Bill > A4454

This bill, the "Real Estate Consumer Protection Enhancement Act," proposes several key provisions to strengthen consumer protections in real estate transactions in New Jersey. The bill defines important terms and establishes duties for real estate agents, including buyer's agents, seller's agents, disclosed dual agents, designated agents, and transaction brokers. These duties include exercising reasonable skill and care, dealing honestly and in good faith, and disclosing material information to their principals. The bill also requires real estate brokerage firms to enter into written agreements with buyers and sellers that outline the agency relationship, compensation, and other important terms. Additionally, the bill allows for designated agency relationships, where the brokerage firm can represent the buyer and seller separately, and it clarifies rules around dual agency and transaction brokerage. The bill also addresses the disclosure of information, liability, and compensation in real estate transactions. Finally, it requires real estate agents to complete a continuing education course on agency as a condition of license renewal. Overall, the bill aims to enhance transparency and consumer protections in real estate transactions in New Jersey.

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https://www.njleg.state.nj.us/bill-search/2024/A4454