November 2, 2018
On the first day of our real estate licensing class in Cherry Hill, one of the first questions we pose is, “What is the Real Estate Commission?”
The Commission is a state agency within the Department of Banking and Insurance. It regulates just about every aspect of a real estate agent’s professional conduct. It was created back in 1921 “to administer and enforce New Jersey’s real estate licensing law.” The Commission’s role can be succinctly described as “protecting the public by licensing real estate agents and brokers and establishing strict rules of conduct in the purchasing, selling, or leasing of real estate in the state.” It is comprised of five persons who have been licensed as real estate brokers for at least 10 years, two members selected by the Governor from the public, and one representative from a department within the state government.
“Walks Softly and Carries a Big Stick!”
The Real Estate Commission walks softly but carries a big stick! While most residents have never heard of the Real Estate Commission, they have the power to walk into any real estate brokerage and demand to see any file or files for real estate transactions going back six years. Members of the public (or other Realtors®) can report activities that they believe violate the strict rules under which we all must operate, and after a thorough investigation, the Commission can issue disciplinary actions that range from a warning to a $50,000 fine and lifetime revocation of their real estate license.
Garden State Real Estate Academy—and our instructors—and every real estate professional in the state must be licensed by the Real Estate Commission. We pass rigorous in-classroom training and very difficult examinations to earn our licenses, and then must take 12 hours of approved continuing education to renew their license every two years.
So to the question, “Does the NJ Real Estate Commission really matter?” the answer is a resounding YES! They do a great job of protecting the public, of enforcing rules that regulate the licensing of real estate professionals, and of helping make the purchase, sale and leasing of property a safe and ethical transaction in New Jersey.
If you are thinking of becoming a real estate agent, talk to us! We talk to people every week about the real world (not the TV image!) of a real estate career. And we have real estate licensing classes forming now for both full-time and part-time day and evening time slots every month. You can find a great deal of information at our website: www.gsreAcademy.com
David C. Forward is a licensed real estate broker and instructor and was first licensed as a Realtor(r) 30 years ago. He is School Director of Garden Real Estate Academy, has won numerous awards for real estate sales, is a much-requested public speaker who has addressed audiences on six continents and is the author of 13 books. David can be reached at David@gsreAcademy.com