NJ Realtors® Weekly–June 28
Top Story of the Week
REC Initiates LLC Rulemaking Process
The NJ Real Estate Commission formally began the rulemaking process required to implement a law New Jersey Realtors® proactively sought, which allows real estate salespersons and broker-salespersons to form a Limited Liability Company (LLC) to receive commission payments.
This law cannot go into effect until six months after the REC formally promulgates this rule. New Jersey Realtors® will review the rule language once it is released and work with the REC to ensure it can be adopted as quickly as possible following the advance rulemaking notice and public comment process.
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Reminder to Continue to Uphold Article 10
What sets real estate agents and Realtors® apart is the commitment to upholding the Code of Ethics. Specifically, Article 10 states Realtors® shall not discriminate against any person on the basis of race, color, religion, sex, disability, familial status, national origin, sexual orientation, or gender identity. Read the 2023 Code of Ethics and Standards of Practice.
State of the State
Real Estate Licensees Protected in Solar Panel Bill
New Jersey Realtors® secured amendments to protect real estate licensees under A-4522, legislation requiring certain disclosures with homes sold with solar panels.
The bill indicates the contract of sale, rider, contract addendum, or property condition disclosure statement must have specific information about the solar panels on a single-family home for sale. The amendments secured ensure real estate licensees are not liable for the required disclosure of information about single-family homes when the seller does not provide it.
A-4522 still requires full approval in the Assembly and Senate before it can reach the governor’s desk.
Until this rule is adopted and takes effect, commission payments to LLCs are not permitted.