2024 RE Consumer Protection Enhancement Act
In early July, Gov. Murphy signed Bill s3192/A4454, also known as the Real Estate Consumer Protection Enhancement Act, into law. The law, which goes into effect Aug. 1, 2024, strengthens both consumer and real estate licensee protections. The main provisions of the new law include but are not limited to the following new mandates and allowances.
New Requirement for Open House
At any residential open house, a sign shall be posted at the entrance or at a sign-in sheet advising prospective buyers that the brokerage firm hosting the open house represents the seller only and has not relationship with the prospective buyer, except if the buyer does not have an exclusive buyer agency agreement with another brokerage firm and agrees to the Seller’s Agent becoming a disclosed dual agent or designated agent.
The sign or notice must state:
ATTENTION PROSPECTIVE PURCHASERS – PLEASE READ THIS SIGN CAREFULLY. This is to advise you that the agent who is conducting this Open House REPRESENTS THE SELLER AND IS REQUIRED BY LAW TO PROMOTE THE INTERESTS OF THE SELLER. ANY INFORMATION YOU GIVE THIS AGENT IS NOT CONSIDERED CONFIDENTIAL under New Jersey law and could be disclosed to the Seller of this property. You, as the Buyer, are entitled to have someone represent you as a Buyer’s Agent if you are interested in this property. The duties of a Buyer’s Agent include helping you evaluate the property, prepare an offer on the property and negotiate in your best interests. If you, as the Buyer, are already exclusively represented by a Buyer’s Agent, you are required to disclose this representation on the sign-in sheet. If you, as the Buyer, are not already exclusively represented by a Buyer’s Agent, please be advised that the Open House agent is not precluded from being a disclosed dual agent or designated agent and can enter into any relations
