The bill P.L.2024, c.32 establishes a comprehensive framework for real estate brokerage services in New Jersey, defining key terms such as "agency relationship" and "brokerage services agreement." It outlines the responsibilities of brokerage firms acting in various capacities, including buyers' agents and sellers' agents, emphasizing fiduciary duties, timely communication, and the necessity of property condition disclosures in residential transactions. The legislation mandates that brokerage firms must enter into a brokerage services agreement with sellers before or shortly after providing services, detailing the agreement's terms, including agency relationship, compensation, and consent regarding dual agency.

Additionally, the bill introduces amendments to existing real estate laws, clarifying the liability of brokerage firms and the responsibilities of principals. It allows brokerage firms to receive compensation for certain services without a formal agreement, provided they did not engage in brokerage services for the transaction. The bill also requires signage at public property showings to inform buyers of the brokerage's representation of the seller and empowers the New Jersey Real Estate Commission to create supporting regulations. Continuing education requirements for real estate professionals are also established, ensuring adherence to high standards of conduct. The act is set to take effect on August 1, 2024.

Statutes affected:
Introduced: 45:15-16.2
Advance Law: 45:15-16.2
Pamphlet Law: 45:15-16.2