What's the Latest? Gov. Murphy signed Bill S3192/A4454, the Real Estate Consumer Protection Enhancement Act, into law today.
What Should You Know? The law, which will go into effect on Aug. 1, strengthens both consumer and real estate licensee protections.
The following are the six major changes the law provides for:
- Sellers must provide a fully completed property condition disclosure form before buyers sign a contract.
- Listing agents will be required to explicitly disclose who they represent at open houses.
- Designated agency, which enables a brokerage to appoint an agent to either side of a transaction at the client’s request, is now permissible.
- All real estate licensees will be required to use brokerage agreements, which outline services they will provide to all clients over the course of a respective transaction.
- Sellers’ agents can no longer disclose compensation in Multiple Listing Services or notify MLSs about cooperative compensation.
- Continuing education classes on agency are now required.
NJ Realtors® is looking at all forms and contracts to ensure they conform with the new statute.
Questions: 973-425-0110 or
