From an article published in the Paterson Evening News, Thursday, October 29, 1959 on the occasion of the celebration of the GOLDEN ANNIVERSARY of the Passaic County Board of REALTORS®.
“BOARD OF REALTORS ORGANIZED AT 1909 GATHERING OF 24 BROKERS”
The Paterson Real Estate Exchange, of which The Passaic County Board of REALTORS® is a successor, was founded 100 years ago.
On January 28, 1909, in a room on the second floor of the Romaine building on Washington Street, Paterson, a group of two dozen men gathered and formed the exchange. This meeting was held as a result of a few local brokers trying to form an organization ever since the Great Fire of 1902. Their purpose was to protect the interests of brokers, owners and purchasers of real estate and to control the profession by instituting a code of ethics to guide the members in all transactions.
E. Harvey Lambert was the father of the idea and at this meeting was elected as its first President with Frank W. Furrey, treasurer; John T. Pollitt, secretary. L.A. Piagent became first vice-president and George C. Mason, second vice-president. It is interesting to note that the dues were $10 a year, payable quarterly.
Within one year the group grew to a membership of forty men (the membership now includes women as well as men). At its first anniversary meeting the same officers were re-elected to serve another year.
The organization held its first banquet on February 24, 1910 at the French restaurant at 17 Ramapo Avenue (now Railway Avenue) Paterson, New Jersey. It was at this meeting that a floral tribute was sent to the members of the family of David Thompson, the first member to pass away since the forming of the exchange.
The New Jersey Real Estate League was founded in 1917-1918 with Francis Gormley of Jersey City serving as its first President. The original nominating committee of the league met in Atlantic City on Dec. 7-8, 1918, and E.H.Lambert represented the Passaic County Board as a member of the committee and was also elected a member of the board of governors. Subsequent to the formation of the league and the creation of the New Jersey Association of Real Estate Boards he was also elected a member of the first Board of Governors. (1921)
Years ago the city of Passaic also had a Real Estate Exchange with broker members from Passaic and Clifton. The exchange merged with the Passaic County Board of REALTORS® about 1933.
Today the Passaic County Board of REALTORS®, and has its offices at 204 Berdan Avenue, Wayne, NJ 07470, has approximately three-thousand members. The Board continues to serve and to protect the interest of brokers, owners and purchasers of real estate and the members adhere to the Code of Ethics believing in these guidelines. The term REALTOR® has come to connote competency, fairness, and high integrity resulting from adherence to a lofty ideal of moral conduct in business relations and no inducement of profit and no instruction from clients ever can justify departure from this ideal.