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Allows choice of brokerage services |
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Allows brokers to offer rebates to consumers |
New Jersey law explicitly allows real estate brokers to offer rebates to consumers. New Jersey consumers are able to benefit from rebates that consumers in other states may receive.
In October 2006, Bill A3567 was introduced in the New Jersey Assembly. Bill A3567, if enacted, would allow brokers to offer rebates in New Jersey. In January 2008, Bill S139 was introduced in the New Jersey Senate. Bill S139, if enacted, would allow brokers to offer rebates in New Jersey. An identical bill, A373, passed in the New Jersey Assembly in March 2009. As introduced, Bill A373 would permit all real estate licensees to offer rebates to both buyers and sellers. On January 07, 2010, Bill A373 was signed into law by Gov. Jon Corzine. It specifically stipulates, however, that only brokers can offer rebates to buyers.
Learn more about:
- Brokerage services: Discount Brokers Can Make Selling a Home Less Costly
- Rebates: Rebates Make Buying a Home Less Expensive
Related documents on the Internet:
- New Jersey Senate Bill S139 repealing the ban on rebates
- New Jersey Statute § 45:15-17(k) prohibiting the payment of rebates
- New Jersey Assembly Bill A373 repealing the ban on rebates