New Jersey A3767 prohibits long-term real estate listing contracts exceeding five years and mandates early termination options.

New Jersey A3767 establishes requirements for long-term real estate listing contracts, prohibiting licensed real estate brokers, salespeople, and broker-salespeople from entering into contracts that grant them exclusive rights to act as listing agents for more than five years. The bill mandates that such contracts include an early termination option for the property owner, allowing them to end the contract in exchange for a fee not exceeding the initial contract price plus six percent of the initial contract price for each year that elapses following the effective date of the contract.

New Jersey A3767 prohibits long-term real estate listing contracts exceeding five years and mandates early termination options.

New Jersey A3767 establishes requirements for long-term real estate listing contracts, prohibiting licensed real estate brokers, salespeople, and broker-salespeople from entering into contracts that grant them exclusive rights to act as listing agents for more than five years. The bill mandates that such contracts include an early termination option for the property owner, allowing them to end the contract in exchange for a fee not exceeding the initial contract price plus six percent of the initial contract price for each year that elapses following the effective date of the contract.