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

Summary

A Senate Commerce Committee statement to the Senate on Senate Bill No. 3192, State of New Jersey, dated May 13, 2024, reporting the bill favorably. The bill writes 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 in residential and certain commercial real estate transactions, and sets the terms of the broker agreement. A seller's agent would not have to notify any Multiple Listing Service that the seller authorized sharing compensation, or the amount. A statement about the property must be posted at open houses, and continuing education for Real Estate Commission licensees must include at least one hour on agency per biennial renewal period.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

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.

File and source

File

2024-05-13_SCM_S3192_S1.htm

Size

5,798 bytes

SHA-256

211c20743acd6310a343dc2e9c2a8ae6e043bcb57e8d7468b6765d68d8aee100

Our copy

2024-05-13_SCM_S3192_S1.htm

Original

No public link identified.