Revises out-of-State reciprocity for real estate licensees.

This bill requires New Jersey's Real Estate Commission to grant licenses without exams to out-of-state real estate brokers, broker-salespersons, and salespersons if their home state offers equal reciprocity (meaning it allows New Jersey licensees to work there) and has licensing standards comparable to New Jersey's. It replaces the current discretionary process with a mandatory requirement for the Commission. The rule applies to license applications received seven months after the bill's enactment. This directly affects real estate professionals seeking to practice in New Jersey from states with mutual licensing agreements.