ASSEMBLY APPROPRIATIONS COMMITTEE

STATEMENT TO

ASSEMBLY, No. 4947

with committee amendments

STATE OF NEW JERSEY

DATED: JUNE 8, 2026

      The Assembly Appropriations Committee reports favorably and with committee amendments Assembly Bill No. 4947.

As amended, this bill revises the continuing education requirements for individuals licensed by the New Jersey Real Estate Commission and makes certain changes to the regulation of continuing education providers, instructors, and courses.

      The bill increases, from 30 to 36, the number of continuing education hours required for a salesperson licensed with a real estate referral company to qualify for licensure as a salesperson and increases, from 30 to 45, the number of hours required for a licensed broker, broker-salesperson or salesperson who has been a salesperson licensed with a referral company to qualify for re-licensure as a broker, broker-salesperson, or salesperson.

      The bill also increases, from up to 16 hours to 18 hours, the amount of continuing education required as a condition of biennial license renewal for brokers, broker-salespersons, and salespersons, and imposes an additional 2 hours of continuing education in timely topics if the commission determines, prior to each biennial license term, that additional continuing education is necessary for a certain license term.  The bill establishes certain topics that are to comprise 14 of the required 18 hours of continuing education for brokers and broker-salespersons and 10 of the required 18 hours for salespersons.  At least 2 hours of any of the continuing education topics established by the bill, excluding Real Estate Licensee Safety, are to be completed in an in-person classroom setting or through a live webinar.  These requirements do not apply to salespersons licensed with a referral company, who are required under the bill to complete 2 hours of continuing education in Referral Responsibilities and Legal Updates as a condition of biennial license renewal.

      The bill revises the methods of delivery and assessment of continuing education courses.  Continuing education courses delivered through a live webinar are to include periodic progress assessments as a condition of receiving credit for attendance, and online, self-paced courses are to include the passage of an examination with a minimum score of 75 percent as a condition of receiving credit for attendance.  The commission is not permitted to require the passage of a comprehensive examination as condition of receiving attendance credit for an in-person course.

      The bill revises the membership of the Volunteer Advisory Committee to include approved instructors of continuing education courses.  Under the bill, the commission is required to approve or deny a continuing education course, course provider, or course instructor application recommended for approval by the committee at the next regularly scheduled meeting of the commission following receipt of the recommended application.  If the commission is not scheduled to meet within 30 days of receipt of a recommended application, the bill requires the commission to designate certain personnel to approve or deny a recommended application.  A member of the committee approved by the commission as an instructor of continuing education is prohibited from approving the member’s own continuing education course application.

      The commission is authorized to investigate a continuing education course, course provider, or course instructor suspected of violating the provisions of the bill.  The commission may place on probation, suspend, or revoke the approval of a course, course provider, or course instructor found by the commission to have violated the provisions of the bill or may, as an alternative to such probation, suspension, or revocation, impose on a course provider or course instructor a penalty of not more than $5,000 for the first violation, and a penalty of not more than $10,000 for any subsequent violation.

      The bill additionally provides that individuals applying to the commission for approval as a continuing education instructor are to meet certain educational and experience requirements. 

      The bill’s provisions are to apply to biennial real estate license terms commencing on or after the bill’s effective date.

COMMITTEE AMENDMENTS:

      The committee amended the bill to:

      (1)  remove language exempting certain real estate schools from the requirement that a school’s director is to be licensed as a real estate instructor and approved by the commission;

      (2)  require the commission to approve or deny a continuing education course, course provider, or course instructor application recommended for approval by the committee at the next regularly scheduled meeting of the commission following receipt of the recommended application and require the commission to designate certain personnel to approve or deny a recommended application if the commission is not scheduled to meet within 30 days of receipt of a recommended application;

      (3)  provide that the commission may investigate a continuing education course, course provider, or course instructor and issue fines or suspend, revoke, or place approvals on probation; 

      (4) remove language authorizing certain continuing education course providers to approve their own continuing education instructors and courses and requiring course providers to post a $15,000 bond to the commission;

      (5)  remove language requiring a continuing education course instructor approved by the commission to provide proof that the instructor taught two approved courses in the previous license cycle to be eligible for reapproval as an instructor; and

      (6) make technical changes.

FISCAL IMPACT:

The Office of Legislative Services finds that the bill will modestly increase State expenditures by indeterminate amounts for the New Jersey Real Estate Commission in the New Jersey Department of Banking and Insurance to update and approve licensing and continuing education requirements.

      Further, indeterminate State revenue increases may periodically occur from fines from the lack of compliance by continuing education course providers. The bill establishes a penalty of not more than $5,000 for the first violation, and a penalty of not more than $10,000 for any subsequent violation.