New Jersey License Law
A New Jersey broker who is convicted of mortgage fraud would likely face:
AOnly a NJREC written reprimand
BCriminal prosecution, potential imprisonment, and NJREC license revocation✓ Correct
COnly civil penalties from HUD
DLoss of MLS access only
Explanation
Mortgage fraud is a serious federal and state crime. In addition to criminal prosecution and potential imprisonment, a NJ broker convicted of mortgage fraud would face NJREC license revocation. This would also likely involve referral to federal authorities for violations of federal mortgage fraud statutes.
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