This blog series is designed to explain the recently proposed NAR settlement and its impact on the real estate industry. In this post, we provide background information on the case leading to the settlement, which is still pending court approval. We will now explore the details of the proposed changes in the settlement.
Key Changes Required by NAR’s Proposed Settlement
In addition to the nearly half-billion-dollar settlement that NAR is set to pay in installments, the settlement mandates the following:
Listing agents must not advertise compensation offers to buyer agents in the MLS. Buyer agents who are REALTOR® members are required to sign written buyer agency agreements with clients before offering brokerage services. The purpose of these new rules is to enhance transparency. However, there are no modifications to commission rates, which are likely to evolve based on services, consumer preferences, and market dynamics.
Implications of the Proposed Changes for Real Estate Agents and Brokers
The suggested modifications do not diminish the demand for licensed real estate agents nor change the licensing criteria for agents or brokers. We continue to monitor this evolving situation and will adjust our courses accordingly.
In the meantime, keep your license current with McKissock Learning. McKissock continues to be a leading provider of real estate continuing education courses. Enroll in your state-specific license renewal classes today.