N.J.A.C. 11:5-3.11 — Transfer and termination procedures

(a) If a broker terminates the employment of an individual licensee or an individual licensee resigns, the broker or licensee, as applicable, shall provide written notice to the other party specifying the effective date of the termination or resignation. (b) Within five business days of the broker's issuance of the notice of termination or receipt of a resignation, the broker shall process the separation of the licensee's affiliation with the firm through the Commission's website. (c) The following pertain to transfers and terminations: 1. Only salesperson or broker-salesperson licenses can be transferred or terminated online; 2. Terminations and transfers shall be completed by an active broker of record, employing broker, or individual designated to perform these functions pursuant to N.J.A.C. 11:5-3.10(b); 3. A broker of record or employing broker shall not process an online termination or transfer of their own license; and 4. Online transfers are not permitted unless the salesperson or broker-salesperson licensee was under the supervision of the terminating broker or broker of record and licensed to engage in brokerage activity with that broker prior to the termination. (d) Brokers who terminate a licensee or transfer a licensee to their firm shall maintain records of such terminations and transfers for six years.