A Quick Guide on How to Get a Real Estate License in New Jersey
A career in real estate is a good career path to pursue in New Jersey because it is a lucrative career that earns great income, lets you meet a lot of people, and opens opportunities for you.
However, not just anyone can become a real estate agent in the Garden State. You must first past the stringent Real Estate License New Jersey exam in order to achieve your dreams.
Every law and regulation that is about obtaining this license has been set forth by the New Jersey Real Estate Commission (NJ REC). If you desire to acquire your real estate license as a salesperson or broker, you must first pass your educational requirements for licensure that has been set-up by the law and pass the real estate exam.
Those who practice without passing the Real Estate License New Jersey exam are subject to sanction for violating the license laws, which can have serious repercussions if you try anything untoward.
What are the general requirements for a NJ Real Estate License?
The NJ Commission states that all applicants for any type of real estate license may it be broker or salesperson must first need to meet the standards for good moral character.
You must satisfy the commission and prove you are an honest, law-abiding person who has integrity and great community standing. In addition to that, you must be at least 18 years of age, a US Citizen or a permanent resident alien.
Any applicant that has been convicted of a crime, currently in parole, or under probation can have their application for a real estate license be denied. This can be seen in the N.J.S.A. (NJ Statutes Annotated in 45:15-9, 45:15-12.1 and 2A:168A-1 et seq.
You must disclose all crimes, criminal accusations, misdemeanors, and child support issues. You must also state if you have any other real estate license denied, suspended, or revoked in the past in NJ or any other state.
What are the educational requirements from the NJ Real Estate Commission?
You must also show proof of your high school graduation or its equivalent. You as an applicant must fulfill the educational requirements established by the NJ Real Estate Commission. Those of you who are seeking to gain your license must study very hard and take your education seriously in order to pass your real estate exam.
These are all necessary steps before you can apply for the NJ Real Estate license.
The most important criteria, any applicant to the real estate exam must first be able to complete 75 hours of approved real estate education by any school that is accredited by the NJ REC. You can check the NJ Department of Banking and Insurance website for an extensive list of approved courses to ensure that you are on track to get the right and accredited school.
The Banking and Insurance department oversees the Real Estate Commission.
The applicants must fulfill all of these educational requirements established by the NJ Real Estate Commission.
Then those seeking to gain their license must apply for their real estate exam and pass this exam, which is conducted under the supervision of the commission.
The NJ REC also has the full powers to revoke licenses, conduct investigations/ inquiries, hold hearings, and sanction real estate sales persons or real estate firms for violating the license law and its administrative rules.
Noteworthy, there is also a real estate broker’s license. To qualify for a broker’s license, you must complete 150 hours of pre-license studies, along with a 90 hour general real estate course, coupled with two 30 hour courses on Agency Ethics, Office Management, and other topics related to business. On top of this, you must have been employed as a licensed real estate salesperson for three years before your application.
In addition to this, you must pass the real estate broker exam.
How Long does it take to get a real estate license in New Jersey?
As noted above, after garnering your high school diploma or its equivalent, you will need to spend 75 hours on an accredited school before you can take your real estate exam to become a qualified real estate salesperson. After you finish this required education, you will are given one year to review, take, and pass that state examinations.
This exam is administered every year by the PSI Services LLC, and you can register with them at their official website for a seamless application process. You can also check their other requirements at the same site. If you want to further prep for the exam, you can choose to enroll yourself in an exam preparation course.
Are there any other requirements?
Before you can submit your application to become a licensed real estate personnel, you must have your biometrics or fingerprints taken. In order to get this done, you must fist be sponsored by a licensed broker. In order to avoid any kinds of issues, problems, or delays, you must file on time. As soon as you pass your real estate exam, submit your fingerprints right away. For more information on this process, visit this website in charge for collating the information.
It is critical to note that your application for the license must be submitted within a year of completing your 75 hours of required schooling. On top of this, your application will only be entertained and accepted, if it is fully complete, along with the appropriate license fees and the evidence that you have finished with the fingerprinting process. The final step is submitting your license application to the Licensing Services Bureau, Real Estate.