3. Where a licensee receives a replacement offer, the licensee must notify the bidder in writing that the property covered by the offer is the subject of an ongoing purchase or lease contract and, if the licensee receiving the replacement offer does not hold a permit issued by the listing broker, a copy of the notice must be provided to the listing broker at the time the offer is submitted. This notice does not disclose the price and terms of the current contract or lease. A copy of this written notice shall be retained by Licensee as business records in accordance with N.J.A.C. 11:5-5.4. (b) No licence is granted for a branch situated in the home of a referral agent, salesperson or broker. No licensee shall take, directly or indirectly, punitive or retaliatory action against other licensees if such action is based on non-compliance or refusal to comply with or accept a commission. No licensee may allocate a discriminatory commission against another broker because that other broker fails or refuses to honour or accept a commission; If a listing broker changes its commission sharing policy with a selling broker in a cooperative sale, it must keep a record at its place of business that contains a written explanation of the change and who made the decision and why it was made. Nothing in this section prevents a listing broker from amending its commission sharing policy in respect of one or more selling brokers in order to obtain equal commission splits with that other broker or those other selling brokers in conjunction with their commission sharing policy with that listing broker. (a) No vendor or referral agent license may be issued to persons under the age of 18. (b) The granting of a brokerage licence to another person, partnership or entity means any agreement whereby a broker fails to personally supervise and direct the operation of the company for which the broker holds a broker`s licence.
For the purposes of this section, the personal supervision and management of the Company shall be construed as requiring the broker to be physically present at the Company`s head office or branch at least one day per week (excluding holidays and emergencies). Communication by telephone and/or post only over a longer period may be considered by the Commission as evidence of a prohibited authorisation. (a) Each licensee shall make available to the Commission or its designated representatives all records of transactions, books, deeds, instruments and forms that it uses or maintains in the course of carrying on the licensed undertaking and that may be relevant to the investigation of a particular complaint; 1. A real estate agent may not apply for or receive compensation or reimbursement under clause (e) in excess of the amount authorized at the time of conclusion under the Department of Banking, Insurance and Insurance rule, unless the Department of Banking, Insurance and Insurance is licensed under the New Jersey Licensed Lenders Act as a mortgage broker or banker. N.J.S.A. 17:11C-1 ff.; and 9. copies of the deed or other deeds constituting the property of the promoter or other document owner and any escrow agreement required under (a) 3 above, as well as a current title search, title report, title insurance policy, independent counsel opinion of title, or certificate or record issued by a licensed title insurance company. The Commission may also require a copy of any agreement conferring on the applicant the right to dispose of the property rights on behalf of the rightholder; (c) If an employer broker or a registered broker of a real estate agency has an individual or corporate relationship with a lender or mortgage broker, all licensees licensed by that real estate agent must provide the necessary information to the buyers referred to the affiliate. 2.
The prohibition on licensees offering free of charge, at a reduced price or other services or products referred to in point (m) shall apply to all such offers which confer a monetary advantage on consumers. Examples of free or discounted products or services that would be prohibited if offered in a manner prohibited by (m) above include free or subsidized homeowner warranties, home inspections, radon and pests, surveys, mortgage charges, offers to pay other costs typically incurred by parties in real estate transactions, and coupons that offer discounts on commissions. invoiced by brokerage firms. (b) For a period of six years, providers shall keep and may submit for inspection the evaluations of courses and teachers referred to in points (h) and (i) and the information referred to in point (d) on the successful completion of training courses by licence holders. In addition, suppliers must be able to retain and make inspection copies of all course-specific written materials made available to students taking a course.