Which of the following does NOT qualify as an exempt individual under the New Jersey Residential Mortgage Lending Act?

The correct answer identifies individuals working independently as not qualifying for an exemption under the New Jersey Residential Mortgage Lending Act. In the context of this Act, exempt individuals typically include those who are licensed or registered in specific professional capacities, such as licensed attorneys or registered mortgage loan originators. They are recognized for their established roles within regulated frameworks.

Individuals working independently, however, do not automatically fall into a category that provides them with the same exemptions. This category could include various unlicensed practitioners who may not have the necessary regulatory oversight or professional qualifications to operate without adhering to the provisions of the Act. This distinction underscores the importance of having a formal license or registration within the mortgage lending industry, which ensures that individuals have met certain standards and comply with regulatory requirements, thus providing consumer protection.

In summary, the reasoning rests on the necessity for individuals to hold specific licenses or registrations to qualify for exemptions, making those working independently without such credentials, not exempt under the Act.