NJ A4454

Requires written brokerage services agreements between real estate firms and buyers/sellers in residential transactions that disclose agency relationships, compensation terms, and whether the firm acts as buyer's agent, seller's agent, dual agent, designated agent, or transaction broker

Mandates that all brokerage agreements include disclosure that broker compensation is fully negotiable and not set by law, along with how compensation will be calculated and whether it will be shared with other firms

Establishes fiduciary duties for agents including loyalty to principals, disclosure of actual or potential conflicts of interest, protection of confidential information, and reasonable efforts to ascertain material information about property conditions

Requires agents at public open houses to post signs informing prospective buyers that the hosting agent represents the seller only and that any information shared is not confidential under New Jersey law

Adds mandatory continuing education requirements on agency relationships for license renewal and authorizes the New Jersey Real Estate Commission to promulgate regulations implementing the act, effective August 1, 2024