NCJAR News
(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.
To comply with the National Association of Realtors®️ proposed settlement agreement, starting on August 17, licensees working with sellers and buyers must clearly disclose that broker commissions are not set by law and are entirely negotiable.
This disclosure must be prominently included in brokerage service agreements, such as listing agreements and written buyer agreements. Additionally, the same conspicuous statement must appear on all pre-closing disclosure forms related to broker representation services. If a form is government-specified and does not include the statement, it must be accompanied by a document that does.
The following pre-closing disclosure forms must include the conspicuous statement:
- Consumer Information Statement
- Informed Consent to Disclosed Dual Agency
- Informed Consent to Designated Agency
The New Jersey Realtors® Circle of Excellence Sales Award® recognizes members who excel in sales by awarding units based on the quantity and dollar value of closed transactions throughout the calendar year.
Updates for This Year's Application:
- The designation/certification industry unit will be accepted from November 4, 2023, through November 15, 2024.
- Transactions not listed as verified now require proof of closing.
- For all transaction units not in an MLS operating in New Jersey or recognized by New Jersey Realtors®️, applicants must provide the same proof materials as non-MLS transactions.
With nearly 91% of REALTORS® in New Jersey classified as independent contractors, the U.S. Department of Labor’s (DOL) final rule on independent contractor status has created major concerns and questions about the rights and classification choices of real estate agents throughout our state.
Please send a pre-written message to your member of Congress urging them to cosponsor H.R. 5419, the Direct Seller and Real Estate Agent Harmonization Act, and protect real estate agents’ independentcontractor status.
