Key Dates to Know

August 1st: NJ Real Estate Consumer Protection Enhancement Act

August 14th: Bright MLS Rules and Policy Changes Take Effect

August 17th: Practice Changes Related to NAR Settlement Take Effect

August 1st: NJ Real Estate Consumer Protection Enhancement Act

The following are the six major changes the law provides and are all consistent with the terms of the NAR settlement:

• Sellers must provide a fully completed property condition disclosure form before buyers sign a contract. 
• Listing agents will be required to explicitly disclose who they represent at open houses. 
• Designated agency, which enables a brokerage to appoint an agent to either side of a transaction at the client’s request, is now permissible.
• All real estate licensees will be required to use brokerage agreements, which outline services they will provide to all clients over the course of a respective transaction.  
• Sellers’ agents can no longer disclose compensation in Multiple Listing Services (MLSs) or notify MLSs about cooperative compensation, if the MLS prohibits it. (Effective August 17th, the NAR Settlement prohibits REALTORS® from disclosing and/or notifying MLSs about cooperative compensation regardless of whether the MLS allows it.)
• Continuing education classes on agency are now required.

NJR^® is looking at all forms and contracts to ensure they conform with the new statute.

Antitrust Lawsuit Resources

Courtesy of New Jersey REALTORS® (NJR)

New Jersey REALTORS® has been the voice for real estate for more than a century and its advocacy efforts here in New Jersey have shaped the real estate industry, moved the industry forward, helped consumers achieve the American Dream of homeownership, and protected the home buying and selling process.

August 14th: Bright MLS Rules and Policy Changes Take Effect

• Sellers’ agents can no longer disclose cooperative compensation in Multiple Listing Services (MLSs or notify MLSs about cooperative compensation
• Client Disclosure Form required
• Seller Concessions may be disclosed when entering listing into MLSs (added in June)
• ‘Coming Soon’ listing no longer have 21-day limit

Bright MLS Rules & Training

Bright MLS will implement new MLS rules on August 14, 2024. The changes include:

• Updated Bright rules
• Removal of compensation fields
• Removal of time limit on "Coming Soon" status
• Listings entry clarification
• New disclosure form required

Learn more about these changes and training opportunities

August 17th: Practice Changes Related to NAR Settlement Take Effect

(NOTE: The NJ Consumer Protection Enhancement Act that takes effect on August 1st includes these required practice changes)

• Sellers’ agents can no longer disclose cooperative compensation in Multiple Listing Services (MLSs or notify MLSs about cooperative compensation, if the MLS prohibits it. (Bright will be removing cooperative compensation on August 14th. Effective August 17th, the NAR Settlement prohibits REALTORS® from disclosing and/or notifying MLSs about cooperative compensation regardless of whether the MLS allows it.)
• Written, signed representation agreements required

The Facts for REALTORS®

Courtesy of the National Association of REALTORS® (NAR)

The materials here are intended for reference by members, staff, and anyone supporting the National Association of REALTORS®. They will help provide background on current events related to the association and give you the tools to talk about them.

NEXUSConnect Newsletter Archive

Courtesy of the NEXUS Association of REALTORS®

NEXUSConnect is your weekly resource for ideas, answers, and advice. NEXUS has been and will continue publishing information and material to keep our members informed, confident, and prepared. From FAQ's, to settlement updates, and promotional material, we have you covered every week.

The National Association of REALTORS’® settlement agreement preserves Americans’ choices when it comes to

real estate services when buying or selling a home.