Title 45, Title 45: PROFESSIONS AND OCCUPATIONS

45:15-16.62 Review of registration; orders, schedule. 13. Every registration required to be filed with the commission under this act shall be reviewed by the commission and the commission shall issue an order of registration in accordance with the following schedule: a. As to com…

45:15-16.63 Deficiency notice, appeal. 14. a. If the commission determines upon inquiry and examination that any of the requirements of this act have not been met, the commission shall notify the applicant that the application for registration shall be corrected as specified in w…

45:15-16.64 Fee for initial registration. 15. a. The fee for an initial registration shall be $1,000 plus $50 per timeshare interest, which fee shall not exceed $7,500, unless otherwise provided by the commission pursuant to regulation to defray the cost of rendering the services…

45:15-16.65 Registrations required for sale. 16. Unless otherwise provided by regulation, a developer, or any of its agents, shall not sell, offer, or dispose of a timeshare interest in this State unless all necessary registrations are filed and approved by the commission, or whi…

45:15-16.66 Creation of provision for managing entity, duties. 17. a. Before the first sale of a timeshare interest, the developer shall create or provide for a managing entity, which shall be either the developer, a separate manager or management firm, the board of directors of …

45:15-16.67 Voidability of purchase contract. 18. Any purchase contract entered into by a purchaser of a timeshare interest under this act shall be voidable by the purchaser, without penalty, within seven calendar days after the receipt of the public offering statement or the exe…

45:15-16.68 Conditions for release of escrow funds to the developer. 19. Excluding any encumbrance placed against the purchaser's timeshare interest securing the purchaser's payment of purchase money financing for the purchase, the developer shall not be entitled to the release o…

45:15-16.70 Prohibitions relative to developers of timeshares. 21. a. A developer or other person offering a timeshare plan shall not: (1) Misrepresent a fact material to a purchaser's decision to buy a timeshare interest; (2) Predict any increase in the value of a timeshare inte…

45:15-16.71 Detailed financial records. 22. The managing entity shall keep detailed financial records directly related to the operation of the time share plan. All financial and other records shall be made reasonably available for examination by any purchaser, or the authorized a…

45:15-16.72 Maintenance of employee records. 23. Every developer shall maintain, for a period of two years, records of any real estate brokers, broker-salespersons or salespersons licensed in the State and employed by the developer, as well as all other managerial employees locat…

45:15-16.73 Permitted action for partition. 24. No action for partition of a timeshare interest may be initiated except as permitted by the timeshare instrument. L.2006, c.63, s.24.

45:15-16.74 Refusal to issue, renew, revoke, suspension of registration, penalties. 25. The commission may refuse to issue or renew any registration, or revoke or suspend any registration or place on probation or administrative supervision, or reprimand any registrant, or impose …

45:15-16.75 Powers of commission. 26. The commission may: a. Accept registrations filed in this State, in other states, or with the federal government; b. Contract with similar agencies in this State or other jurisdictions to perform investigative functions; c. Accept grants-in-a…

45:15-16.76 Determinations by commission; cease and desist order. 27. a. If the commission determines after notice and hearing that a person has: (1) Violated any provision of this act; (2) Directly or through an agent or employee engaged in any false, deceptive, or misleading ad…

45:15-16.77 Violations. 28. a. If it appears that a person has engaged, or is about to engage, in an act or practice constituting a violation of a provision of this act, the commission, with or without prior administrative proceedings, may bring an action in the Superior Court to…

45:15-16.78 Application for registration deemed submission to jurisdiction of courts. 29. a. For purposes of this act, an application for registration submitted to the commission shall be deemed a submission, by the applicant, to the jurisdiction of the courts of the State of New…

45:15-16.79 Additional penalties. 30. a. Any broker, broker-salesperson or salesperson who violates the provisions of this act shall, in addition to the penalties set forth herein, be subject to the penalties as set forth in R.S.45:15-17. b. Any person who violates any provision …

45:15-16.80 Actions, counterclaims, remedies. 31. a. Any person who suffers any ascertainable loss of moneys as a result of the failure of another to comply fully with the provisions of this act may bring an action or assert a counterclaim in any court of competent jurisdiction. …

45:15-16.81 Valid registration required for action. 32. a. An action shall not be maintained by any developer in any court in this State with respect to any agreement, contract, or services for which registration is required by this act, or to recover the agreed price or any cons…

45:15-16.82 Rules. 33. The commission shall adopt rules for the implementation and enforcement of this act in accordance with the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.). L.2006, c.63, s.33.

45:15-16.83 Forms, procedures. 34. The commission may prescribe forms and procedures for submitting information to the commission. L.2006, c.63, s.34.

