The bill revises the continuing education requirements for real estate licensees in New Jersey, enhancing the licensure process for brokers, broker-salespersons, and salespersons. Key changes include a new mandate for applicants seeking to reinstate a license within two years of expiration to provide proof of completed continuing education during the preceding license term. For brokers or broker-salespersons who fail to renew their licenses for more than two but less than five years, the bill requires them to complete specific continuing education and work as a licensed salesperson for one year before being eligible for relicensure. Additionally, the bill establishes new educational requirements for salespersons licensed with real estate referral companies, increasing their continuing education hours from 30 to 36 for those with less than six years of experience.

Moreover, the bill increases the total hours required for biennial license renewal from 16 to 18, with at least 2 hours mandated to be completed in an in-person classroom setting or through a live webinar. It also revises the delivery methods for continuing education courses, allowing online and live webinar formats with specific assessment criteria. Certain real estate schools can bypass licensing requirements if they demonstrate a significant number of successful course completions. Course providers must post a $15,000 bond and can approve their own instructors if they meet specific criteria. These changes will take effect on July 1, 2027, and will apply to all biennial real estate license terms commencing thereafter.

Statutes affected:
Introduced: 45:15-10.8, 45:15-16.2