N.J. Admin. Code § 11:5-4.5

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

Section 11:5-4.5 - Branch office compliance with N.J.A.C. 11:5-4.4 (Maintained offices)

(a) In the event a real estate broker maintains a branch office or offices, every such place of business shall comply with the provisions of 11:5-4.4 (Maintained offices).

(b) No license shall be issued for a branch office situated in the dwelling premises of a referral agent, a salesperson or a broker-salesperson.

(c) Any branch office shall be under the direct supervision of a licensed broker employed as a broker salesperson by the broker maintaining the branch office.

(d) Such individual shall devote his or her full time to management of said office during the usual business hours.

(e) The name of the individual responsible for the supervision of the branch office shall be recorded at all times with the Commission.

(f) When a branch office license is issued to a broker it shall specifically set forth the name of the broker and the address of the branch office, and shall be conspicuously displayed at all times in the branch office. The branch office shall also prominently display the name of the broker-salesperson licensee in charge as "office supervisor" and the names of all other licensees doing business at that branch office.

(g) The said branch office license shall be returned for cancellation or correction upon the change of an "office supervisor".

N.J. Admin. Code § 11:5-4.5

As amended, R.1983 d.471, effective 11/7/1983.
See: 15 N.J.R. 1343(a), 15 N.J.R. 1865(c).
Correct N.J.A.C. citations added.
Amended by R.1985 d.187, effective 4/15/1985.
See: 16 N.J.R. 2228(a), 17 N.J.R. 970(a).
(f): Substantially amended.
Amended by R.1989 d.428, effective 8/21/1989 (operative February 21, 1990).
See: 21 N.J.R. 1313(a), 21 N.J.R. 2523(a).
Required that branch offices be supervised by broker-salespersons.
Amended by R.1995 d.23, effective 1/17/1995.
See: 26 N.J.R. 3111(a), 27 N.J.R. 370(a).
Amended by R.1998 d.497, effective 10/5/1998.
See: 30 N.J.R. 2333(a), 30 N.J.R. 3646(a).
In (a), changed the N.J.A.C. reference and deleted "of this subchapter" from the end.
Amended by R.2012 d.006, effective 1/3/2012.
See: 43 N.J.R. 1791(a), 44 N.J.R. 86(b).
In (b), inserted "referral agent, a" and inserted "a" preceding "broker-salesperson"; and in (f), substituted "licensees" for "broker-salespersons and the salespersons".