REAL ESTATE COMMISSION
11:5-2.2
ii. Disclosed and undisclosed dual agency;
iii. Conflicts of interest and self-dealing;
iv. The risks and benefits of sub-agency to the principal and the agent;
v. Restrictions on and disclosure requirements regarding acting for more than one party to a transaction, including those pertaining to licensees providing mortgage services;
vi. Disclosure requirements to non-principals;
vii. Issues raised by licensees involved in transactions as non-agents; and
viii. The obligations to properly qualify or pre-qualify pro- spective purchasers and related issues.
7. The 30 hours of instruction in the office management and related topics course shall be devoted to:
i. Office management requirements imposed upon supervising brokers of main and branch offices;
ii. Recordkeeping requirements, with particular emphasis upon and extensive coverage of escrow account records;
iii. The importance of adequate supervision and training of other licensees to assure their compliance with the license law and the rules of the Commission;
iv. Instruction on proper qualification and pre-qualification techniques, including requiring demonstrations by the students, and with emphasis upon the significance of training and over- sight of other licensees;
v. Statutory and rule requirements pertaining to contracts, leases and listing agreements and to broker advertising;
vi. Closings;
vii. Environmental concerns; and
viii. Instruction on licensure requirements and procedures applicable to license applications, transfers, changes of broker address, branch offices, etc., and office closing requirements.
(h)A complete syllabus for the salesperson and broker courses shall be maintained at the offices of the Real Estate Commission and be open to the public for inspection.
(i) All course hours are suggested and may be modified at the discretion of the director of the approved school subject to written notice to and written approval by the Real Estate Commission.
As amended, R.1974 d.307, effective November 13, 1974. See: 6 N.J.R. 246(c), 6 N.J.R. 478(e). As amended, R.1978 d.135, effective April 27, 1978. See: 10 N.J.R. 163(b), 10 N.J.R. 256(d). As amended, R.1978 d.271, effective August 2, 1978.
See: 10 N.J.R. 256(b), 10 N.J.R. 399(b). As amended, R.1979 d.52, effective February 8, 1979. See: 10 N.J.R. 498(c), 11 N.J.R. 142(b). As amended, R.1983 d.471, effective November 7, 1983. See: 15 N.J.R. 1343(a), 15 N.J.R. 1865(c). “Salesman” replaced by “salesperson”; subsection (k) deleted. As amended, R.1984 d.218, effective June 4, 1984. See: 16 N.J.R. 489(a), 16 N.J.R. 1352(a). Section substantially amended. Amended by R.1988 d.411, effective September 6, 1988. See: 20 N.J.R. 725(b), 20 N.J.R. 2296(a). Subsections (d) and (e) substantially amended. Amended by R.1988 d.254, effective June 6, 1988 (operative December 1, 1989). See: 19 N.J.R. 1051(a), 20 N.J.R. 1205(b). At (g) old text deleted, new (g) added; brokers pre-licensure syllabus revised. Notice of Correction, effective May 4, 1992. See: 24 N.J.R. 1799(a). Amended by R.1994 d.58, effective February 7, 1994 (operative July 1, 1994). See: 25 N.J.R. 4852(a), 26 N.J.R. 799(b). Notice of Correction, effective August 15, 1994. See: 26 N.J.R. 3442(a). Amended by R.1997 d.27, effective January 21, 1997. See: 28 N.J.R. 3065(a), 29 N.J.R. 366(a). In (f)9, added N.J.S.A. references; in (g)lxv, inserted reference to New Jersey Truth in Renting Law; and inserted N.J.S.A. references. Amended by R.1998 d.497, effective October 5, 1998. See: 30 N.J.R. 2333(a), 30 N.J.R. 3646(a). In (g), changed the N.J.A.C. references throughout and substituted “Real Estate” for “Land” in li; and deleted former (j). Amended by R.2012 d.006, effective January 3, 2012. See: 43 N.J.R. 1791(a), 44 N.J.R. 86(b). Section was “Educational requirements for salespersons and brokers in making application for licensure exannnation”. In the introductory paragraph of (a), inserted “, referral agent’s”; in (a)1 and (a)2, inserted “or referral agent’s”; in (a)2, the introductory paragraph of (e), (e)1, (e)2, the introductory paragraphs of (e)3 and (e)4 and in (e)5, inserted “or referral agent”; in (b), inserted “examination for licensure as a” and substituted “or referral agent” for “license examination”; in (d), inserted “, referral agent”; in (e)1, substituted a comma for “or” following “broker”; in (e)4i, substituted “proprietary” for “proprietory”; rewrote the introductory paragraph of (f); and in (g)lxvi(5), substituted a comma for “and” following “broker” and inserted “and referral agents”.
11:5-2.2 Licensed schools and instructors; requirements
(a) The following regulations are applicable to schools and instructors licensed to conduct prelicensure courses of educa- tion in real estate subjects pursuant to N.J.S.A. 45:15-10.4 and 10.5, to applicants for such licenses and, as applicable, to the conducting of continuing education courses by such schools and instructors pursuant to N.J.A.C. 11:5-12.1.
1. The original license term for pre-licensure course instruc- tors and schools shall begin on July 1, 1994 and terminate on February 28, 1997. Thereafter, each two-year license term for school and instructor licenses shall run from March 1 to the last day of February of the second following year.
(b) The Commission shall require any school or instructor in making application for licensure to submit certain documents, statements and forms which shall form the basis for the Commission’s judgment whether to grant a license. Where the Commission initially denies an application for a school or in- structor license, it shall provide to the applicant notification in