partner, officer, director or owner, either directly or indirectly, of a controlling interest in any licensed school, nor shall the person be retained or employed in any capacity, or compensated in any manner by a licensed school, nor shall the person occupy or share office space in a licensed school location for any purpose during the period of revocation.
L. 1993, c. 51, § 55.
45:15-10.13. Revocation of license of school; exceptions
Upon the revocation of the instructor license issued to any partner, officer, director or owner of a controlling interest in any licensed school, the commission shall revoke the license of the school unless, within a period of time fixed by the commission, the following conditions are fulfilled: a. in the case of a licensed school owned by a partnership, the connection of the partner whose instructor license has been revoked to the school shall be severed and his interest in the school shall be divested; or b. in the case of a licensed school owned by a corporation, the officer, director or owner of a controlling interest whose instructor license has been revoked shall be terminated from the position and, where an owner of a controlling interest, his ownership of the interest shall be divested; or c. in the case of a limited partnership, if the person whose instructor license has been revoked was a general partner, his interest in the school shall be divested or, if the person whose instructor license was revoked was a limited partner, his interest in the school shall be divested if it constituted a controlling interest as defined herein. For the purposes of this section, the term “controlling interest” means 5% or more of the equity of a licensed corporation or of the ownership of a partnership.
L. 1993, c. 51, § 56.
45:15-10.14. Power, authority of commission
The commission is expressly vested with the power and authority to promulgate and enforce all necessary rules and regulations for the conduct of the business of real estate schools offering pre-licensure and continuing education courses consistent with the provisions of this amendatory and supplementary act.
L. 1993, c. 51, § 57.
45:15-11. Disabled war veterans; granting of licenses
Any citizen of New Jersey who has served in the armed forces of the United States or who served as a member of the American Merchant Marine during World War II and is declared by the United States Department of Defense to be eligible for federal veterans’ benefits, who has been honorably discharged, and who, having been wounded or disabled in the line of duty, has completed a program of courses in real estate approved by the New Jersey Real Estate Commission, and who has successfully passed an examination conducted by said commission qualifying him to operate as a real estate broker, broker-salesperson, salesperson or referral agent, may, upon presentation of a certificate certifying that he has completed such program of courses as aforesaid, obtain without cost from the commission and without qualification through experience as a salesperson, a license to operate as a real estate broker, broker-salesperson, real estate salesperson or referral agent, as the case may be, which licenses shall be the same as other licenses issued under R.S.45:15-1 et seq. Renewal of licenses may be granted under this section for each ensuing license term, upon request, without fees therefor.
Amended 1953, c. 77, § 2; 1977, c. 331, § 6; 1991, c. 389, § 33; 1993, c. 51, § 11; 1996, c. 38, § 2, eff. Dec. 18, 1996; 2009, c. 238, § 7, eff. July 1, 2011.
45:15-11.1, 45:15-11.2. Repealed by L. 1970, c. 255, § 2, eff. Nov. 2, 1970
45:15-11.3. Issuance of temporary broker’s license
In the event of the death or mental or physical incapacity of a licensed real estate broker where no other member or officer in the agency, copartnership. association or corporation of which he was a member or officer is the holder of a broker-salesperson’s license or where an individual broker operating as a sole proprietor dies or is mentally or physically incapacitated leaving no employee holding a real estate broker-salesperson’s license, then the Real Estate Commission may issue a temporary broker’s license on a special form to another person for the purpose of enabling such other person to continue the real estate activities on behalf of and under the same designation of said agency, copartnership, association, corporation or individual, as the case may be, upon the filing of an application and a certified copy of the death certificate or a certification of mental or physical incapacity executed by a duly licensed physician or officer of a medical institution, together with payment of the regular license fee; provided such other person has been the holder of a real estate salesperson’s license for at least three years immediately preceding the date of the application and provided that said application shall have been made within 30 days from date of the demise or incapacity of said broker.
Such temporary license shall continue only until the licensee is afforded an opportunity of pursuing the approved broker’s course in accordance with the provisions of subsection b. of section 1 of P.L.1966, c. 227 (C. 45:15-10.1) and qualifying by examination. Such license may be issued and effective for a period of one year from the date of issuance. Such temporary license shall not be extended or renewed.
L. 1970, c. 255, § 1; amended 1993, c. 51, § 12.
45:15-12. Broker to maintain office
Every real estate broker shall maintain a designated main office open to the public. A real estate broker’s main office shall have prominently displayed therein the license certificate of the broker and all licensed persons in his employ and shall be deemed the business address of all licensed persons for all purposes under chapter 15 of Title 45 of the Revised Statutes. In case a real estate broker maintains more than one place of business, a branch office license shall be issued to such broker for each branch office so maintained in this State; provided, however, that the said