NJ Realtors® Weekly—March 20

Published Mar 20, 2024

Top Story of the Week

NAR Reaches Settlement Agreement to Resolve Claims Brought by Home Sellers

The National Association of Realtors® announced a settlement agreement, pending court approval, to end litigation claims brought by home sellers relating to the MLS cooperative compensation Model Rule. If the court approves this proposed settlement, it is expected to take effect in July.

New Jersey Realtors® continues to encourage members to use the buyer agency agreements available through zipForm, which are included with your membership, and next month, New Jersey Realtors® will release updated versions of the buyer agency agreements ahead of when the proposed settlement could take effect.

Watch the video below for an explanation on the proposed settlement with New Jersey Realtors® 2024 President Gloria Monks and CEO Jarrod Grasso.

Click here for NAR's resource webpage which features FAQs, a video explanation, and a settlement fact sheet.


Being a Member Has its Perks

Join HOF at the Ballfield this June

Mark your calendars! New Jersey Realtors® Housing Opportunity Foundation's baseball night at the Somerset Patriots is back on June 20. Invite your family and friends, enjoy one of the best fireworks shows in the state, and support HOF's affordable and safe housing initiative.

Tickets at $12 and $5 of each ticket is considered a charitable contribution. Purchase your ticket. 


State of the State

Flood History Disclosure Law Now in Effect

Starting today there are new mandatory flood history disclosure requirements for all sellers and certain landlords. This includes new questions on the seller's property condition disclosure statement, a new rental flood risk notice, and the release of an updated flood mapping tool.

New Jersey Realtors® contract of sale, lease, seller's property condition disclosure statement, and the new flood risk notice are now updated on zipForm to comply with these requirements.


Three frequently asked questions about the new law:


Does this apply to seasonal rentals?

No. The new law does not apply to rentals of 120 days or less.

Does this apply to rentals currently leased?

Yes, you are required to disclose the property's flood history to tenants prior to the signing of a lease renewal.

Does this apply to commercial leases?

Yes, beginning March 20, disclosure of a property's flood history to potential tenants of a commercial property is mandated prior to the signing of a lease or lease renewal. New Jersey Realtors® does not provide commercial leases.