N.J. Admin. Code § 12:16-11.1

Current through Register Vol. 56, No. 24, December 18, 2024

Section 12:16-11.1 - Real estate managing agents

(a) An individual working for an agent of a property owner is an employee of the property owner, if the agent operates on a fee plus expenses basis. This type of arrangement gives the agent a fee plus reimbursement of all operating expenses on a dollar for dollar basis.

(b) An individual working for an agent of a property owner is an employee of the agent, if the agent operates on a flat fee basis. This type of arrangement gives the agent a flat fee rather than reimbursing expenses on a dollar for dollar basis.

N.J. Admin. Code § 12:16-11.1

Amended by R.1995 d.138, effective 3/6/1995.
See: 27 New Jersey Register 61(a), 27 New Jersey Register 919(a).