  The covariant spectator quark model, tested before in a variety of
electromagnetic baryon excitations, is applied here to the $\gamma^\ast N \to
N^\ast(1520)$ reaction in the timelike regime. The transition form factors are
first parametrized in the spacelike region in terms of a valence quark core
model together with a parametrization of the meson cloud contribution. The form
factor behavior in the timelike region is then predicted, as well as the
$N^\ast(1520) \to \gamma N$ decay width and the $N^\ast (1520)$ Dalitz decay,
$N^\ast (1520) \to e^+ e^- N$. Our results may help in the interpretation of
dielectron production from elementary $pp$ collisions and from the new
generation of HADES results using a pion beam. In the $q^2=0$--1 GeV$^2$ range
we conclude that the {\it QED approximation} (a $q^2$ independent form factor
model) underestimates the electromagnetic coupling of the $N^\ast(1520)$ from 1
up to 2 orders of magnitude. We conclude also that the $N^\ast (1520)$ and the
$\Delta(1232)$ Dalitz decay widths are comparable.
