REAL ESTATE COMMISSION 11:5-6.9
a copy of the Consumer Information Statement to the brokerage agreement and the inclusion of a reference to the receipt of the Consumer Information Statement in the brokerage agreement shall constitute compliance with this section.
(j) Licensees shall disclose to consumers what type of brokerage services they will provide in the following manner:
1. Buyer-brokers shall verbally disclose to sellers that they are acting on behalf of a buyer prior to their first communication with the seller during which the seller’s motivation to sell or desired price is discussed.
2. All offers, contracts or leases not exempt by this rule which are prepared by licensees shall include the following statements:
“By signing below the sellers (or landlords as applicable) and purchasers (or tenants as applicable) acknowledge they received the Consumer Information Statement on New Jersey Real Estate Relationships from the brokerage firms involved in this transaction prior to the first showing of the property.”
3. In all offers, contracts, or leases, including leases for short- term rentals, prepared by licensees as permitted by N.J.A.C. 11 :56.2(g), licensees shall include the regular business name of the broker with whom they are licensed and a declaration of business relationship indicating in what capacity they and their firm are operating as real estate licensees in that real estate transaction. The declaration of business relationship in all offers to purchase or to lease property, including those made on contracts of sale or lease documents prepared by licensees, shall contain, in print as large as the predominant size print in the writing, the following language: ____________and __________ as its authorized
(Name of firm) (Name(s) of licensee(s)) representative(s) are working in this transaction as ___________ (indicate one of the following):
buyer’s agents
disclosed dual agents
transaction brokers
i. In transactions in which more than one firm is involved, all licensee-prepared offers, contracts and leases, including leases on short-term rentals, shall contain, in the same size type and immediately following the declaration of business relationship set forth above, the following clause:Information supplied by. (Name of firm) ____________________
(Name of firm)
has indicated that it is operating in this transaction as a _______ (indicate one of the following):
seller’s agent only
buyer’s agent only
transaction broker
ii. The requirement to include the clause cited in (j)3i above in licensee-prepared offers, contracts and leases shall not apply with respect to firms whose involvement in a transaction was limited to merely referring a party to another firm.
(k) Licensees shall disclose to other licensees what type of business relationship they have with the party with whom they have a brokerage agreement, and with any other parties with whom they may be working, in the following manner:
1. In all written or computer generated notices directed to other brokerage firms through a Multiple Listing Service or otherwise, the listing broker shall indicate whether they are working as a seller’s agent or as a transaction broker. On listings where the listing broker is operating as a seller’s agent, such notices shall also state:
i. Whether subagency is offered;
ii. Whether the seller has authorized the sharing of the listing broker’s compensation with cooperating subagents and/or transaction brokers and/or buyer brokers; and
iii. The amount of compensation offered to cooperating subagents and/or transaction brokers and/or buyer brokers.
2. When a licensee with a listing broker receives an inquiry about a particular property from any other licensee, the licensee with the broker shall, before providing any information to the inquiring licensee beyond general information previously circulated about the listing, verbally ascertain from the inquiring licensee the capacity in which that licensee is operating or intends to operate (buyer-broker, subagent, disclosed dual agent or transaction broker). Inquiries from other licensees in the listing broker’s firm shall also be responded to as set forth in this subsection.
(1) In transactions where brokers seek compensation for their brokerage services from a party to the transaction whom they are not representing or working with, the business relationship with the party they are representing or working with and the compensation arrangement shall also be disclosed to both parties as required by N.J.A.C. 11:5-7.1.
(m) Notwithstanding anything appearing in (g) and (h) above to the contrary, where a brokerage firm is itself the owner of the property being sold by individuals licensed through the broker-owner of the property, a Consumer Information Statement, revised as provided in this section, shall be delivered to prospective purchasers in accordance with the provisions of this rule.
1. On the line immediately below the title of the Consumer Information Statement, the following text shall appear in print larger than the predominant size print in the writing: