Clarifies current law addressing commissions paid to limited liability companies formed by real estate salespersons or broker-salespersons.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill clarifies New Jersey law regarding commissions paid to limited liability companies formed by real estate salespersons or broker-salespersons. Currently, these salespersons can only receive commissions from their employers or contracting brokers. The bill allows them to form a limited liability company and receive commissions from that entity without affecting their business relationship with the broker. It also requires the New Jersey Real Estate Commission to establish a registration process for these companies.
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Sponsors
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1 on record
Primary sponsor
Joseph Lagana
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