NCJAR News
The Real Estate Consumer Protection Enhancement Act (CPEA) went into effect on August 1, 2024. This new law includes several important provisions that you need to be aware of, such as mandatory seller's property condition disclosure statements, the introduction of designated agency, required brokerage services agreements, open house signage requirements, and new continuing education (CE) requirements. Please take the time to review the following links and do not hesitate to contact us with any questions or concerns.
Videos to Watch
2024 Broker Briefing Panel Discussion
Prepare for NJ Licensing Law Changes
Education
August 6 (9:30am-12:30pm) Virtual Understanding Agency & Disclosure
August 14 & 15 (9:00am-4:00pm) FREE ABR Two Day Course
August 19 (9:30am-12:30pm) Virtual Understanding Agency & Disclosure
Self-Paced AAA: All About Agency (Core)
Updated Forms
We are pleased to announce a valuable new resource available to our members, courtesy of NJ Realtors®. A comprehensive webpage dedicated to the Real Estate Consumer Protection Enhancement Act has been launched, providing essential information and tools to navigate the upcoming changes in our industry.
What Should I Know?
The Real Estate Consumer Protection Enhancement Act, effective August 1, introduces significant enhancements to consumer protection and transparency in real estate transactions.
Key features of the act include:
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Brokerage Services Agreements: Now required to establish clear terms between brokers and clients.
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Seller's Property Condition Disclosure Statement: Mandates a thorough disclosure from sellers about the property's condition.
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Designated Agency: New regulations are in place to clarify the roles and responsibilities in designated agency scenarios.
Stay Compliant, Stay Professional
As a REALTOR®, upholding the highest standards of professionalism and ethical conduct is paramount. The National Association of REALTORS® (NAR) mandates that all REALTORS® complete 2 hours and 30 minutes of ethics training every three years. Don’t risk your membership—fulfill your Code of Ethics requirements with ease through NCJAR.
At NCJAR, we offer flexible and convenient training options to help you meet your requirements...
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.
