MORTGAGE BANKERS ASS'N v. N.J. REAL ESTATE COM'N


200 N.J. Super. 584 (1985)

491 A.2d 1317

THE MORTGAGE BANKERS ASSOCIATION OF NEW JERSEY, APPELLANT, v. THE NEW JERSEY REAL ESTATE COMMISSION, RESPONDENT.

Superior Court of New Jersey, Appellate Division.

Decided April 26, 1985.


Attorney(s) appearing for the Case

E. Robert Levy argued the cause for appellant (Levy & Lybeck, attorneys; E. Robert Levy, of counsel and on the brief; Clark E. Alpert, on the brief).

Sarah T. Darrow, Deputy Attorney General, argued the cause for respondent (Irwin I. Kimmelman, Attorney General of New Jersey, attorney; James J. Ciancia, Assistant Attorney General, of counsel; Sarah T. Darrow, on the brief).

Henry A. Hart argued the cause pro hac vice for intervenor-respondent The First Boston Capital Group, Inc. (Robinson, Wayne, Levin, Riccio & La Sala, attorneys; Henry A. Hart and Ronald L. Lord, of counsel and on the brief; John B. Livelli, on the brief).

Albert J. Peasco, Jr. argued the cause for intervenors ERA Mortgage, Inc. and Electronic Realty Associates, Inc. (Weiner & Hendler, attorneys; Robert B. Hendler and Albert J. Peasco, Jr., on the brief).

Before Judges PRESSLER, BRODY and COHEN.


The opinion of the court was delivered by PRESSLER, P.J.A.D.

This appeal raises important questions respecting a real estate broker's involvement in the mortgage financing which a prospective buyer requires in order to purchase residential property from the broker's primary principal, the seller. More particularly, the substantive issue is whether the broker, who will be receiving a commission from the seller for negotiating the sale, is prohibited by N.J.S.A....

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