Licensee Duties & Property Disclosure

N.J.A.C. 11:5-6.4

Imposes duties of absolute fidelity to the client/principal while dealing fairly with all parties, and requires licensees to make a reasonable effort to ascertain and disclose all material information about a property's physical condition. Requires disclosure of off-site conditions defined by the New Residential Construction Off-Site Conditions Disclosure Act (N.J.S.A. 46:3C-3) — including hazardous/contaminated sites, high-voltage electrical transmission lines, and airport safety zones. Mandates transmittal of all written offers within 24 hours, full cooperation with other New Jersey licensees and notification of any multiple listing system (within 48 hours) unless the owner directs otherwise in writing, and prohibits discrimination in services and collusion on commission rates and splits (per N.J.A.C. 11:5-7.5 and 7.6).