45:15-16.94 Brokerage firm engaged as transaction broker shall not act as an agent or represent any party in the transaction; transaction broker duties.
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/nj/title-45/chapter-15/45-15-16-94·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
9. a. A brokerage firm, including brokers, broker-salespersons, and salespersons affiliated with the brokerage firm, that has been engaged as a transaction broker by a buyer, a seller, or both shall not act as an agent for and shall not represent any party in the transaction, shall not promote the interest of one party over the interest of the other party, and shall not be required to keep any information confidential.
b. In addition to the duties provided for under current law, a transaction broker's duties shall include the following:
(1)to perform the terms of any brokerage service agreement made with any party to the transaction;
(2)to ensure, when working with a seller, that the brokerage service agreement states whether a notice on the property to be sold will be circulated in a database established to provide data about properties for sale, such as a multiple listing service, of which the brokerage firm is a member, except that the seller's agent shall not submit any notice to the service stating whether the seller authorized the sharing of the compensation of the seller's agent with cooperating sub-agents, transaction brokers, or the buyer's agents or the amount of the shared compensation to any service that prohibits an offer from being displayed;
(3)to treat all parties honestly and act in a competent manner;
(4)to locate qualified buyers for a seller or suitable properties for a buyer;
(5)unless otherwise directed in writing by the principal, to present all written offers and counteroffers in a timely manner in accordance with applicable law and to provide written confirmation of receipt to the other party or its agent or transaction broker of each and every written offer or counteroffer as soon as reasonably practicable, regardless of whether the property is subject to an existing contract of sale or the buyer is already a party to an existing contract to purchase another property;
(6)to keep the parties fully informed regarding the transaction;
(7)to communicate and work with all parties in an effort to arrive at an acceptable agreement without providing advice to any party on how to gain an advantage at the expense of the other party;
(8)to advise the parties to seek expert advice on matters relating to the transaction;
(9)to manage the transaction and perform tasks to facilitate the closing of the transaction; and
(10)any additional duties that are agreed to in writings signed by the transaction broker or other authorized representative of the brokerage firm.
c. The showing of alternate properties not owned by the seller to a buyer shall not breach any duties or create a conflict of interest.
d. The showing of a property in which a buyer is interested to other prospective buyers shall not breach any duties or create a conflict of interest.
L.2024, c.32, s.9.