New Jersey Statutes 45:15-16a. Rebate paid by broker to purchaser
Terms Used In New Jersey Statutes 45:15-16a
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
(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.