(Posted 08/15/2024)
We realize that everyone is busy navigating the practice changes that have been implemented to address New Jersey's recent legislation and the NAR settlement agreement's impact on REALTORS. While it will likely take some time for everyone to "get up to speed" on all of these practice changes, we have been evaluating what we might be able to do to make this process easier for our members. One thing we have noticed is that there is ongoing confusion amongst some of our members regarding the distinction between offers of compensation and sellers' concessions. In order to address this issue we are taking the following two steps. The only sellers' concession field that will be displayed in the MLS system is the optional Y/N field indicating whether the sellers are willing to consider requests for concessions in a buyers' offer. For now, the type of concessions and the concession value fields will be suppressed.
We will also be monitoring listings for references to compensation. Remember, per our recent rules change, offer of compensation information should not be included in any listing fields.
Listing Forms have been updated and all vendors have been provided with the revised forms. We do not know how long it will take forms vendors to process the revisions but we do know they are updating forms for hundreds of MLS systems across the country.
For questions, please contact us at 973-425-0110 or
