Agency Disclosure
Effective July 1, 1995, every licensee in the State of New Jersey will be required to advise consumers of real estate services the 4 types of business relationships that they are permitted to engage in. They are: Seller's Agent, Buyer's Agent, Disclosed Dual Agent, and Transaction Broker. The following is a synopsis of what must be disclosed how, and when:
Every licensee must distribute a Consumer Information Statement which describes the types of business relationships in which a licensee may engage:
Seller’s
Agent - |
works only for the seller |
Buyer’s
Agent - |
works only for the buyer |
Disclosed
Dual Agent - |
works for both the buyer and seller |
Transaction
Broker - |
works with buyer or seller or both without representing anyone. (does not promote interests of one party over the other.) |