What does New Jersey's real estate license law say?
N.J.S.A. 45:15-1 says no person shall engage, directly or indirectly, in the business of a real estate broker, broker-salesperson or salesperson, or in any of the activities described in N.J.S.A. 45:15-3, without being licensed.
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N.J.S.A. 45:15-1
Under N.J.S.A. 45:15-2, any single act, transaction or sale counts as engaging in business under the license law.
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N.J.S.A. 45:15-2
Under N.J.S.A. 45:15-17, the Real Estate Commission may investigate on its own motion, and shall investigate on a verified written complaint, the actions of licensees and of any person who engages in the activities described in N.J.S.A. 45:15-3 without being licensed.
How does New Jersey law define a real estate broker?
N.J.S.A. 45:15-3 defines a real estate broker as a person, firm or corporation who, for a fee, commission or other valuable consideration, or the promise or reasonable expectation of it, lists for sale, sells, exchanges, buys or rents, or offers or attempts to negotiate a sale, exchange, purchase or rental of real estate or an interest in real estate.
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N.J.S.A. 45:15-3
N.J.S.A. 45:15-3 also says no person shall bring or maintain a court action in New Jersey to collect compensation for any of these acts without alleging and proving that they were a duly licensed real estate broker when the cause of action arose.
Who is exempt from New Jersey's real estate license law?
Under N.J.S.A. 45:15-4, the license provisions do not apply to a bona fide owner or lessor performing those acts with reference to property they own.
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N.J.S.A. 45:15-4
Is there a New Jersey bill on real estate wholesaling?
Assembly Bill A4278 of the 2026-2027 session has this synopsis: "Establishes licensure requirement for wholesale transactions in real estate and certain rights of consumers in contracts for real property sold in wholesale transaction." The Legislature's latest recorded action on A4278, dated 2/19/2026, reads: "Introduced, Referred to Assembly Regulated Professions Committee."
- BillA4278, 2026-2027 session
- IntroducedFebruary 19, 2026
- SponsorsAssemblymen Dan Hutchison and Cody D. Miller, District 4
- Latest action, 2/19/2026Introduced, Referred to Assembly Regulated Professions Committee
The Legislature's bill record notes: "This bill has been certified by OLS for a fiscal note."
What would New Jersey bill A4278 require?
As introduced, A4278 would define a wholesale transaction as promoting the sale, exchange or purchase of an equitable or other interest in residential property with the intent to assign, sell or otherwise transfer that interest for a fee, commission or other valuable monetary consideration without having taken title as the owner of record. Section 2 of the bill as introduced would require an individual engaging in or attempting to engage in a wholesale transaction to be licensed as a real estate broker, salesperson or broker-salesperson.
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A4278 as introduced, section 2
The bill would define residential property as New Jersey real property with no less than one and not more than four residential dwelling units.
- Consumer's right to cancel, if enactedUntil midnight of the 30th day, or conveyance
- Refund after cancellation, if enactedWithin 10 business days
- If enacted, takes effectFirst day of the fourth month after enactment
The bill would require the contract to state that it is for a wholesale transaction in which the licensee intends to assign, sell or otherwise transfer the interest without having taken title as the owner of record.