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Senate Commerce Committee Statement to Senate, No. 3192 (State of New Jersey, May 13, 2024)

Summary

Senate Commerce Committee statement to Senate, No. 3192, State of New Jersey, dated May 13, 2024. The committee reports favorably Senate Bill No. 3192, which incorporates certain protections for consumers regarding residential real estate transactions and certain aspects of commercial real estate transactions. The statement says the bill incorporates into current law the responsibilities to a consumer of a brokerage firm, a buyer’s agent, a seller’s agent, a dual agent, a designated agent and a transaction broker. It says a statement regarding a property is required for prospective buyers to see and is to be posted at open houses, and that licensee continuing education is to include at least one hour on agency per biennial renewal period.

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“Senate Commerce Committee Statement to Senate, No. 3192 (State of New Jersey, May 13, 2024).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2024-05-13-scm-s3192-s1-6342bea469/, SHA-256 02c4b0dd10974b8ed58bba14c3312b244d54fd517208808239b24a631d7a2cd1.

Full text

     SENATE COMMERCE COMMITTEE

                     STATEMENT TO

                   SENATE, No. 3192

 STATE OF NEW JERSEY
                       DATED: MAY 13, 2024

     The Senate Commerce Committee reports favorably Senate Bill
No. 3192.
     This bill incorporates certain protections for consumers regarding
residential real estate transactions and certain aspects of commercial
real estate transactions. Specifically, the bill incorporates into current
law the responsibilities to a consumer of: a brokerage firm; a buyer’s
agent; a seller’s agent; a dual agent; a designated agent; and a
transaction broker. Additionally, the bill establishes the circumstances
under which an individual is a buyer’s agent and under which an
individual is a seller’s agent and delineates the terms of the broker
agreement between the agent and a consumer.
     The bill also stipulates that a seller’s agent is not required to
submit any notice to a Multiple Listing Service stating that a seller has
authorized the sharing of the compensation for the seller’s agent with
cooperating subagents, transaction brokers or a buyer’s agent, or the
amount of compensation to any Multiple Listing Service. Under the
bill, a statement regarding a property is required for prospective buyers
to see and is to be posted at open houses for the property. Lastly, the
continuing education requirements of licensees to the Real Estate
Commission are to include at least one hour on agency per biennial
renewal period.

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