NCJAR News
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:
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Designated Agency Introduction: A new type of agency relationship called "Designated Agency" has been introduced, affecting how brokers represent clients in transactions.
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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.
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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:
Dear Members,
We would like to inform you that the revised forms are now available on the GSMLS website (https://forms.gsmls.com/LIP.html). Please note that there will be no printed forms available for pick-up. All members are required to print the forms directly from the GSMLS website.
We encourage you to visit the website and familiarize yourself with the new forms as soon as possible.
Thank you for your cooperation.
CLICK HERE TO VIEW/ACCESS THE LISTING INPUT SHEETS
Note: Updated Listing Input Sheets CAN'T be used until August 1, 2024.
U.S. existing-home sales declined for the third consecutive month, as higher mortgage rates and rising sales prices hindered market activity during what has traditionally been one of the busiest months of the year. According to the National Association of REALTORS® (NAR), sales of previously owned homes dipped 0.7% month-over-month and 2.8% year-over-year, to a seasonally adjusted annual rate of 4.11 million units.
- Single Family Closed Sales were down 10.4 percent to 1,810.
- Townhouse-Condo Closed Sales were down 6.4 percent to 479.
- Adult Communities Closed Sales were down 6.4 percent to 44.
