A New Jersey Real Estate Licensee May Not
Introduction
Real estate is a lucrative business in New Jersey, but it comes with rules and regulations that must be followed. A real estate licensee is someone who has a license to practice real estate in New Jersey. Although there are many things a real estate licensee can do, there are also many things they cannot do. This article will discuss some of the things a New Jersey real estate licensee may not do.
Practice Law
A New Jersey real estate licensee is not allowed to practice law. This means they cannot give legal advice or draft legal documents, such as contracts or leases. They can, however, fill out pre-printed forms that have been approved by the New Jersey Real Estate Commission.
Engage in False Advertising
A New Jersey real estate licensee is not allowed to engage in false advertising. This means they cannot make false or misleading statements about themselves or their properties. They must also disclose any material defects about a property they are selling.
Discriminate
A New Jersey real estate licensee is not allowed to discriminate based on race, color, religion, national origin, sex, familial status, or handicap. This means they cannot refuse to sell, rent or show a property to someone based on any of these factors.
Give Kickbacks
A New Jersey real estate licensee is not allowed to give or receive kickbacks. This means they cannot receive any compensation for referring clients to other businesses or individuals.
Accept Compensation from Both Parties
A New Jersey real estate licensee is not allowed to accept compensation from both parties in a transaction without the knowledge and consent of both parties.
Conclusion
A New Jersey real estate licensee must follow many rules and regulations. This article has discussed some of the things they may not do, such as practicing law, engaging in false advertising, discriminating, giving kickbacks, and accepting compensation from both parties without knowledge and consent. By following these rules, a New Jersey real estate licensee can maintain their license and provide excellent service to their clients.