Agency Relationships in New Jersey
New Jersey uses the Consumer Information Statement to disclose the available business relationships, including a non-agency transaction-broker option. This chapter explains the disclosure and the recognized relationships.
The Consumer Information Statement
New Jersey licensees must present and review the Consumer Information Statement (CIS) on New Jersey Real Estate Relationships at first contact with a consumer. The CIS explains the roles of a seller's agent, buyer's agent, disclosed dual agent, and transaction broker, and asks the consumer to acknowledge receipt. It helps consumers understand representation before they share confidential information.
Agency Roles
A seller's agent represents the seller and owes fiduciary duties to that client, while a buyer's agent represents the buyer. A disclosed dual agent represents both parties in the same transaction, but only with the informed written consent of both, and may not reveal one party's confidential negotiating information to the other. In all roles the licensee must deal honestly and disclose known material facts.
The Transaction-Broker Relationship
New Jersey also recognizes the transaction broker, a non-agency relationship in which the licensee provides services to help complete the transaction without representing either party as a client. A transaction broker owes honesty and disclosure of known material facts but not the loyalty and advocacy of a full agent. Consumers choose their preferred relationship after reviewing the CIS.
State-specific details
State exam facts
- State regulator
- New Jersey Real Estate Commission (NJREC)
- Exam vendor
- PSI
- Prelicensing education
- 75 hours of approved salesperson pre-license education
How many prelicensing hours does New Jersey require to become a real estate agent?
New Jersey requires 75 hours of approved salesperson pre-license education before you can take the state exam.
Who licenses real estate agents in New Jersey?
The New Jersey Real Estate Commission (NJREC), within the Department of Banking and Insurance, licenses salespersons and brokers. NJREC uses PSI to deliver the exam.
How is the New Jersey salesperson exam structured?
The New Jersey salesperson exam is delivered by PSI and covers both national real estate principles and New Jersey license law. Confirm the current scored-question counts and passing score in the PSI Candidate Information Bulletin.
Sources: https://www.nj.gov/dobi/division_rec/licensing/reclicgen.htm, https://www.psiexams.com/
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