Here's Your Top Five Stories of the Week

1. NJ Realtors^® Counsel Answers Vital New Law Questions

I'm Listening: Last week at the Statewide Broker Briefing, NJ Realtors^® held a panel discussion followed by a robust question and answer period to cover the ins and outs of the Real Estate Consumer Protection Enhancement Act, which goes into effect on Aug. 1.

Where Can I Watch the Panel Recording? Click here to watch the recording and download the accompanying slide deck to prepare for the changes ahead.

VISIT THE NEW LAW RESOURCE PAGE

2. Showcase Your Business at the HOF Phillies Game Fundraiser

I'm In, Tell Me More: NJ Realtors^® Housing Opportunity Foundation's fundraiser at the Phillies game on Aug. 14 is nearly sold out and still looking for sponsors.

Where Can I Learn More About Sponsorships? Click here to download the fundraiser's sell sheet or email NJ Realtors^® Director of Membership Outreach Mary Pilaar.

Feature Story of the Week

New FAQs Hit the New Law Resource Webpage

Do you need a tenant agreement for weekly rentals and short-term rentals?

Yes, if you are working with the tenant to find a property, you need a tenant representation agreement. The key is whether you are working with a tenant under one of New Jersey’s real estate business relationships. If you are simply passing along an offer to the landlord without working with the tenant, then you do not need a tenant representation agreement.

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3. Designated Agency Now Allowed with New Law

What's Designated Agency? Designated agency allows for different licensees within the same brokerage to represent both the seller and the buyer in the same transaction with full fiduciary duties.

What Else Should I Know? The allowance of designated agency is set forth in the Real Estate Consumer Protection Enhancement Act, which goes into effect on Aug. 1. To engage in designated agency, a brokerage must obtain the informed written consent of the seller and the buyer.

DOWNLOAD OUR AGENCY GUIDE

4. Customizable Open House Signage Now Available

Is This Required with the New Law? Yes. The Real Estate Consumer Protection Enhancement Act, which goes into effect on Aug. 1, requires listing agents to explicitly disclose who they represent at open houses. NJ Realtors^® takes out the guesswork with signage with a ready-to-download and customizable version.

Where Can I Find the Signage? Click here to download the open house disclosure sign or click here customize to customize the sign.

VISIT THE NEW LAW RESOURCE PAGE

5. Median Sales Price Reaches $485,000 in New Jersey

What's This Month's Breakdown? According to our latest housing market data reports, across the entire market, the median sales price increased 11.5% year-to-date to $485,000. In the single family market segment, the median sales price is $540,000.

What Else Should I Know? Homes in New Jersey are receiving 102.3% of the list price year-to-date and there were 22,344 homes for sale in June 2024.

DOWNLOAD THE REPORTS

Numbers of the Week

NJ fast facts courtesy of nj.gov

127

Miles of NJ Shorelines

NJ State Parks

790,000

Acres of Farmland in NJ

256

Historic and Memorial Sites in NJ

39,000

Miles of Highways and Roads in NJ

1,368

Square Miles of Water in NJ

NJ Realtors® Weekly—July 31