Risk Reduction

RISK

REDUCTION

*Independent Contractors

Across the country and in New Jersey, real estate licensees are allowed to be classified as independent contractors, a designation of critical importance to the real estate profession.

The real estate profession has long maintained independent contractor relationships, and in these relationships, real estate brokers oversee their agents, but do so while giving them the discretion they need to best represent their clients. If real estate licensees lost their independent contractor status, it would make it untenable for the industry to continue and professionals to represent consumers buying and selling homes. New Jersey Realtors® strongly supports maintaining the independent contractor status so real estate professionals may continue to operate and serve New Jersey home buyers and sellers.

*Consumer Fraud Law

New Jersey Realtors® supports legislation amending the state’s consumer fraud law. The amendment ensures agents representing buyers are treated with the same protections as those representing sellers. Currently, under the consumer fraud law, agents representing sellers are not liable if they unknowingly provide inaccurate property information to a client. The protections provided to sellers’ agents should be extended to those representing a buyer if they can demonstrate they did their due diligence regarding obtaining information about a property.

New Jersey Realtors® strongly believes the consumer fraud law should be amended to provide equal protections to real estate agents representing buyers and sellers.