BrokerageIndustry News

New Jersey bill seeks to lift rebate ban

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New Jersey's General Assembly on Monday voted 46-25 to pass a measure that allows real estate brokers in the state to give rebates to homebuyers -- counterpart legislation has not yet been passed by the state Senate. The New Jersey Association of Realtors, a statewide real estate trade group, has earlier opposed legislation (see Inman News article) that sought to lift the state's rebate ban. A spokesperson for the New Jersey Association of Realtors could not be reached for comment after hours on Monday. The U.S. Department of Justice has taken action to reverse statewide real estate rebate restrictions, and lists New Jersey at  an Antitrust Division Web site among the states that prohibit real estate brokers from offering rebates to consumers. "New Jersey consumers are unable to benefit from rebates that consumers in other states may receive," the Competition and Real Estate" site states.Derek Eisenberg, a flat-fee broker who has operations in New Jersey, said,...