45:15-16.84 Investigation of matters relative to application for registration. 35. The commission shall thoroughly investigate all matters relating to an application for registration under this act and may require a personal inspection of any timeshare plan, accommodation, and an…

45:15-16.85 Existing timeshare plans remain in full force and effect. 36. All timeshare plans that were registered and approved pursuant to the provisions of the "Real Estate Sales Full Disclosure Act," P.L.1989, c.239 (C.45:15-16.27 et seq.) and "The Planned Real Estate Developm…

45:15-16.86 Definitions. 1. As used in P.L.2024, c.32 (C.45:15-16.86 et al.): "Agency relationship" means the agency relationship created under P.L.2024, c.32 (C.45:15-16.86 et al.) between a real estate brokerage firm and a principal relating to the performance of real estate br…

45:15-16.87 Brokerage firm acting as buyer's, seller's, dual disclosed, designated agent, duties owed to principal, all parties in a transaction. 2. In addition to the duties provided for under current law, a brokerage firm, including its brokers, broker-salespersons, and salespe…

45:15-16.88 Brokerage firms, real estate brokerage services, buyer's agent, conditions, exceptions. 3. a. A brokerage firm, including brokers, broker-salespersons, and salespersons affiliated with the brokerage firm, that performs real estate brokerage services for a buyer is a b…

45:15-16.89 Buyer's agent duties, exceptions. 4. a. In addition to the duties provided for under current law, the duties of a buyer's agent shall include the following, which may not be waived, except as expressly set forth in paragraphs (4) and (5) of this subsection: (1) to be …

45:15-16.90 Brokerage firms, real estate brokerage services, seller's agent, conditions, exceptions. 5. a. A brokerage firm, including brokers, broker-salespersons, and salespersons affiliated with the brokerage firm, that performs real estate brokerage services for a seller is a…

45:15-16.91 Seller's agent duties, exceptions. 6. a. In addition to the duties provided for under current law, the duties of a seller's agent shall include the following, which may not be waived, except as expressly set forth in paragraphs (4) and (5) of this subsection: (1) to b…

45:15-16.92 Brokerage firms acting as a disclosed dual agent, informed consent of both parties, residential, commercial real estate transaction; duties, exceptions. 7. a. A brokerage firm, including its brokers, broker-salespersons, and salespersons, may act as a disclosed dual a…

45:15-16.93 Different broker, broker-salesperson, salesperson, designated agent, fiduciary duties owed, respective principals. 8. a. In a transaction in which a different broker, broker-salesperson, or salesperson is designated as a designated agent by a brokerage firm, including…

45:15-16.94 Brokerage firm engaged as transaction broker shall not act as an agent or represent any party in the transaction; transaction broker duties. 9. a. A brokerage firm, including brokers, broker-salespersons, and salespersons affiliated with the brokerage firm, that has b…

45:15-16.95 Established agency, transaction broker relationships, completion, expiration of terms, termination, conditions. 10. a. The agency or transaction broker relationships established pursuant to this chapter shall continue until the earliest of the following: (1) completio…

45:15-16.96 Real estate transaction, brokerage firm compensation. 11. a. In any real estate transaction, a brokerage firm's compensation may be paid by one or more of the following: the seller; the buyer; a third party; or by sharing the compensation between brokerage firms. Agre…

45:15-16.97 Liability, brokerage firm, principal, agent, transaction broker. 12. a. A principal shall not be liable for an act, error, or omission by an agent or transaction broker of the principal arising out of their relationship: (1) unless the principal participated in or aut…

45:15-16.98 Principal not to be charged, knowledge, notice of facts known by brokerage firm, not actually known by principal. 13. Unless otherwise agreed to in writing, a principal may not be charged with knowledge or notice of any facts known by a brokerage firm representing or …

45:15-16.99 Residential property showing, generally open to public, sign advising prospective buyers, brokerage firm representing seller only; exceptions, sign text. 14. a. At any residential property showing that is generally open to the public, a sign shall be posted at the ent…

45:15-16a Rebate paid by broker to purchaser. 2. a. Any rebate paid by a broker to a purchaser of residential real property pursuant to paragraph (2) of subsection k. of R.S.45:15-17 shall be: (1) Calculated after the purchaser negotiates the rebate commission rate; (2) Memoriali…

45:15-16b Advertisement for rebate. 3. a. Any advertisement for a rebate allowed pursuant to paragraph (2) of subsection k. of R.S.45:15-17 shall include: (1) A disclosure concerning the purchaser's obligation to pay any applicable taxes for receipt of the rebate; and (2) A notic…

45:15-16c Regulations. 4. The New Jersey Real Estate Commission may promulgate regulations pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), necessary to effectuate the provisions of this act. L.2009, c.273, s.4.

45:15-17 Investigation of actions of licensees; suspension or revocation of licenses and causes therefor. 45:15-17. The commission may, upon its own motion, and shall, upon the verified complaint in writing of any person, investigate the actions of any real estate broker, broker-…

45:15-17.1. Temporary suspension of license 23. The commission may, on its own motion, enter an order temporarily suspending the license of any licensee upon making a finding that prima facie evidence exists that the licensee has violated subsection d. or subsection o. of R.S.45:…

45:15-17.2. Freezing accounts during suspension of broker's license 24. Upon entering an order temporarily suspending the license of any broker, the commission may also enter an order directing that some or all of the accounts maintained by the broker in any depository institutio…

45:15-17.3. Sanctions for noncomplying sales of mobile homes 2. A real estate licensee who acts as an agent or broker in the sale of a mobile or manufactured home, as defined in subsection a. of R.S.39:10-19, in a manner which does not comply with all requirements of R.S.39:10-1 …

45:15-17.4. Rules, regulations 3. The New Jersey Real Estate Commission, after consultation with the Director of the Division of Motor Vehicles, shall, pursuant to the provisions of the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), promulgate rules and reg…

45:15-18 Notification to licensee of charges made in licenses suspension, revocation. 45:15-18. With the exception of a temporary suspension imposed by the commission pursuant to section 23 of P.L.1993, c.51 (C.45:15-17.1), the commission shall, before suspending or revoking any …