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NEW NAR POLICYSTATEMENT 8.11
No Compensation Offers in MLS The MLS must not accept listings containing an offer of compensation in the MLS to other MLS Participants and Subscribers. Further, the MLS may not create, facilitate, or support any non-MLS mechanism (including by providing listing information to an internet aggregator’s website for such purpose) for Participants, Subscribers, or sellers to make offers of compensation to buyer brokers or other buyer representatives. Use of MLS data or data feeds to directly or indirectly establish or maintain a platform of offers of compensation from multiple brokers to buyer brokers or other buyer representatives is prohibited and must result in the MLS terminating that Participant’s access to any MLS data and data feeds. NAR POLICYSTATEMENT 8.12 Disclosure of Compensation: Disclose to prospective (“Seller(s)”) and buyers that broker compensation is NOT set by law and is fully negotiable. This must be included in conspicuous language as part of any listing agreement, buyer written agreement, and pre-closing disclosure documents (if any).
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Effective Aug. 12, 2024 with the new Mandates from NAR MLS Policy changes which require a written Buyer Representatives Agreement BEFORE touring a property. This applies to all MLS Now members both REALTOR® and non-realtor.
NEW NAR POLICYSTATEMENT 8.13 Written Buyer Agreements Required Unless inconsistent with state or federal law or regulation, all MLS Participants working with a buyer must enter into a written agreement with the buyer prior to touring a home. The written agreement must include: a. 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 any source. b. the amount of compensation in a manner that is objectively ascertainable and not open-ended. c. a term that prohibits the Participant from receiving compensation for brokerage services from any source that exceeds the amount or rate agreed to in the agreement with the buyer; and d. a conspicuous statement that broker fees and commissions are not set by law and are fully negotiable |
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