Section 45:15-16.90 - Brokerage firms, real estate brokerage services, seller's agent, conditions, exceptionsa. A brokerage firm, including brokers, broker-salespersons, and salespersons affiliated with the brokerage firm, that performs real estate brokerage services for a seller is a seller's agent unless: (1) a brokerage firm, including brokers, broker-salespersons, and salespersons affiliated with the brokerage firm, represents the buyer pursuant to a brokerage services agreement between the brokerage firm and the buyer in a residential real estate transaction or otherwise represents the buyer in a commercial real estate transaction, in which case the brokerage firm, including the brokers, broker-salespersons, and salespersons, is a buyer's agent;(2) a brokerage firm, including brokers, broker-salespersons, and salespersons affiliated with the brokerage firm, represents the buyer pursuant to a brokerage services agreement between the brokerage firm and the buyer in a residential real estate transaction or otherwise represents the buyer in a commercial real estate transaction, and the brokerage firm, including the same broker, broker-salesperson, or salesperson or a different broker, broker-salesperson, or salesperson represents the seller pursuant to a brokerage services agreement between the brokerage firm and the seller, in which case the brokerage firm, including the broker, broker-salesperson, or salesperson or brokers, broker-salespersons, or salespersons, as applicable, is a disclosed dual agent;(3) the brokerage firm, including a broker, broker-salesperson, or salesperson affiliated with the brokerage firm, has agreed to work with the seller pursuant to brokerage services agreement between the brokerage firm and the seller as a transaction broker; or(4) the broker, broker-salesperson, or salesperson affiliated with the brokerage firm is the buyer or one of the buyers.b.(1) A brokerage firm shall enter into a brokerage services agreement with the seller before, or as soon as reasonably practical after, it commences rendering real estate brokerage services to, or on behalf of, the seller.(2) The brokerage services agreement shall include the following: (a) the term of the brokerage services agreement, including, if applicable, the period after the termination of the agreement that the brokerage firm will be protected as provided in the agreement with regard to any properties that a broker, broker-salesperson, or salesperson from the brokerage firm introduced to the seller during the term of the agreement;(b) the brokerage firm is appointed as an agent for the seller;(c) if the agency relationship is exclusive or nonexclusive and shall include an option for the seller to select if the relationship is exclusive or nonexclusive;(d) if the seller consents to the brokerage firm acting as a disclosed dual agent or designated agent, which, if consent is granted, shall be in the brokerage services agreement or in another document requiring separate initialization or signature by the seller and include an acknowledgment from the seller that a disclosed dual agent shall not advocate terms favorable to one principal to the detriment of the other principal;(e) if the seller consents, as demonstrated by initialization or signature, to the broker or a managing broker for the brokerage firm, or a broker, broker-salesperson, or salesperson appointed by the broker or managing broker, being an agent for the seller to act as a disclosed dual agent in a transaction in which the same broker, broker-salesperson, or salesperson or different brokers, broker-salespersons, or salespersons, as applicable, affiliated with the brokerage firm represent different parties;(f) the brokerage firm's compensation, how the compensation will be calculated, and if the compensation will be shared with another brokerage firm that may have a brokerage relationship with another party to the transaction; and(g) whether a notice on the property to be sold will be circulated in a database established to provide data about properties for sale, such as a multiple listing service, of which the brokerage firm is a member, except that the seller's agent shall not submit any notice to the service stating whether the seller authorized the sharing of the compensation of the seller's agent with cooperating sub-agents, transaction brokers, or the buyer's agents or the amount of the shared compensation to any service that prohibits an offer from being displayed.c. A brokerage firm may work with a party in separate transactions pursuant to different or same agency relationships, including, but not limited to, representing a party in one transaction and at the same time representing that party in a different transaction, if the broker complies with P.L.2024, c.32 (C.45:15-16.86 et al.) in establishing the relationships for each transaction, even if the other transaction is a related transaction.Added by L. 2024, c. 32,s. 5, eff. 8/1/2024.