11:5-6.9 INSURANCE
TRANSACTION BROKER
The New Jersey Real Estate Licensing Law does not require licensees to work in the capacity of an “agent” when providing brokerage services. A transaction broker works with a buyer or a seller or both in the sales transaction without representing anyone. A TRANSACTION BROKER DOES NOT PROMOTE THE INTERESTS OF ONE PARTY OVER THOSE OF THE OTHER PARTY TO THE TRANSACTION. Licensees with such a firm would be required to treat all parties honestly and to act in a competent manner, but they would not be required to keep confidential any information. A transaction broker can locate qualified buyers for a seller or suitable properties for a buyer. They can then work with both parties in an effort to arrive at an agreement on the sale or rental of real estate and perform tasks to facilitate the closing of a transaction. A transaction broker primarily serves as a manager of the transaction, communicating information between the parties to assist them in arriving at a mutually acceptable agreement and in closing the transaction, but cannot advise or counsel either party on how to gain an advantage at the expense of the other party. Owners considering working with transaction brokers are advised to sign a written agreement with that firm which clearly states what services that firm will perform and how it will be paid. In addition, any transaction brokerage agreement with a seller or landlord should specifically state whether a notice on the property to be rented or sold will or will not be circulated in any or all Multiple Listing System(s) of which that firm is a member.
YOU MAY OBTAIN LEGAL ADVICE ABOUT THESE BUSINESS RELATIONSHIPS FROMYOUR OWN LAWYER.
THIS STATEMENT IS NOT A CONTRACT AND IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY.
(END OF MANDATORY CONSUMER INFORMATION STAIEMENT 1EXT)
(OPTIONAL ACKNOWLEDGEMENT OF RECEIPT AFTER TEXT OF CONSUMER INFORMATION STA1EMENT.)
FOR SELLERS AND LANDLORDS
“By signing this Consumer Information Statement, I acknowledge that I received this Statement from (Name of Brokerage Firm) prior to discussing my motivation to sell or lease or my desired selling or leasing price with one of its representatives.”
FOR BUYERS AND TENANTS
“By signing this Consumer Information Statement, I acknowledge that I received this Statement from (Name of Brokerage Firm) prior to discussing my motivation or financial ability to buy or lease with one of its representatives.”
(OPTIONAL INDICATION OF IN WHAT CAPACITY FIRM INIENDS TO WORK WITH RECIPIENT OF CONSUMER INFORMATION STATEMENT AS PERMIT _____ IED BY (g)2 ABOVE):
_______________________ , as an authorized representative of ___________ , intend, as of this time, to work with you as a (indicate one of the following): seller’s agent only buyer’s agent only seller’s agent and disclosed dual agent if the opportunity arises buyer’s agent and disclosed dual agent if the opportunity arises transaction broker only seller’s agent on properties on which this firm is acting as the seller’s agent and transaction broker on other properties
(i) In all brokerage agreements, brokerage firms must include the following:
1. A statement acknowledging receipt of the Consumer Information Statement; and
2. A declaration of business relationship indicating the regular business name of the broker and in what capacity the licensee servicing the agreement and their firm will operate as real estate licensees with respect to the other party to the brokerage agreement. The declaration of business relationship in all brokerage agreements shall contain, in print larger than the predominant size print in the writing, the following language:
______________________ , as an authorized representative of ___________ , intend, as of this time, to work with you as a (indicate one of the following): seller’s agent only buyer’s agent only seller’s agent and disclosed dual agent if the opportunity arises buyer’s agent and disclosed dual agent if the opportunity arises transaction broker only seller’s agent on properties on which this firm is acting as the seller’s agent and transaction broker on other properties
3. Where brokerage firms secure a written acknowledgement of receipt of the Consumer Information Statement on the Statement itself as provided in (g)1 above and include on the Consumer Information Statement a declaration of the business relationship they intend to have with the other party to the brokerage agreement as provided in (g)2 above, the attachment of