It can take a long time to feel that you are picking up steam while working as a real estate agent. When it is almost time for the renewal due date, the New Jersey Real Estate Commission will send you a notice about your current status. It’s important to renew your license, otherwise you’ll be inactive and ineligible to practice until you reinstate your license.
This guide will help you adjust to New Jersey real estate sales practices and requirements.
Meet Continuing Education Requirements
The first step to renewing your real estate license is to understand the requirements you need to fulfill each licensing term. You must complete at least 12 hours of continuing education, six of which pertain to core topics. Two hours must be related to ethics, and the other four may be electives or core courses.
Not sure which topics are considered core? Many interesting topics are available for New Jersey real estate agents. These include disclosure, legal issues, ethics, fair housing, real estate regulations, and environmental law.
Elective topics allow real estate agents to specialize in their favorite niches. These include topics like commercial real estate, property management, financing, seasonal rentals, valuation, and short-sale transactions.
Wait for Vendors to the Real Estate Commission
Real estate schools send your information about coursework to the New Jersey Real Estate Commission automatically. It may take about 10 days for this transfer of information to occur. You should be proactive in checking to ensure that your coursework has transferred correctly.
There are several places you can check to learn more about your current status as a real estate agent. One is through PSI Continuing Education Online, which allows you to see your previous and current continuing education hours. You can also print your transcript.
Failure to Renew Real Estate License
If you fail to renew your real estate license on time, you are ineligible to renew it. Instead, you must complete the continuing education requirements and then pay the fees necessary for reinstatement. Keep in mind that you do not need to renew your real estate license during a term if you first received your real estate license in the second year of said term.
You may receive a waiver for meeting these requirements if you experience incapacitating illness, an emergency situation, or are on active military duty. You will need to make up waived courses in the next license renewal period.
No extension is allowed for any real estate agents who fail to meet renewal requirements except for those who qualify for a waiver. Waivers are not eligible for students who face financial hardship or personal obligations.
Finally, remember that continuing education credits do not roll over to the following licensing term. Additionally, you may not receive credit for taking the same course more than once in the same term. This means you need to have a diverse offering of courses available. We can help. Contact us for more information so you can pursue your real estate dreams.