This bill aims to revise the out-of-State reciprocity process for real estate licensees in New Jersey. It mandates that the New Jersey Real Estate Commission grant licenses without examination to applicants who are already licensed in other states, provided that those states offer equal reciprocity and have standards that are equal to or comparable to New Jersey's standards.

The legislation emphasizes the importance of maintaining consistent licensing standards across states to facilitate the licensing of qualified real estate professionals. The bill will take effect on the first day of the seventh month following its enactment and will apply to all applications for licensure received after that date.