New Jersey License Law
If a NJ real estate broker dies, the broker's license:
AIs automatically transferred to the most senior salesperson
BTerminates; the brokerage must make arrangements with the NJREC to allow a qualifying broker to take over or wind down the business✓ Correct
CRemains valid for one year without a licensed broker
DIs transferred to the deceased's estate automatically
Explanation
Upon the death of a sole proprietor broker, the brokerage license terminates. NJ allows a limited period for an estate or surviving partners to arrange for a qualified broker to take over or wind down the business, subject to NJREC approval.
People Also Study
Related New Jersey Questions
- Under N.J.S.A. 45:15, what is the maximum period a real estate salesperson license may remain inactive before it is considered lapsed?New Jersey License Law
- The NJREC may suspend or revoke a real estate license for all of the following EXCEPT:New Jersey License Law
- When a NJ broker's license expires and they continue to practice real estate, they are subject to:New Jersey License Law
- A NJ licensee who discriminates in any real estate transaction is subject to disciplinary action under NJREC as well as:New Jersey License Law
State-Specific Concepts
License Law
Practice More New Jersey Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Jersey Quiz →