Update on recent changes

Update on recent changes

Posted on 12. Aug, 2024 by in Miscellaneous

As part of the changes recently released, a new field for “Seller Concession to Buyer Yes/No” was added on all sale listings. Based on member feedback and further evaluation by our Board of Directors, the field has been removed.

In addition, the section related to compensation on Rental agreements has also been changed based on member feedback.

Listing agreements have been updated to reflect these changes.   New forms with a version date of 8/23/2024 can be found in Toolkit > Forms, Docs, & Gen Info > Forms.

On August 12th the following policy change was implemented to comply with the NAR Settlement:

Cooperating Broker Compensation No Longer Permitted in the MLS

  • Offers of compensation can no longer appear anywhere in the MLS.  No mention or inference is allowed in listings.  It is also prohibited to include a web address of the listing on another website.
  • The following fields have been removed from listing load and from listing reports for ALL property categories: Comp BA, Comp TA, Comp Sub, and DCA.

Listing Forms Have Been Updated 

  • Listing agreement forms have been updated to remove cooperating broker compensation from all property categories.
  • Commission Split Addendum paperwork has been removed from NJMLS forms. For now, this is still required by the NJ Real Estate Commission, however the NJMLS will no longer provide the Commission Split Addendum in their listing paperwork. For access to the section of the NJ Real Estate Commission rules related to this, click here.
  • The Keybox Disclosure which was previously part of the Commission Split Addendum has already been moved to a separate agreement.

NJMLS ByLaws and Rules & Regulations have been updated

  • Updates to the Rules & Regulations include rules related to:
    • No Compensation Specified on MLS Listings (Section 5)
    • Written Buyer Agreement (Section 5.0.2)

The following changes were implemented as of 8/1:

Buyer/Tenant Representation Agreements are required per State Law S3192 as of 8/1.

A signed agreement is required when working with a buyer or tenant prior to showing a 1-4 family property (in person or via live virtual tour).  An agreement is not required if you are simply marketing your services or just talking to a buyer, like at an open house you are hosting where you are representing the seller.

Designated Agency is now allowed in NJ per State Law S3192 as of 8/1.

This enables a brokerage to appoint different agents to represent both the seller and the buyer with full fiduciary duties at the client’s request. Click for NJ Realtors’  Agency Explained Guide.

For full details on the new NJ State Law, please refer to the information provided by NJ Realtors at: https://www.njrealtor.com/government-affairs/cpea/.  (Click for Summary.)

For information on the NAR Settlement regarding broker compensation refer to: facts.realtor.                                                 

NJMLS Rule Changes:
https://www.newjerseymls.com/njmls-rules-changes-nar-settlement/

As always, our staff is here to support NJMLS members and help you navigate through these changes.
If you have further questions, please email: support@njmls.com