branch office or offices are under the direct supervision of a broker-salesperson. The branch office license or licenses shall be issued upon the payment of a fee of $ 50 for each license so issued. Every place of business maintained by a real estate broker shall have conspicuously displayed on the exterior thereof the name in which the broker is authorized to operate and, in the case of a corporation or partnership, the name of the individual licensed as its authorized broker, and the words Licensed Real Estate Broker. A real estate broker whose main office is located in another state shall maintain a valid real estate broker’s license in good standing in the state where the office is located.
Amended 1953, c. 229, § 4; 1966, c. 11, § 1; 1993, c. 51, § 13; 2003, c. 117, § 34, eff. July 1, 2003.
45:15-12.1. Bars to issuance of license
No license shall be issued by the commission to any person known by it to have been, within five years theretofore, convicted of forgery, burglary, robbery, any theft offense other than shoplifting, criminal conspiracy to defraud, or other like offense or offenses, or to any copartnership of which such person is a member, or to any association or corporation of which said person is an officer, director, or employee, or in which as a stockholder such person has or exercises a controlling interest either directly or indirectly.
L. 1953, c. 229, § 8; amended 1989, c. 126, § 6; 1993, c. 51, § 14.
45:15-12.2. Repeal
Sections 45:15-30 to 45:15-33, inclusive, of the Revised Statutes are repealed.
L. 1953, c. 229, p. 1693, 9.
45:15-12.3. Revoked license, disability to act
A person whose license has been revoked pursuant to R.S. 45:15-17 or section 6 of P.L.1953, c. 229 (C. 45:15-19.1) shall not be a general partner, officer, director or owner, either directly or indirectly, of a controlling interest in a licensedpartnership, limited partnership or corporation, nor shall the person be retained or employed in any capacity, or compensated in any manner by a licensee, nor shall the person occupy or share office space in a licensed office location for any purpose during the period of revocation.
L. 1993, c. 51, § 21.
45:15-12.4. Revocation of partnership, corporate license
Upon the revocation of the license issued to any partner, officer, director or owner of a controlling interest in any licensed partnership, limited partnership or corporation, the commission shall revoke the license of the partnership or corporation unless, within a period fixed by the commission, the following conditions are fulfilled: a. in the case of a partnership, the connection of the partner whose license has been revoked to the licensee shall be severed and his interest in the licensee shall be divested; b. in the case of a corporation, the officer, director or owner of a controlling interest whose 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 license has been revoked is the general partner, the connection of that person to the licensee shall be severed and his interest in the licensee shall be divested or, if the person whose license was revoked is a limited partner, his interest in the licensee 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, § 22.
45:15-12.5. Maintenance of special account required
a.Every individual, partnership or corporation licensed as a real estate broker shall maintain in a State or federally chartered bank, savings bank, savings and loan association or other depository institution physically located and authorized to transact business in this State and approved by the commission a special account into which the broker shall deposit and maintain all monies received while acting in the capacity of a real estate broker, or as escrow agent, or as the temporary custodian of funds of others in real estate transactions in this State. The account shall be maintained in the name in which the individual, partnership or corporation is licensed to do business as a broker and shall be designated as either the broker’s “trust account” or “escrow account” and shall be maintained separate and apart from all other personal and business accounts. All checks and deposit slips produced as a result of the establishment of the account shall contain the words “trust account” or “escrow account.” The provisions of this subsection shall not apply to an individual licensed as a broker-salesperson.
b.A real estate broker may establish a special interest bearing escrow account under the broker’s control in a depository institution approved by the commission for the deposit of monies from a specific transaction provided the account is clearly identified as pertaining to that transaction. Such accounts shall be maintained separate and apart from all other escrow, business and personal funds.
L. 1993, c. 51, § 42.
45:15-12.6. Approval of depository institution
The commission shall approve a depository institution as required pursuant to section 42 [C.45:15-12.5] of this amendatory and supplementary act upon the institution providing written confirmation to the commission that it shall immediately notify the commission of any issuance of a notice to a licensed broker that a check or other instrument written upon the broker’s escrow or trust account has been dishonored or returned for insufficient funds.
L. 1993, c. 51, § 43.