New Jersey Real Estate License Requirements & Costs – 2023
In this article, we will cover the step-by-step New Jersey real estate license requirements and the associated costs.
We will also cover some of the top New Jersey real estate pre-licensing schools, introduce you to the New Jersey Real Estate Commission, and cover some FAQs.
You can select a specific topic in our table of contents below or read our New Jersey real estate license requirements article from start to finish.
New Jersey is renowned for its flourishing industry in the real estate market. If you have just moved in and you wish to acquire a real estate license, you are in the right place. Getting a license in New Jersey is somewhat similar to other states and you will need to do a pre-licensing course, sit for an exam, and work for a brokerage.
New Jersey is a state that cherishes competency, trustworthiness, and society set that favors everyone. Therefore, its real estate market is under tight supervision by the New Jersey Real estate commission. Before checking the nine steps of license acquisition, let’s see what the commission is about.
What Is the New Jersey Real Estate Commission?
The New Jersey Real Estate Commission (NJREC) was formed in 1921 to manage and execute New Jersey’s real estate license legislation.
The board comprises five individuals who have been certified as real estate brokers within the state for about ten years, two public representatives, and a delegate from a relevant government agency.
They are conscientious about creating a good real estate market environment for agents, brokers, investors, and homeowners.
The New Jersey Real Estate Commission’s Authority and Responsibilities are:
- It determines educational standards and standards for all new jersey’s real estate license applicants permits real estate schools to offer licensing courses and manages license application data.
- It also has the right to challenge, verify, or cancel real estate licenses.
- It adjusts or sets new laws to ensure justice and equality in the New Jersey real estate market and act as a sanction in the event of abuse.
- It also investigates how real estate licenses are utilized in new jersey
- It decides who is to be given a license based on their criminal record
New Jersey Real Estate License Requirements
To get your New Jersey real estate license, you need to be 18 years or older, have a high school diploma or G.E.D., and have a clean criminal record. You will also be required to:
- Fill out and submit the New Jersey application documents.
- Provide documentation indicating that you have completed the 75-hour New Jersey real estate pre-licensing training.
- Do fingerprinting background checks.
- Show proof of your rightful age.
- Pay for the New Jersey exam and licensing application fees for salespeople.
- Take the real estate salesperson test in New Jersey
- Find a Brokerage to work with and submit an application to the New Jersey Real Estate Commission.
Are There Any Reciprocity or Portability Rights In New Jersey?
No, New Jersey does not have a reciprocity right with another state. However, it offers education waivers if you are from Penn or New York.
New Jersey is a turf state with no portability rights. Therefore, out-of-state agents cannot operate in New Jersey physically or remotely.
Step 1: Complete the 75-hour New Jersey Pre-Licensing Course
When applying for the salesperson real estate license in new jersey, there are 75 hours of pre-licensing courses in order.
The course should be taken in an institution that the New Jersey real estate commission approves. Choose the institution that’s nearest to you. Again, you can get institutions offering the courses online.
What Are Some Accredited Real Estate Schools in New Jersey?
We recommend the Colibri Real Estate New Jersey online-based but live-streamed New Jersey Real Estate Pre-licensing School.
Many of the other top online real estate schools don’t offer live stream classes for New Jersey yet but they are working on it. The live-stream option mentioned above is a good choice.
The New Jersey pre-licensing course will cover each of these topics.
- New Jersey land use limits and restrictions
- Asset rights
- Assessment and marketing plan
- Finance in real estate
- Accountability and principles in agencies
- New Jersey Real estate disclosures
- New Jersey Contracts and deals
- Asset management and renting
- Sale of ownership
- Real estate practices
- Statistics for real estate
- The NJ Real Estate Commission’s responsibilities and capabilities
- New Jersey Requirements for obtaining a real estate license
- New Jersey Regulations that guide the acts of licensees
- The Property Investment, Sales and Full Disclosure Act of New Jersey
- New Jersey’s anti-discrimination law
- The Real Estate Guaranty Fund (REGF)
- The Timeshare Act of N.J.
