45:15-16a Rebate paid by broker to purchaser.
2. a. Any rebate paid by a broker to a purchaser of residential real property pursuant to paragraph (2) of subsection k. of R.S.45:15-17 shall be:
(1)Calculated after the purchaser negotiates the rebate commission rate;
(2)Memorialized in a written document, electronic document or a buyer agency agreement provided by the broker to the purchaser at the outset of the broker relationship, which document or agreement shall provide the terms of any rebate credited or paid by the broker to the purchaser; and
(3)Disclosed to all parties involved in the transaction, including, but not limited to, any mortgage lender.
b.A rebate shall not be:
(1)Paid to a person not licensed as a real estate broker for any act that requires licensure;
(2)Contingent upon the use of other services or products being offered by a broker or an affiliate of a broker; or
(3)Based on the use of a lottery, contest or game.
L.2009, c.273, s.2.
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Last modified: October 11, 2016