As a licensed real estate brokerage, you understand the importance of operating within regulations. Not only is it your duty, but it is also essential for maintaining a positive reputation and successful business. The NJ Real Estate Commission investigates all brokerages within the state to ensure they comply with mandated documents and office requirements. You don't want to risk losing the trust of your clients or facing hefty fines due to neglecting these critical elements.
Make sure your office is always up to par by following this essential office checklist:
- The company brokerage license and all agent/broker licenses posted on a wall so it's visible inside the office.
- Pocket License Identification
- All independent contractor agreements including Schedule A and B showing the commission splits, and that brokers pay out to agents all commissions within 10 days.
- Broker Escrow Account Ledger
- Office Lease or Ownership Documents
- Business Cards
- A brokerage sign posted on the front of the building so customers can recognize the business as a real estate office.
- Physical office space and an entrance and exit that abide by the regulations.
Don't risk noncompliance with these requirements! Ensure that your brokerage is up to code and ready for inspection.
