for the benefit of another person, firm or corporation shall be construed as including any arrangement whereby a broker fails to personally oversee and direct the operations of the business of which he or she is licensed as broker of record or employing broker. For the purposes of this section, personal oversight and direction of the business shall be construed as requiring the broker to be physically present in the main office or branch office locations of the business at least one day each week (excluding vacations and emergencies). Communication via telephone and/or mail alone for an extended period of time may be considered by the Commission as evidence of prohibited license lending.

(c) Nothing in this section shall be construed to limit a broker's responsibility to insure the adequate supervision of all offices in accordance with the requirements of 11:5-4.4 and 4.5.

N.J. Admin. Code § 11:5-4.3

As amended, R.1982 d.101, effective 4/5/1982.
See: 13 New Jersey Register 302(b), 14 New Jersey Register 345(b).
Deleted existing text of (b) and added new (b) through (b)2.
As amended, R.1983 d.471, effective 11/7/1983.
See: 15 New Jersey Register 1343(a), 15 New Jersey Register 1865(c).
Amended by R.1989 d.426, effective 8/21/1989 (operative November 19, 1989).
See: 20 New Jersey Register 2184(a), 20 New Jersey Register 3019(a), 21 New Jersey Register 1311(a), 21 New Jersey Register 2522(a).
Established the minimum amount of personal contact which brokers must maintain with their offices and salespeople, deleted (b) and added new (b) and (c).
Amended by R.1998 d.497, effective 10/5/1998.
See: 30 New Jersey Register 2333(a), 30 New Jersey Register 3646(a).
In (c), changed N.J.A.C. references.