The NJ Real Estate Commission announces crucial updates to the Real Estate Broker and Salesperson Act. Stay informed about changes in business relationships, agency rules, and new continuing education requirements. NCJAR members, read the bulletin to stay compliant and informed.

The New Jersey Real Estate Commission has implemented significant changes to the Real Estate Broker and Salesperson Act under P.L. 2024, c.32. These updates are crucial for all NJ real estate professionals. Here's a breakdown of the top 10 things you need to know:

1. Designated Agency Introduction: A new type of agency relationship called "Designated Agency" has been introduced, affecting how brokers represent clients in transactions.

2. Consumer Information Statement (CIS): The CIS now includes information on designated agency relationships. It's mandatory for all brokerage firms to provide this updated CIS to clients and obtain a signed acknowledgment.

3. Brokerage Service Agreements (BSA): All residential real estate transactions now require a written BSA, clearly outlining the business relationship and compensation details.

The New Jersey Real Estate Commission has released a new Consumer Information Statement (CIS). This updated form is crucial for REALTORS® to understand and implement immediately. It outlines the agency relationships in real estate transactions and must be provided and signed by clients before any confidential information is disclosed.

The Consumer Information Statement (CIS) is a critical document in New Jersey real estate transactions, required by law to inform clients about the nature of the relationship between them and their real estate professionals. The CIS outlines five possible relationships: Seller's Agent, Buyer's Agent, Disclosed Dual Agent, Designated Agent, and Transaction Broker. Each relationship has specific duties, including loyalty, confidentiality, and full disclosure, which are essential for protecting clients' interests and ensuring transparency in transactions.

Key Relationships: