N.J. Admin. Code § 11:5-4.2

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

Section 11:5-4.2 - Broker supervision and oversight of individual licensees, office operations and escrowed monies

(a) The following apply to individual broker licensees operating as sole proprietors (employing brokers) or as the authorized broker (broker of record) of a corporation or other entity licensed as a New Jersey real estate broker. As used in this section, the term "individual broker" shall refer to employing brokers and brokers of record and the term "broker licensee" shall refer to sole proprietors and corporations or other entities licensed as brokers.

1. The Commission will hold responsible individual brokers for any actions of the broker licensee or any person employed by or licensed through the broker licensee taken in the pursuit of its real estate brokerage business which violate any of the provisions of the real estate license law, 45:15-1 et seq., or the regulations promulgated thereunder.

i. This responsibility shall apply regardless of where the persons licensed through the broker licensee engage in actions in pursuit of the broker licensee's real estate brokerage business.

2. Every real estate transaction in which a broker licensee participates as a broker shall be under the ultimate supervision of the individual broker.

3. The individual broker shall, in addition to ascertaining that a separate account is maintained for the funds of others coming into the possession of the broker licensee, make certain that no such funds of others are disbursed or utilized without his or her express authorization and knowledge.

4. The provisions of this subsection do not apply to brokers licensed as broker-salespersons.

N.J. Admin. Code § 11:5-4.2

As amended, R.1983 d.471, effective 11/7/1983.
See: 15 New Jersey Register 1343(a), 15 New Jersey Register 1865(c).
Subsections (a) and (c) deleted; subsection (b) recodified as (a).
Amended by R.1995 d.23, effective 1/17/1995.
See: 26 New Jersey Register 3111(a), 27 New Jersey Register 370(a).
Amended by R.1998 d.246, effective 5/18/1998.
See: 30 New Jersey Register 278(a), 30 New Jersey Register 1827(a).
Rewrote (a).