How to Implement the New Law into Your Business

By New Jersey Realtors® Chief Executive Officer Jarrod Grasso

The Real Estate Consumer Protection Enhancement Act is officially in effect and introduces several industry changes to protect consumers and real estate licensees in New Jersey. To help you implement these changes into your daily business practice, New Jersey Realtors® has created a new law hub to break down the main law provisions, provide vital definitions and resources, frequently asked questions, and more.

While it will take time for these changes to become second nature, one constant remains—helping your clients find the home of their dreams. As we guide our clients through this renewed real estate industry, continue to showcase your Realtor® value, unmatched expertise in the field, and love for the Garden State.

Here’s what you can do to put the Real Estate Consumer Protection Enhancement Act into action.

For more information and to access these resources, visit njrealtor.com/cpea.

Use NJ Realtors® Forms Library to Comply with the Law

NJ Realtors® Forms Library recently released the following new forms to comply with the Real Estate Consumer Protection Enhancement Act.

• Addendum to Agency Agreement

• Form 130A: Informed Consent to Designated Agency (Buyer)

• Form 130B: Informed Consent to Designated Agency (Seller)

• Form 131A: Informed Consent to Designated Agency (Tenant)

• Form 131B: Informed Consent to Designated Agency (Landlord)

• Form 144: Non-Exclusive Tenant Agency Agreement

• Form 148: Cooperating Broker Compensation Agreement

The following agency forms were revised to comply with the new law.

• Form 120: Non-Exclusive Buyer Agency Agreement

• Form 121: Exclusive Buyer Agency Agreement

• Form 126: Exclusive Tenant Agency Agreement

• Form 128: Exclusive Buyer Agency Agreement with Rebate Provision

• Form 129: Non-Exclusive Buyer Agency Agreement with Rebate Provision

• Section 29 and Section 30 of NJ Realtors® Form 118: Contract of Sale

Use the New Consumer Information Statement

The updated CIS will educate consumers and help them make informed decisions about their relationship with a real estate broker and sales agent. It breaks down the agency types in New Jersey: seller’s agent, buyer’s agent, disclosed dual agent, transaction broker, and designated agent, and explains the licensee’s legal duties and responsibilities.

Watch NJ Realtors® Panel Discussion

At our Statewide Broker Briefing, we held a panel discussion to cover the new law in-depth and answer audience questions. The recording is now available along with the accompanying slide deck.

Use NJ Realtors® Approved Open House Signage

The new law requires listing agents to disclose who they represent at open houses. Now available: NJ Realtors® recommended open house signage, along with a customizable version to add your logo.

Understand Agency and Breakdown the Law

Quickly reference the law and the specific types of agency permitted in New Jersey with downloadable flyers.

Follow Us on Social Media

For the latest industry updates and content to share with your clients, find NJ Realtors® on every social media platform and turn on post notifications so you never miss an important update.

Customize Social Media Posts

Spread the word about the new law and help us educate consumers with social media templates ready for you to customize.