Pass The New Jersey Pre-Licensing Course Exam
Pass rates differ with institutions. The number of questions at the end of the 75 hours pre-licensing exam will also be different. Your administrator will inform you of the number of questions.
Once you have passed, your certificate will be processed, and it can be downloaded from your course account. Your institution will inform the P.S.I., New Jersey’s real estate exam vendor, that you have completed the course.
Step 2: Complete The Criminal and Background Check Process
Once you have done the end-of-course exam, you will need a background check. It’s a New Jersey Real Estate Commission requirement and cannot be skipped.
The process can be done by downloading the New Jersey universal fingerprinting document.
When filled out, make an appointment with Identogo the fingerprinting vendor in New Jersey. They will charge you $66.05 for the live scan fingerprinting.
When done with the fingerprints, the background checks start.
The NJREC will check the results of your criminal history records and revert with a report concerning your eligibility for the subsequent application process. Should there be any confusion in this process, reach out to the F.B.I. with extra documentation to clear up any issues.
If you are on record for any crime or judgment, your eligibility may be compromised. In such incidents, you will be presented with the opportunity to submit a written form in response.
Step 3: Schedule and Pass the New Jersey Real Estate Exam
You should sit for the New Jersey real estate exam within 12 months after completing the pre-licensing course. Despite being provided on a computer screen, the exam is done physically from the testing center, and you will get your score just after completion.
The real estate licensing exam in new jersey consists of 110 multiple questions.
80 of the questions are from the national real estate subjects. The thirty questions, on the other hand, are state-specific. On the latter, you will be required to score 21 out of 30, while for the national, a 56 out of 80 will suffice. Normally, you will be allocated 4 hours for all these.
The passing grade for the New Jersey real estate exam is 70% and higher.
Once successful, you can proceed with the license application. Upon failure, you will get a diagnostic report that shows your weak areas. Whenever you feel comfortable, you may do a retake within 12 months after the initial exam scheduling date.
How To Schedule the New Jersey Real Estate Exam
New Jersey’s real estate final testing exam is provided by the PSI., a renowned real estate license exam provider in the U.S. Here is the link: New Jersey PSI Real Estate Exam Registration
After completing the 75-hour New Jersey pre-licensing course, your institution will send your details to the P.S.I. the provided file, will show that you completed the 75-hour course.
As a result, the P.S.I. will send you an email giving you the green light to schedule the exam.
Should you wish to advance, you will have to create a profile account on the PSI website. That will give you access to schedule the tests.
Once done, you will be presented with a copy of the N.J. real estate licensee bulletin. It contains more information about the exam.
The fee for the New Jersey real estate exam is $38, payable by credit or debit cards directly to the P.S.I.
You can also schedule by calling the P.S.I. at 1-800-733-9267. Remember, your zip and current location will be required. It helps the vendor select an exam station close to you.
Note that walk-ins without prior booking for the exam are not allowed. Your name must always be on the register.
What To Bring To The New Jersey Real Estate Exam
Once you have booked the exam, you will be given a date to get to the test center.
The New Jersey real estate exam will be done under proctor supervision, and you may be required to carry a non-scientific calculator. Besides that, you should remember to carry either of these items:
Carry two valid identity documents with an authorized signature:
- An original I.D. with your photo and signature
- You may also use a driver’s license, learners permit, or govt-issued I.D such as passports, green cards, or permanent residency visas.
- A social security card
Irregularities, especially cheating, will be penalized and even result in the revocation of the remaining steps. You must therefore ensure you are well prepared before sitting for the exam.
What Are The Best New Jersey Real Estate Exam Prep Courses?
If you want to reduce your stress while taking the New Jersey real estate exam and improve your chances of passing the exam the first time, we recommend taking an exam prep course. The cost of taking one of these optional courses is very affordable and well worth it.
