The New Jersey Consumer Information Statement (CIS) is required to be provided to consumers primarily to accomplish which of the following?
Correct Answer
A) To inform consumers of the different types of agency relationships available under New Jersey law
The Consumer Information Statement (CIS), required under N.J.A.C. 11:5-6.9, is designed to inform consumers about the different types of agency relationships that exist under New Jersey law—including seller's agent, buyer's agent, disclosed dual agent, and transaction broker—so that consumers can make an informed decision about representation before engaging with a licensee.
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Related Topics & Key Terms
Key Terms:
Related Concepts
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
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