Real Estate Agency in New Jersey

This one-hour continuing education course is designed for New Jersey real estate licensees. Real estate licensees across the country have wondered what the NAR settlement in the Sitzer v. NAR case means for them and their businesses. New Jersey’s Real Estate Consumer Protection Enhancement Act was enacted in August of 2024 to enhance the protections offered both to licensees and consumers. This act supplements the New Jersey Real Estate Broker and Salesperson Act, which is codified as NJSA Sections 5:15-1 to -42. In this course, we cover the legal updates this act makes to how New Jersey real estate licensees practice real estate. This course identifies those updates, which codifies the different types of permitted business relationships between real estate brokerage firms and principals, including a new type of agency relationship: designated agency; requires updates to the Consumer Information Statement’s text; requires brokerage services agreements for all residential real estate transactions and when working with sellers in commercial real estate transactions; requires licensees to obtain a signed property condition disclosure statement (PCDS) from sellers in residential real estate transactions; allows broker compensation from multiple parties in transactions with the proper disclosures; requires signage at all residential property showings; and introduces a new continuing education requirement that must be fulfilled for the next license renewal in June 2025.