NAR settlement 8/17/2024

[David S]

NAR Settlement FAQs

Get answers about NAR’s settlement, including key terms, who is covered, practice changes, and NAR operations.

www.nar.realtor

• Compensation offers moved off MLS: NAR has agreed to put in place a new rule prohibiting offers of compensation on an MLS. Offers of compensation could continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals. And sellers can offer buyer concessions on an MLS (for example—concessions for buyer closing costs). This change will go into effect August 17, 2024.
• Written agreements for MLS Participants acting for buyers: While NAR has been advocating for the use of written agreements for years, in this settlement we have agreed to require MLS Participants working with buyers to enter into written agreements with their buyers before touring a home. This change will go into effect August 17, 2024.

I have this link. But I didn't see:"San Francisco MLS won't disclose the commission starting 9/16/2024."

 

[Fernando]

I have this link. But I didn't see:"San Francisco MLS won't disclose the commission starting 9/16/2024."

It's for MLS agents:

MLS- Rules Implementation September 16, 2024

1. Eliminate any Offer of Compensation inside the MLS and any requirement to make such an offer.

2. Prohibit the MLSs....which promotes or verifies the Offer of Compensation...

3. Disable function to search MLS based on the compensation paid to Buyer's broker.

 

[Tom D]

i'm sure most reators would not remember those numbers 6 months later, or even care to answer your time consuming question with a good guess, maybe. the question is more of the effect on the concession. was it in there and how did that affect the sale proce. and then on our sale, do we have to go into that detail and its affect. i wonder how this will affect fannie avm, since it ain't available. will the avm ignore it. now even more reason not to be an appraiser, more non sense work for a non reasonable fee.

 

[Zoe]

i'm sure most reators would not remember those numbers 6 months later, or even care to answer your time consuming question with a good guess, maybe. the question is more of the effect on the concession. was it in there and how did that affect the sale proce. and then on our sale, do we have to go into that detail and its affect. i wonder how this will affect fannie avm, since it ain't available. will the avm ignore it. now even more reason not to be an appraiser, more non sense work for a non reasonable fee.

Maybe but agents can talk and it would not be good if our local board found out from a whistle blower. Our local board can be tough. National board can probably be worse. Especially after that big fine.

 

[Zoe]

Real estate agents can definitely be whistle blowers.

 

[Zoe]

Many of you are real estate agents and appraisers. Real estate agents that are members of NAR can turn on each other in a heartbeat. For many different reasons. Appraisers can too that are members of NAR for many different reasons.

 

[TerryRohrer]

Have to take them by their word on the phone. Why would they lay to Fernando?

You tell us your wife won't even do that. Why would a random stranger?

 

[Fernando]

You tell us your wife won't even do that. Why would a random stranger?

Freudian Slip.

 

[David S]

It's for MLS agents:

MLS- Rules Implementation September 16, 2024

1. Eliminate any Offer of Compensation inside the MLS and any requirement to make such an offer.

2. Prohibit the MLSs....which promotes or verifies the Offer of Compensation...

3. Disable function to search MLS based on the compensation paid to Buyer's broker.

Here it is: Implementation starts August 17, 2024, Enforcement starts September 16, 2024

 

[Dublin ohio]

What is the "real" difference. For instance discount agents are nothing new. Did you adjust when the sale was by a discount agent that only charged 2% or 3%.