Sponsored by:
Assemblyman ROBERT AUTH
District 39 (Bergen)
Co-Sponsored by:
Assemblywoman Flynn
SYNOPSIS
Revises out-of-State reciprocity for real estate licensees.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning reciprocity for real estate licensees and supplementing chapter 15 of Title 45 of the Revised Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. The commission shall, in its discretion, grant licenses without examination to applicants for licensure as a real estate broker, broker-salesperson, or salesperson who are so licensed by other states; provided that equal reciprocity is provided for real estate brokers, broker-salespersons, and salespersons by the law of the applicant’s domiciliary state and provided further that the applicant’s domiciliary state’s standards are equal to or comparable to those of this State.
2. This act shall take effect on the first day of the seventh month next following the date of enactment and shall apply to applications for licensure received on or after that date.
STATEMENT
This bill establishes equal out-of-State reciprocity for real estate brokers, broker-salespersons, and salespersons from other states with similar standards. Under the bill, the New Jersey Real Estate Commission is required to grant licenses to out-of-State real estate brokers, broker-salespersons, and salespersons if equal reciprocity is provided by the law of the applicant’s domiciliary state and if the applicant’s domiciliary state’s standards are equal to or comparable to New Jersey’s standards.