NCJAR News
Which Section of the New Law? We've received questions pertaining to notification of cooperative compensation on the MLS under the new law, which takes effect Aug. 1.
What Should You Know? Sellers’ agents can no longer disclose compensation in Multiple Listing Services or notify MLSs about cooperative compensation, if prohibited by MLS policy.
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.
As the real estate landscape evolves, NCJAR is adapting to better serve you. We’re excited to announce the sale of our four buildings in Morristown, Wayne, Bloomfield, and Westfield. We'll be moving to a new, centrally located building designed to meet your needs.
Why This Change?
- Financial Responsibility: Our current buildings are underutilized as education, seminars, and meetings have shifted online. Consolidating into one regional office reduces overhead costs, allowing us to use your membership dollars more effectively.
- Enhanced Member Experience: A centralized location offers a streamlined, modern hub for all your professional needs. We'll also maintain small satellite spaces for lockbox and board store purchases.
- Virtual Innovation: We're investing in robust online platforms to enhance virtual education, support, and networking, making it easier to access essential resources from anywhere.
- Strategic Growth: This move aligns with our 2024-2026 Strategic Plan, positioning NCJAR to be more agile and responsive to your evolving needs.
What’s Next?
U.S. existing-home sales fell for the second month in a row, sliding 1.9% monthover-month and 1.9% year-over-year, according to the National Association of REALTORS® (NAR), with sales down in all four regions of the country. Higher borrowing costs and accelerating home prices continue to weigh on demand, pushing some prospective buyers to the sidelines and causing market activity to slump ahead of summer.
- Single Family Closed Sales were up 1.2 percent to 1,554.
- Townhouse-Condo Closed Sales were up 9.2 percent to 428.
- Adult Communities Closed Sales were up 25.9 percent to 68.
