new National Association of Realtors® consumer guides

Realtor® Resources: New National Association of Realtors® Consumer Guides

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In an ever-evolving real estate landscape, staying informed is crucial for home buyers and sellers—and one group is making it easier for everyone. Explore the new National Association of Realtors® consumer guides designed for Realtors to share with clients.

About the new “Consumer Guide” series

The new National Association of Realtors® consumer guides are single-page documents crafted to simplify complex information, ensuring consumers have the resources to make informed decisions. For use by Realtors, the informative documents cover the recent practice changes that took effect in August. 

Covering a range of topics so far, the NAR® plans to provide additional guides in the future. 

The six guides

Currently, there are six National Association of Realtors® consumer guides available as PDFs, including:

Why Am I Being Asked to Sign a Written Buyer Agreement?

Summarizes what buyers should know about working with a real estate agent since the policy changes. 

Open Houses and Written Agreements

Explains what buyers need to know about attending an open house, touring homes and when a written buyer’s agreement is necessary.

Realtors’® Duty To Put Client Interests Above Their Own 

Condenses NAR’s Code of Ethics that all Realtors® must adhere to and their ethical duties to act in their client’s best interests.

What Veterans Need To Know About Buying a Home

Reviews how the NAR promotes access to financing for veterans and highlights available options for veteran buyers during the home buying process.

Offers of Compensation 

Recaps the process and options for offering compensation to a buyer’s agent to attract buyers and explains why sellers should consider this option when marketing their property.

Negotiating Written Buyer Agreements

Shares what home buyers should know when negotiating a written buyer agreement with a Realtor®.

Summary

Stay up-to-date with the latest NAR consumer resources and information by visiting facts.realtor. For more local real estate updates, community highlights and other news, keep reading our blogs. 

new NAR settlement terms are now in effect

New NAR Settlement Terms Are Now in Effect

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With a deadline of August 17, the new NAR settlement terms are now in effect. But what does this mean for REALTORS? Let’s break it down.

About the NAR settlement terms

NAR Chief Legal Officer Katie Johnson outlined the new business practice changes and the revisions to NAR’s MLS policy handbook, including the following five changes:

  1. Eliminating and prohibiting the requirement of compensation offers in the MLS between listing brokers or sellers to buyer brokers or other buyer representatives.
  2. Prohibiting MLS participants, subscribers and sellers from making any compensation offers in the MLS to buyer brokers or other buyer representatives.
  3. Eliminating all broker compensation fields and compensation information in the MLS and not creating, facilitating or supporting any non-MLS mechanism.
  4. Prohibiting the use of the MLS data or feeds to directly or indirectly establish or maintain a platform of compensation offers from multiple broker or buyer representatives.
  5. Agents and brokers must provide compensation disclosures to sellers. Buyers, sellers and MLS participants must have a written agreement before touring a property.

The MLS will terminate the participant’s access to any MLS data or feeds for violating this updated policy.

The written buyer agreement 

Since the new NAR settlement terms are now in effect, let’s look at what the written buyer’s agreement includes.

A written buyer agreement must consist of four main parts. First, a specific and conspicuous disclosure of the amount or rate of compensation the participant will receive or how this amount will be determined, to the extent that the participant will receive compensation from a source. Secondly, the amount of compensation should be determined in an objectively ascertainable way.

Third, participants cannot receive compensation for brokerage services from any source that exceeds the amount stated in the agreement. Fourth, a prominent statement clarifying broker fees and commissions are not set by law and are fully negotiable.

Summary

As of August 5, the Lee County Association of REALTORS made these changes to the MLS and implemented the new regulations. If you have questions about these terms, refer to the NAR Settlement FAQ page for more information.