New Jersey § 45:15-14

§ 45:15-14.

All licenses issued to real estate brokers, broker-salespersons, and salespersons shall be kept by the broker by whom such real estate licensee is employed or contracted , and the pocket card accompanying the same shall be delivered by the broker to the

licensee who shall have the card in his possession at all times when engaged in the

business of a real estate broker, broker-salesperson, or salesperson . When any real estate licensee is terminated or resigns his employment with the real

estate broker by whom he was employed or contracted at the time of the issuing of such license to him, notice of the termination shall

be given in writing by the broker to the terminated licensee with the effective date

of the termination reflected thereon, or notice of the resignation shall be given

in writing by the resigning licensee to the broker with the effective date of the

resignation reflected thereon. Upon the issuance of a written notice of termination by a broker or his authorized

representative, or upon receipt of a written resignation by a broker or his authorized

representative, such employer or contracting broker shall within five business days of the effective date of the termination or resignation,

either: a. deliver, or send by registered mail, to the commission, such real estate

licensee's license and, at the same time, send a written communication to such real

estate licensee at his last known residence, advising him that his license has been

delivered or mailed to the commission. A copy of such communication to the licensee shall accompany the license when mailed

or delivered to the commission; or, b. deliver to the departing licensee and to the

commission any other materials as the commission may prescribe by regulation to accomplish

the transfer of the licensee to another employing or contracting broker. No real estate licensee shall perform any of the acts contemplated by R.S.45:15-1 et seq. , either directly or indirectly, under the authority of such license, from and after

the effective date of the licensee's termination or resignation until authorized to

do so by the commission. A new license may be issued to such licensee, upon the payment of a fee of $25,

and upon the submission of satisfactory proof that he has obtained employment or contracted with another licensed broker. A broker-salesperson or salesperson shall be licensed under a broker; he cannot be licensed with more than one broker at the

same time.