New Jersey License Law
In NJ, a licensed broker who closes their office permanently must:
ADo nothing as license automatically terminates
BNotify the NJREC, close escrow accounts properly, transfer all client records, and ensure salesperson licenses are placed with new brokers✓ Correct
CTransfer their license to the most senior salesperson automatically
DSimply notify their salespersons to find new jobs
Explanation
When a NJ brokerage closes permanently, the broker must properly notify the NJREC, wind down all pending transactions, properly disburse escrow funds, return all records to clients, and arrange for salesperson licenses to be transferred to new employing brokers.
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