The latest on the NAR settlement – Texas REALTORS®-2021十大正规彩票app

May 01, 2024

NAR has adopted several MLS policy changes to comply with the settlement agreement related to the broker-commissions lawsuits. The new MLS policies are effective on August 17. Although MLSs have an additional 30 days to implement the changes under the terms of the settlement, NAR recommends that MLSs also make the required changes by the August 17 deadline.

Key changes:

MLS participants, subscribers, and sellers are prohibited from making offers of compensation in the MLS to buyer brokers or other buyer representatives. Offers of compensation are permitted off the MLS.
All broker compensation fields and compensation information must be eliminated from the MLS.
MLSs cannot create, facilitate, or support any non-MLS mechanism for making offers of compensation to buyer brokers or buyer representatives.
MLS data or data feeds cannot be used to directly or indirectly establish or maintain a platform of offers of compensation from multiple brokers or other buyer representatives.
Certain disclosures regarding compensation must be made to sellers and buyers.
MLS participants working with a buyer must enter into a written agreement with the buyer prior to touring a home.

Texas REALTORS® has created a forms task force to review the association’s current forms and propose new and revised forms based on the policy changes. This will include client representation agreements and other agreements that allow brokers to secure their compensation. The new and updated forms will be available by the August 17 deadline.

Texas REALTORS® is also working closely with TREC, providing input to the Broker-Lawyer Committee regarding any TREC forms that may be impacted.

Visit 132072.com/lawsuit for additional information.

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