This bill amends New Jersey law to clarify the conditions under which real estate salespersons and broker-salespersons can receive commissions. Specifically, it allows these professionals to form limited liability companies (LLCs) or other legal entities to accept commissions or valuable considerations, which was previously restricted to payments from their employer or contracting broker. The new language ensures that accepting payments from an LLC does not disrupt the existing business relationship defined in the written agreement between the broker and the salesperson or broker-salesperson.

Additionally, the bill mandates the New Jersey Real Estate Commission to establish a registration process for these limited liability companies and other entities to facilitate the receipt of commissions. This update aims to modernize the compensation structure for real estate professionals in New Jersey, providing them with more flexibility while maintaining the integrity of their contractual relationships with brokers.