Agency Disclosure and the Consumer Information Statement
New Jersey requires licensees to explain the available business relationships to consumers using the Consumer Information Statement (CIS). This chapter covers the CIS, the recognized relationships, and dual agency as a supervising broker must enforce them.
The Consumer Information Statement (CIS)
New Jersey licensees must provide and review the Consumer Information Statement on New Jersey Real Estate Relationships at the first contact at which a substantive discussion about a specific property occurs. The CIS explains seller's agent, buyer's agent, disclosed dual agent, and transaction broker so the consumer can choose how to work with the licensee. Delivering and explaining the CIS is a mandatory step the broker must ensure affiliated licensees complete.
Recognized Business Relationships
New Jersey recognizes seller's agency, buyer's agency, disclosed dual agency, and the transaction broker, who works with a party without representing them as an agent. Each relationship carries different duties. The licensee must identify which relationship applies and confirm the consumer's choice, because the duties owed change with the relationship selected.
Disclosed Dual Agency
Disclosed dual agency, in which a firm represents both seller and buyer in the same transaction, is permitted only with the informed written consent of both parties after the CIS has been reviewed. A dual agent must not disclose one party's confidential negotiating information to the other. The broker is responsible for ensuring the firm documents consent and manages in-house transactions consistently.