The benefits of obtaining a real estate license in New Jersey are unquestionable and worth your time, money, and effort. A licensed real estate agent or company can earn more money, access more deals, earn more commissions, increase business knowledge, and expand contact networks. A real estate agent has an average salary of $94,335 per year in NJ. Here are the most frequently asked questions (FAQs) about NJ real estate.
What is NJ Real Estate License?
Real estate licenses are the state-issued licenses that allows you to provide services related to buying and selling residential and commercial properties. It is illegal to call yourself a real estate agent in NJ without an NJ-issued real estate license. You will need to pass the exam to receive your Jersey real estate license from the Jersey real estate commission to pursue a real estate career.
Who is required to have a Real Estate License in NJ?
Anyone can apply for a real estate license in NJ. The state laws require a person or business entity to engage with a brokerage after obtaining a real estate license.
How do I obtain an NJ Real Estate license?
You need to follow a step-by-step process to obtain an NJ real estate license. Here are the requirements for obtaining NJ real estate license to work as a real estate salesperson.
- You must be 18 years old
- Complete 75 hours of real estate education at a licensed real estate school
- Register and pass your New Jersey State licensing exam
- Complete the fingerprinting process before submitting your application
- Obtain a sponsoring broker to streamline the process
- Submit your application to a licensed services bureau
How much does it cost to become a Licensed Real Estate Agent in New Jersey?
This article on our website goes over the costs involved with becoming a Realtor, as well as ongoing costs associated with the career and real estate schools. It costs around $710 to become a licensed real estate agent in New Jersey. This includes the cost of the pre-licensing exam prep course, the application fee, the exam, background check, and the license itself. Here’s a great article if you have questions about What Factors Influence a Real Estate Agent’s Salary?
How do I Transfer my Real Estate License to another Broker?
The NJ State requires real estate agents with terminated status to transfer to a new company or broker. It is crucial to write and submit a formal resignation letter to your current company.
Make sure your current broker terminates your real estate license through NJ Licensing Services. Once terminated, you can follow further steps to transfer your real estate license. Remember to pay a $25 fee through your credit card.
How Long Does it Take to Get NJ Real Estate License?
If you want to qualify for a real estate license, you must have a high school education and complete at least 75 (for a salesperson) or at most 150 hours (for a broker) of pre-licensure education from a licensed school. Aspiring Brokers must also complete a 90-hour course and two 30-hour courses on office management and real estate ethics.
How Do I Establish My own Company?
If you want to establish your own real estate business, you need to obtain a corporate license or sole proprietorship. Therefore, you need to contact the concerned authorities or Commission for forms, documents, or instructions. Call (609) 292-7272 to start the process. You should also register with the New Jersey Department of Small Business Administration.
How to Acquire my License History?
Write and submit a formal letter to the NJ Real Estate Commission. You must pay $25 to know the status of your current license. However, if you want to obtain your license history, a $50 fee must accompany your formal letter or request. Remember, NJ Real Estate Commission does not accept personal paychecks. Therefore, you must pay through money order, certified check, or cashier’s check.
Can I Change My Name on My Real Estate License?
You must use your legal name to apply for the license. If you want to change your name on your license, make sure you explore all the necessary information available on the DOBI official website. Browse the website and find the application form. Fill the form, use your new name, and sign it.
You must attach a legal copy of your marriage certificate or your divorce decree. It requires you to pay a $50 fee for a name change. You must pay via money order, broker’s business check, or certified check.
What to Do If I Accidently Lose My License?
Losing your real estate license is a frustrating experience. However, you can fix the issue by asking your real estate brokers or company to write and submit a formal request to the Commission. You can also send a fax to (609) 292-6765 and request a duplicate license. It’s a good idea to include the term lost license NJ in your communication. The Commission does not charge any fee for issuing a duplicate license. The NJ real estate commission phone number is (609) 292-7272.
How Many Times Can I Take The NJ Real Estate Exam?
You can take the NJ real estate exam three times. It involves passing the state and national exam portions. If you fail to pass the exam in three attempts, you will take an additional 60 hours of education. Otherwise, you can’t re-qualify for the NJ real estate licensing exam.
Licensed Real Estate Agent Vs. licensed real estate brokerage Profession – What’s the difference?
A real estate agent has a professional license to assist people in buying, purchasing, and renting residential properties in their state. On the other hand, brokers are real estate agents with additional licenses, training, skills, and experience. A broker is someone who is licensed to own their own real estate firm. A real estate agent cannot work on their own, they must work under a licensed sponsoring real estate broker.