The New Jersey Real
Estate Licensing Law does not require licensees to work
in the capacity of an "agent' when providing brokerage
services. A
transaction broker works with a buyer or a seller or
both in the same sales
transaction without representing anyone. A TRANSACTION
BROKER DOES NOT
PROMOTE THE INTERESTS OF ONE PARTY OVER THOSE OF THE
OTHER PARTY TO THE TRANSACTION. Licensees with such a
firm would be required to treat all
parties honestly and to act in a competent manner, but
they would not be
required to keep confidential any information. A
transaction broker can
locate qualified buyers for a seller or suitable
properties for a buyer.
They can then work with both parties in an effort to
arrive at an agreement
on the sale or rental of real estate and perform tasks
to facilitate the
closing of a transaction.
A transaction broker primarily serves as a manager of
the transaction,
communicating information between the parties to assist
them in arriving at
a mutually acceptable agreement and in closing the
transaction, but cannot
advise or counsel either party on how to gain an
advantage at the expense of
the other party. Owners considering working with
transaction brokers are
advised to sign a written agreement with that firm which
clearly states what
services that firm will perform and how it will be paid.
In addition, any
transaction brokerage agreement with a seller or
landlord should
specifically state whether a notice on the property to
be rented or sold
will or will not be circulated in any or all Multiple
Listing System(s) of
which that firm is a member.
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