What is the primary legislation governing real estate transactions in New Jersey?

The primary legislation governing real estate transactions in New Jersey is the New Jersey Real Estate License Act. This Act establishes the legal framework for the licensing and regulation of real estate professionals, including salespersons and brokers. It outlines the qualifications necessary for licensure, the duties and responsibilities of licensees, and the standards of conduct expected within the profession.

This legislation serves to protect consumers in real estate transactions by ensuring that individuals engaged in the business of real estate are properly trained, licensed, and held to established ethical standards. While other acts, such as the New Jersey Property Disclosure Act and the New Jersey Agency Relationships Act, deal with specific aspects of real estate transactions, the Real Estate License Act is the foundational law that governs the overall practice of real estate in the state.