NCJAR News
To comply with the National Association of Realtors®️ proposed settlement agreement, starting on August 17, licensees working with sellers and buyers must clearly disclose that broker commissions are not set by law and are entirely negotiable.
This disclosure must be prominently included in brokerage service agreements, such as listing agreements and written buyer agreements. Additionally, the same conspicuous statement must appear on all pre-closing disclosure forms related to broker representation services. If a form is government-specified and does not include the statement, it must be accompanied by a document that does.
The following pre-closing disclosure forms must include the conspicuous statement:
- Consumer Information Statement
- Informed Consent to Disclosed Dual Agency
- Informed Consent to Designated Agency
The New Jersey Realtors® Circle of Excellence Sales Award® recognizes members who excel in sales by awarding units based on the quantity and dollar value of closed transactions throughout the calendar year.
Updates for This Year's Application:
- The designation/certification industry unit will be accepted from November 4, 2023, through November 15, 2024.
- Transactions not listed as verified now require proof of closing.
- For all transaction units not in an MLS operating in New Jersey or recognized by New Jersey Realtors®️, applicants must provide the same proof materials as non-MLS transactions.
With nearly 91% of REALTORS® in New Jersey classified as independent contractors, the U.S. Department of Labor’s (DOL) final rule on independent contractor status has created major concerns and questions about the rights and classification choices of real estate agents throughout our state.
Please send a pre-written message to your member of Congress urging them to cosponsor H.R. 5419, the Direct Seller and Real Estate Agent Harmonization Act, and protect real estate agents’ independentcontractor status.
TAKE ACTION NOW
As we approach the final quarter of the year, it's crucial for all our members to stay informed about the important deadlines related to the Realtors® Political Action Committee (RPAC) for 2024. Participation in RPAC not only supports the advocacy efforts that protect our profession but also helps members earn recognition through various award programs.
Here are the key dates to keep in mind:
OCTOBER 7, 2024: 2024 NJ Realtors® Circle of Excellence Sales Award® Unit Deadline A minimum contribution of $100 to RPAC earns one unit towards NJ Realtors® Circle of Excellence Sales Award®. Local boards/associations must receive the contribution by the close of business on Oct. 7, 2024 to be eligible for the unit.
More Articles …
- Important Changes Ahead: Preparing for NAR’s August 17 Practice Changes
- NJREC Licensing Period and Continuing Education Requirements (July 1, 2023 - June 30, 2025)
- Important Updates on the Real Estate Consumer Protection Enhancement Act
- New Webpage for Consumer Protection Enhancement Act: A Valuable Member Benefit