Free study sheet
NJ-only rules vs national content
Contracts and money
| Attorney review | 3 business days after both parties receive the signed contract |
|---|---|
| Escrow | Salespersons never hold deposits; the broker deposits within 5 business days |
| Escrow records | Kept at least 6 years from receipt |
| Commingling / conversion | Mixing / using client funds |
Licensing
| Regulator | New Jersey Real Estate Commission (NJREC) |
|---|---|
| CE | 12 hours for the term ending June 30, 2027; 18 hours from July 1, 2027 (P.L. 2026, c.52) |
| Salesperson | Licensed under an employing NJ broker |
| Guaranty Fund | Up to $20,000 per transaction when a judgment for a licensee's embezzlement or conversion cannot be collected |
Laws named in the PSI outline
| Law Against Discrimination | Broader than federal fair housing; protects source of lawful income |
|---|---|
| Mount Laurel | Municipal fair share of affordable housing |
| Pinelands Protection Act (1979) | Development limits in the Pinelands |
| Freshwater Wetlands Protection Act (1987) | Development limits in freshwater wetlands |
| Municipal Land Use Law | Local zoning and master plans |
| Realty Transfer Fee | Seller pays; graduated 1% to 3.5% fee on covered sales over $1M, deeds first submitted for recording on or after July 10, 2025 |