NJ Consumer Information Statement
In the State of New Jersey, when a real estate agent first meets a prospective buyer or seller, the real estate agent is required to provide that prospect with a signed copy of the New Jersey Consumer Information Statement before starting any discussion with that prospect.
The Consumer Information Statement (CIS) explains the four (4) different types of legal relationship the agent may select to have with the prospect. The CIS also provides a detailed explanation of each of those legal relationship (called an "Agency Relationship").
The agent is required to tell the prospect the type of Agency Relationship they wish to have, check the box next to that type of Agency Relationship, and they must sign the form and give it to the prospect. The prospect should also sign it so the agent can prove that they gave the form to the prospect.
IT'S IMPORTANT TO NOTE that the buyer or seller IS NOT REQUIRED to agree with the type of Agency Relationship selected by the agent. And, if the buyer or seller does not agree with what the agent selected, they can ask the agent to select a different type of Agency Relationship, or the buyer or seller may simply stop talking with that agent and find another who will agree to their preferred type of Agency Relationship.
If you have any questions about Agency Relationships, please contact us and we'll be happy to explain anything you'd like to know. And, you're under no obligation to work with us just to get this information.