N.J.A.C. 11:5-3.10 — Sponsoring of license applications or transfers of license

(a) An employing broker or broker of record may delegate authority to sign or process license applications to one person in the broker's place. In the case of a corporation, LLC, partnership, or other entity licensed as a broker, the designated person shall be the holder of a broker's license and an officer or member of the corporation, LLC, partnership, or other business entity. In the case of broker organized as a sole proprietor, the designated person shall be licensed as a broker-salesperson in the employ of the broker. The broker of record or employing broker, as applicable, shall file with the Commission, a power of attorney granting this authority to the designated person, at least 10 days prior to delegating performance of the function to that person. (b) An employing broker or broker of record may authorize one person to process license terminations of salesperson or broker-salesperson licensees, in accordance with N.J.S.A. 45:15-14. The designated person does not need to hold a broker license. The employing broker or broker of record shall, on a form to be provided by the Commission, notify the Commission, in writing, of the authorized person at least 10 days prior to delegating the performance of the function to that person. The employing broker or broker of record shall immediately notify the Commission, in writing, if the authority of that designated person is revoked and whether a new person is to be designated. Only the employing broker or broker of record, as applicable, and one other person duly designated and identified to the Commission may perform license transfer functions at any one time.