Here are a few reminders from the National Association of REALTORS® regarding actions that are required to obtain a release of liability and protection from claims related to broker commissions:

  • All MLSs must implement practice changes by August 17 to remain in compliance with NAR policy. Some MLSs are implementing practice changes earlier. MLSLIstings will implement rule changes tomorrow, August 13.
  • Offers of compensation are prohibited on MLSs. Offers of compensation will continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals. Offers of compensation help make homeownership and the benefits of professional representation more accessible to buyers, including first-time homebuyers, increase homeownership opportunities for historically underserved groups, and benefit sellers by expanding the potential buyer pool.
  • Agents working with a buyer must enter into a written agreement before touring a home. Ahead of August 17, NAR encourages all members to address form changes and prepare to educate real estate professionals and consumers about revised forms. NAR policy does not dictate terms of buyer agreements, including the type of relationship – e.g., agency, non-agency, exclusive, or non-exclusive – or the length of the term.

The practice changes are detailed here, and clarifying information is available in NAR’s FAQ on facts.realtor