THE MORTGAGE BANKERS ASSOCIATION OF NEW JERSEY, A NOT-FOR-PROFIT CORPORATION OF THE STATE OF NEW JERSEY, RESPONDENT,
v.
THE NEW JERSEY REAL ESTATE COMMISSION, APPELLANT, AND THE FIRST BOSTON CAPITAL GROUP INC., ELECTRONIC REALTY ASSOCIATES, INC., WEICHERT CO. REALTORS, WEICHERT MORTGAGE COMPANY, MERRILL LYNCH REALTY, INC., RICHARD L. SCHLOTT REALTORS, INC. AND GREATER METRO FINANCIAL SERVICES, INC., INTERVENORS-APPELLANTS.
The Supreme Court of New Jersey.https://leagle.com/images/logo.png
Argued November 4, 1985.
Decided April 8, 1986.
Attorney(s) appearing for the Case
Sarah T. Darrow, Deputy Attorney General, argued the cause for appellant (Irwin I. Kimmelman, Attorney General of New Jersey, attorney; James J. Ciancia, Assistant Attorney General, of counsel).
William J. Wolf argued the cause for intervenors-appellants Weichert Co. Realtors, Weichert Mortgage Company, Richard L. Schlott Realtors, Inc. and Greater Metro Financial Services, Inc. (Bathgate, Wegener, Wouters & Neumann, attorneys for Weichert Co. Realtors and Weichert Mortgage Company and Hogan & Palace, attorneys for Richard L. Schlott Realtors, Inc. and Greater Metro Financial Services, Inc.; Thomas A. Hogan, on the brief).
John B. Livelli argued the cause for intervenors-appellants The First Boston Capital Group Inc. and Electronic Realty Associates, Inc. (Robinson, Wayne, Levin, Riccio & La Sala, attorneys for The First Boston Capital Group Inc. and Weiner & Hendler, attorneys for Electronic Realty Associates, Robert B. Hendler, of counsel; Albert J. Peasco, Jr., on the briefs).
John T. Dolan argued the cause for intervenor-appellant Merrill Lynch Realty, Inc. (Crummy, Del Deo, Dolan, Griffinger & Vecchione, attorneys; John T. Dolan, John H. Klock, David M. Hyman and Karen A. Giannelli, on the brief).
E. Robert Levy argued the cause for respondent (Levy and Lybeck, attorneys; E. Robert Levy and Clark E. Alpert, on the brief).
Arthur M. Greenbaum submitted a brief on behalf of amicus curiae New Jersey Association of Realtors (Greenbaum, Rowe, Smith, Ravin, Davis & Bergstein, attorneys; Arthur M. Greenbaum and Jeffrey R. Surenian, on the brief).
Barbara S. Goldsmith, Deputy Attorney General, submitted a brief on behalf of amicus curiae New Jersey Department of Banking (Irwin I. Kimmelman, Attorney General of New Jersey, attorney).
Josephine B. Urbelis submitted a brief on behalf of amicus curiae New Jersey Savings League (Apruzzese, McDermott, Mastro & Murphy, attorneys; Barry Marell, of counsel).
The Supreme Court of New Jersey.
The opinion of the Court was delivered by STEIN, J.
In this case we are asked to consider the validity of a declaratory ruling by the New Jersey Real Estate Commission (Commission) that N.J.S.A. 45:15-17(i)1 does not preclude a real estate brokerage firm that earns a commission from the seller in a real estate transaction from also receiving compensation for its role in placing or originating the mortgage financing necessary to...
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