This step isn’t a requirement to get a New Jersey real estate license but obviously, your going to have to pass your state exam. I recommend the following real estate exam prep courses:
What Topics to Expect in the New Jersey Real Estate Exam
- Land use limits and regulations
- Asset ownership
- Assessment and marketplace assessment of real estate finance
- Organizations and principles governing them
- Disclosure of information and the state of the property
- Contracts and deals
- Transfer of ownership
- Statistics for real estate
- Practices in real estate
- NJ specialty zones
- The New Jersey Real Estate Commission’s Responsibilities and Powers
- Requirements for License acquisition
- Laws and Regulations that Apply to Licensee Activities
Step 4: Find A New Jersey Real Estate Brokerage to Work For
Acquisition of the license in new jersey follows that you have worked under a brokerage and have gained some experience for a few months. The brokerage will play an affiliate role in the final bit of your New Jersey real estate license application.
Besides, they will give you all you need to sharpen your real estate marketing skills. Nonetheless, it will be best to observe the factors below when choosing where to work.
What Is The Commission Rate Split?
While you are new in the market, there are higher chances of getting limited to a brokerage with an unsuitable commission rate. Commission or desk fees vary by brokerage. Research several New Jersey brokerages and pick the one with both new agent support and a fair commission split.
Does The Brokerage Have A Niche or Specialty?
Even when you are new to the real estate market, you will want to specialize in a specific area. Your niche will be corporate real estate, private homes, or luxury homes. You need to find a company that will allow you to develop skills in these sectors.
What Is The Brokerage Culture?
The culture of the New Jersey brokerage you are working for will impact your perception of the real estate market throughout your career. So, get to understand who they are, how they execute their duties, and what they cherish.
Along with these, check their technological advancements. Are they active on social media? Are their marketing strategies digitized? The real market in New Jersey flourishes as it moves with technology. Getting yourself a brokerage that’s still in the stone age era will give you fewer technological skills.
Step 5: Finalize Your New Jersey Real Estate License Application
This procedure can be fulfilled online or through a document application. Create a registration profile online to start the New Jersey real estate licensing application.
You will also need to meet the following application requirements:
- The brokerage to make the application on your behalf
- A filled application form
- Pay the $160 application fee
- Copies of your fingerprints and the background report
- Receipt for the background check
- Your official scoresheets for the licensing exam.
You are supposed to fill the majority of the form and the sponsoring broker will only be there to approve that you are under his supervision. Even so, the completion of this part will not give an active license.
The New Jersey Real Estate Commission will review it for a couple of days (ten business days on most occasions). The license will be mailed to you directly, or you can get it as a PDF.
If you have more questions up to this end, get in touch with the commission in new jersey for real estate through (609) 292-7272 or email email@example.com.
How Much Does It Cost to acquire a Real Estate License in New Jersey?
New Jersey Real Estate Salesperson Application
LiveScan Fingerprinting Process
Are you curious about the real estate licensing requirements for another state? You can select another state below to learn more:
New Jersey Real Estate License Requirements – Final Thoughts
So that’s it, ladies and gentlemen. We hope this article helped answer many of your questions regarding getting your New Jersey real estate license and eased some of your concerns.
Throughout the process, stay committed to finishing it. When sitting for the exam, ensure you have all it takes to pass it. Lastly, be careful when choosing a New Jersey brokerage by doing your homework.
When you’re done, you will get to reap the rewards of a fulfilling and potentially lucrative career as a licensed real estate agent in New Jersey. Good luck!
Visit Colibri Real Estate and you could get started today!
Now that you understand the New Jersey Real Estate license requirements, the first step (as we discussed above) is to select a pre-licensing school. Learn more about the school options below:
About The Author: This article was researched and published by Tim Schroeder. As a husband and wife real estate team residing in Florida, Tim Schroeder brings deep expertise with over 8 years of experience as a licensed real estate agent.
Deb and Tim Schroeder have earned numerous real estate industry awards and recognitions. They have been recognized by Orlando Magazine as a “Top 100 Real Estate Professional” as well as earned Top Producer Designations with the Orlando Realtor Association for 6 years straight.