NJ S3192

Establishes formal agency relationship definitions for real estate transactions, including buyer's agent, seller's agent, disclosed dual agent, designated agent, and transaction broker, with specific fiduciary duties owed to each principal

Requires written brokerage services agreements in residential transactions before or as soon as reasonably practical after rendering services, specifying compensation terms, agency type, and whether the relationship is exclusive or nonexclusive

Mandates disclosure of all material information about property physical condition, requires presentation of all written offers and counteroffers, and prohibits disclosure of confidential client information except under court order or with authorization

Requires prominent signage at open houses informing prospective buyers that the hosting agent represents the seller only and explaining buyer representation options

Takes effect August 1, 2024, and requires continuing education courses on agency relationships for license renewal during each biennial term