N.J.S.A. 45:15-10.11 — Grounds for suspension, revocation of real estate school instructor license.

45:15-10.11 Grounds for suspension, revocation of real estate school instructor license. 54. The commission may suspend or revoke the license of any real estate school or instructor or impose fines as provided in R.S.45:15-17 upon satisfactory proof that the licensee is guilty of: a. Making any false promise or substantial misrepresentation; b. Pursuing a flagrant and continued course of misrepresentation or making false promises through agents, advertisements or otherwise; c. Engaging in any conduct which demonstrates unworthiness, incompetency, bad faith or dishonesty; d. Failing to provide a student with a copy of a written agreement which designates the total tuition charges for attendance at a real estate pre-licensure or continuing education course offered by a licensed school, or other charges imposed upon students who enroll in the course, and the refund policy of the school in regard to tuition and other charges; e. Using any plan, scheme or method of attracting students to enroll in a real estate pre-licensure or continuing education course which involves a lottery, contest, game, prize or drawing; f. Being convicted of a crime, knowledge of which the commission did not have at the time of last issuing a license to the licensee; g. Procuring a real estate license for himself or anyone else by fraud, misrepresentation or deceit; h. Making any verbal or written statement which falsely indicates that a person attended or successfully completed any real estate pre-licensure or continuing education course conducted by the licensee; or i. Any other conduct whether of the same or of a different character than specified in this section which constitutes fraud or dishonest dealing. L.1993, c.51, s.54; amended 2009, c.238, s.6. 45:15-10.12. Restrictions on persons with revoked license 55. A person whose license has been revoked pursuant to section 54 of P.L.1993, c.51 (C.45:15-10.11) shall not be a general partner, officer, director or owner, either directly or indirectly, of a controlling interest in any licensed school, nor shall the person be retained or employed in any capacity, or compensated in any manner by a licensed school, nor shall the person occupy or share office space in a licensed school location for any purpose during the period of revocation. L.1993,c.51,s.55. 45:15-10.13. Revocation of license of school; exceptions 56. Upon the revocation of the instructor license issued to any partner, officer, director or owner of a controlling interest in any licensed school, the commission shall revoke the license of the school unless, within a period of time fixed by the commission, the following conditions are fulfilled: a. in the case of a licensed school owned by a partnership, the connection of the partner whose instructor license has been revoked to the school shall be severed and his interest in the school shall be divested; or b. in the case of a licensed school owned by a corporation, the officer, director or owner of a controlling interest whose instructor license has been revoked shall be terminated from the position and, where an owner of a controlling interest, his ownership of the interest shall be divested; or c. in the case of a limited partnership, if the person whose instructor license has been revoked was a general partner, his interest in the school shall be divested or, if the person whose instructor license was revoked was a limited partner, his interest in the school shall be divested if it constituted a controlling interest as defined herein. For the purposes of this section, the term "controlling interest" means 5% or more of the equity of a licensed corporation or of the ownership of a partnership. L.1993,c.51,s.56. 45:15-10.14. Power, authority of commission 57. The commission is expressly vested with the power and authority to promulgate and enforce all necessary rules and regulations for the conduct of the business of real estate schools offering pre-licensure and continuing education courses consistent with the provisions of this amendatory and supplementary act. L.1993,c.51,s.57.

This is the verbatim text of N.J.S.A. 45:15-10.11, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.