REAL ESTATE COMMISSION 11:5-6.7
iii. The duration of the rental referral contract; and
iv. The prior performance of the licensee or its principals in the rental referral business.
(i) Any licensee subject to this section shall maintain for one year the following records:
1. Written consent or written confirmation of oral consent of a lessor or agent to refer prospective tenants;
2. Records of the verification of availability of rental units as set forth in (e) above; and
3. Copies of contracts with prospective tenants.
(j) Every licensee subject to this section shall prominently post a copy of this regulation in its office for the information of its customers, and provide customers a copy upon request.
Repealed by R.1983 d.471, effective November 7, 1983. See: 15 New Jersey Register 1343(a), 15 New Jersey Register 1865(c). Section was “Rental location and operations”. New Rule, R.1985 d.93, effective March 4, 1985. See: 16 New Jersey Register 2952(a), 17 New Jersey Register 600(a). Amended by R.1998 d.497, effective October 5, 1998. See: 30 New Jersey Register 2333(a), 30 New Jersey Register 3646(a). In (b), deleted an address at the end of 6.
11:5-6.6 Participation in trade associations or listing services
(a) No licensed individual, partnership, firm or corporation shall become a member of or otherwise participate in the activities or operation of any trade association or organization or of any multiple listing service operation which engages in the following policies and practices:
1. Places requirements, obligations, or standards upon licensed members or participants which conflict with the Real Estate License Act, N.J.S.A. 45:15-1 et seq., the Real Estate Sales Full Disclosure Act, N.J.S.A. 45:15-16.27 et seq., the New Jersey Antitrust Act, N.J. S.A. 56:9-1 et seq., or the New Jersey Law Against Discrimination, N.J.S.A. 10:5-1 et seq., or which otherwise relate to the comprehensive scheme of regulation already preempted by the State of New Jersey.
2. Interferes with the licensee’s obligation of fidelity to his client’s interests, his obligation of dealing fairly with all other parties in a transaction, or his obligation of fully cooperating with any other New Jersey licensee, as more fully set forth in N.J.A.C. 11:5-6.4;
3. Directly or indirectly imposes or attempts to impose prescribed or predetermined fees or commission rates or commission amounts, or prescribed or predetermined commission splits, between the listing broker and the selling broker.
Amended by R.1979 d.461, effective November 26, 1979. See: 10 New Jersey Register 499(a), 12 New Jersey Register 44(b).
Amended by 12.1998 d.497, effective October 5, 1998. See: 30 New Jersey Register 2333(a), 30 New Jersey Register 3646(a). In (a), substituted “Real Estate Sales Full Disclosure Act” for “Land Sales Disclosure Act” and changed an N.J.S.A. reference in 1, and changed N.J.A.C. reference in 2, and deleted a former (b).
11:5-6.7 Disclosures by licensees providing mortgage financing services to buyers for a fee
(a) Every real estate licensee who provides mortgage financing services to buyers must provide written disclosure to the buyer/ borrower and to the seller as required in this rule as a condition to receiving, in addition to a share of the brokerage commission on the sale, any compensation, reimbursement or thing of value from the buyer, or any other source. These disclosures are required whenever the real estate brokerage agency, any division therein, or any individual licensed or employed by the agency will receive compensation or reimbursement for providing mortgage financing services related to the sales transaction, even if that particular division or individual will not share in the sales commission. Copies of all written disclosures required by this rule must be retained by the broker as business records pursuant to N.J.A.C. 11:5-5.4. The broker shall maintain records of such related mortgage transactions which shall be available to the Commission for inspection pursuant to N.J.A.C. 11:5-5.5.
(b) The licensee must provide written disclosure as required by (a) above to the buyer/borrower before charging or accepting or contracting for any fees for mortgage financing services and providing such services other than prequalification. The written disclosure to the buyer must include the following information:
1. The amount of all fees which the buyer will be expected to pay to the licensee for mortgage services, and whether and under what circumstances such fees are refundable;
2. The amount and source of any compensation or reimbursement which the licensee will receive for providing mortgage financing services to the buyer;
3. Where the licensee takes applications for or places loans exclusively with any three or fewer lenders, or is affiliated with any lender or mortgage broker as defined in N.J.A.C. 11:5-6.8, the disclosure must advise the buyer of that fact, give the names of such lenders and state:
YOU ARE UNDER NO OBLIGATION TO USE THE MORTGAGE SERVICES OFFERED BY THIS REAL ESTATE LICENSE. YOU MAY OBTAIN YOUR MORTGAGE LOAN FROM ANOTHER SOURCE.
4. Where the licensee or agency is also representing the seller in the sales transaction, the disclosure to the buyer/borrower must include the statement set forth in (e) below.
(c) Real estate licensees who are dually licensed as mortgage bankers or brokers may combine the disclosures to buyers required in this rule with the written disclosure to borrowers