N.J.S.A. 45:15-16 — Acceptance of commission, valuable consideration.

45:15-16 Acceptance of commission, valuable consideration. 45:15-16. a. No real estate salesperson or broker-salesperson shall accept a commission or valuable consideration for the performance of any of the acts herein specified from any person except his employer or contracting broker, who must be a licensed real estate broker. b. Notwithstanding any provision of R.S.45:15-1 through 45:15-29.5, or any other law, rule, or regulation to the contrary, a real estate salesperson or broker-salesperson may form a limited liability company pursuant to the "Revised Uniform Limited Liability Company Act," P.L.2012, c.50 (C.42:2C-1 et seq.), or any other entity permitted by law, in order to receive a commission or other valuable consideration pursuant to subsection a. of this section, and the real estate salesperson or broker-salesperson may accept payment of the commission or other valuable consideration or any part thereof from the limited liability company or other entity without affecting the business affiliation between the employing or contracting broker and salesperson or broker-salesperson defined in the written agreement between the employing or contracting broker and the salesperson or broker-salesperson as provided in subsection b. of P.L.2018, c.71 (C.45:15-3.2). c. The New Jersey Real Estate Commission shall create a registration process for a limited liability company and other entity to receive a commission or other valuable consideration pursuant to subsections a. and b. of this section. amended 1993, c.51, s.18; 2009, c.238, s.10; 2018, c.71, s.12; 2021, c.281, s.1; 2025, c.271. 45:15-16a Rebate paid by broker to purchaser. 2. a. Any rebate paid by a broker to a purchaser of residential real property pursuant to paragraph (2) of subsection k. of R.S.45:15-17 shall be: (1) Calculated after the purchaser negotiates the rebate commission rate; (2) Memorialized in a written document, electronic document or a buyer agency agreement provided by the broker to the purchaser at the outset of the broker relationship, which document or agreement shall provide the terms of any rebate credited or paid by the broker to the purchaser; and (3) Disclosed to all parties involved in the transaction, including, but not limited to, any mortgage lender. b. A rebate shall not be: (1) Paid to a person not licensed as a real estate broker for any act that requires licensure; (2) Contingent upon the use of other services or products being offered by a broker or an affiliate of a broker; or (3) Based on the use of a lottery, contest or game. L.2009, c.273, s.2. 45:15-16b Advertisement for rebate. 3. a. Any advertisement for a rebate allowed pursuant to paragraph (2) of subsection k. of R.S.45:15-17 shall include: (1) A disclosure concerning the purchaser's obligation to pay any applicable taxes for receipt of the rebate; and (2) A notice that the purchaser should contact a tax professional concerning the tax implications of receiving the rebate. b. The disclosure and notice required pursuant to subsection a. of this section shall be clearly and conspicuously displayed in the advertisement and the size of the text in the notice and disclosure shall be equal to or larger than the size of the text used for the advertisement. L.2009, c.273, s.3. 45:15-16c Regulations. 4. The New Jersey Real Estate Commission may promulgate regulations pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), necessary to effectuate the provisions of this act. L.2009, c.273, s.4.

This is the verbatim text of N.J.S.A. 45:15-16, 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.