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Save/Print Consumer Information Information Statement Statement Real Estate Relationships Real Estate Relationships In New Jersey In New Jersey T271 Revised 9/02 Consumer Information Statement on.

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How to fill out the Consumer Information Statement online

This guide provides an easy-to-follow approach for completing the Consumer Information Statement online. Understanding your real estate relationship is crucial for effective communication during transactions, and following these steps will ensure that you properly fill out the necessary form.

Follow the steps to complete the Consumer Information Statement successfully.

  1. Press the ‘Get Form’ button to access the Consumer Information Statement. This will allow you to obtain the form and open it in the designated editor.
  2. Read through the introductory section that outlines the purpose of the Consumer Information Statement and familiarize yourself with the different types of business relationships: seller’s agent, buyer’s agent, disclosed dual agent, and transaction broker.
  3. Review the detailed descriptions of each type of agent listed in the form to understand which relationship you prefer. This will help inform your selection and subsequent disclosures.
  4. In the acknowledgment section, fill in the name of the brokerage firm from which you received the statement. This is essential for documentation.
  5. Sign the acknowledgment using your full name in the designated area, ensuring the date next to your signature is clearly noted.
  6. If applicable, repeat steps 4 and 5 for the other party involved (buyer or tenant), ensuring all participants have acknowledged receipt of the statement.
  7. Once all sections are completed and signatures acquired, review the form for accuracy and completeness.
  8. Lastly, you can save your changes, download the form for your records, print it if needed, or share it with relevant parties.

Complete your Consumer Information Statement online today to ensure a smooth real estate transaction!

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The Consumer Information Statement (CIS) defines the four business relationships that a firm may engage in. CIS must be provided in: residential 1-4 family sale transactions. residential single family lot sales.

This practice, whilst common in some parts of the World, is not generally accepted in the UK. Current professional guidance from the RICS states that dual agency should not be undertaken as a general rule, but does not rule it out if all parties to the transaction have expressly consented to it.

There are 8 states where dual agency is illegal: Alaska, Colorado, Florida, Kansas, Maryland, Texas, Vermont and Wyoming.

A dual agent is an individual who acts as both the buyer's and seller's agent in a transaction. It is easy to confuse dual agents with designated agents. But unlike a dual agent, designated agents are two separate individuals representing the buyer or the seller.

Dual agency is when a single real estate agent represents both the buyer and the seller in a real estate transaction. It can also occur when an agent represents both the landlord and the tenant, or when the same real estate company represents both parties in a purchase and sale or rental transaction.

The Consumer Information Statement, which must be delivered to the buyer or seller at the time of the first meeting, helps explain these relationships: Buyer's agent. Seller's agent.

Dual agency is illegal in every fiduciary profession other than real estate (state laws allowing) because of the risks it creates. Therefore many folks outside and within the real estate industry view it as unethical.

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