There are two types of real estate licenses in New Jersey: a broker’s license and a salesperson’s license, and requirements differ between the two. Continuing education is required to maintain these licenses.
Salesperson Licensing Requirements
In order to be licensed in New Jersey, an prospective salesperson must be at least 18 years of age, with a high school education or equivalent. The prospective salesperson must complete 75 hours of real estate education at a licensed school, and then take a state-approved exam. Real estate courses must be approved by the New Jersey Real Estate Commission, though reciprocity agreements are in place which allow the recognition of real estate courses from other states. After completed a qualified course, applicants submit their course transcripts to the state along with a fee, and then must apply for a state license through a licensed broker. After passing the exam, a salesperson must then be sponsored by a broker in order to work.
Broker Licensing Requirements
Real estate salespeople in New Jersey work for a brokerage, and the brokerage license is held by a broker. This broker employs and is responsible for the salespeople she sponsors. In addition, a broker’s license is required to negotiate commercial mortgage loans. Thus, the requirements are greater for a broker. The prospective broker must complete at least 150 hours of state-approved real estate education, including a 90-hour general course and 60 hours on agency, ethics, office management and other broker-specific topics. In addition, unlike the salesperson license, a broker’s license has experience requirements. Broker applicants must have worked full time in real estate for the prior three years. A broker-salesperson license is also available for a qualified broker who chooses work as a salesperson under another broker.
Continuing Education Requirements
New broker’s and salesperson’s licenses are valid for two year terms, ending on June 30th. An expiration date is printed on the license, and the state sends a reminder to the employing broker. In January 2010, the Department of Banking and Insurance has added a continuing education requirement for license renewal. In order to renew, the license holder must have completed a specified minimum amount of continuing education courses at some time within the license period, starting with license renewals in 2013. As of March 2010, continuing education rules had not yet been finalized, but courses are expected to be available beginning in July 2011.