The materials here are intended for reference by members, staff, and anyone supporting the National Association of REALTORS®. They will help provide background on current events related to the association and give you the tools to talk about them. Communication resources will be updated as needed; readers are cautioned to ensure that the most recent publications are utilized.
To view the most current articles and information about the NAR® lawsuit visit: https://rb.gy/3z15b3
On March 15, 2024, the National Association of REALTORS® reached an agreement that should effectively end nearly all of the litigation attacking the industry’s brokers, associations, and MLSs regarding broker commissions. You can review the full draft settlement agreement here.
This will be a challenging period in real estate and, while the settlement still needs to be approved by the court later this year, everyone is asking the correct (and necessary) questions to prepare their own organizations for the changes that are likely coming. This period of change may represent a good opportunity to further emphasize the value of the broker and agent, and we all will need to think critically about our business plans...READ MORE.
Talking Compensation
About the NAR settlement
In March of 2024, the National Association of REALTORS® (NAR) announced a settlement agreement that would resolve litigation brought on behalf of home sellers related to broker commissions. The terms of the settlement agreement require covered MLSs to adopt and enforce a new set of rules described in the terms of the settlement agreement.
To make sure that we and our subscribers remain in compliance with these terms, Bright MLS is launching a new set of rules and policy updates that serve the dual purpose of:
Check out these latest updates with the videos listed below. For the most current updates, check out the BRIGHT MLS News & Updates Page - CLICK HERE!
Webinar recorded March 28, 2024. Click Here to Watch recording! (Must be logged in, register for free to view the on-demand recorded webinar)
On Friday, March 15, 2024, the National Association of REALTORS® announced a proposed settlement on a series of ongoing class action lawsuits. Some of the class action lawsuits have been pending for several years, and the settlement was announced with very little notice. At this time, Virginia REALTORS® is working through what is a very complicated legal document that must still be approved by the court.
“As an association, we are doing our due diligence to ensure that our members will be educated and able to comply with the terms and spirit of the settlement agreement,” says Tom Campbell, Virginia REALTORS®2024 President.
One of the key rule changes—a requirement for a written brokerage agreement between buyers and their agents—has already been in place in Virginia for nearly 30 years. “Virginia was the first state to formalize buyer agency at the behest of our association, because we believe it is in the best interest of buyers to be represented in what will likely be the largest financial decision of their lives,” says Virginia REALTORS® CEO Terrie Suit. “We have and will continue to advocate updates to the law to ensure that the needs of consumers are being met.”
To view the most current articles & updates from Virginia REALTORS®: CLICK HERE!
Following recent inaccuracies in media coverage, including the false representation or suggestion that NAR requires a standard 6% commission, NAR has issued a statement of facts regarding real estate commissions.
The rule that has been the subject of litigation requires only that listing brokers communicate an offer of compensation. Other rules throughout the MLS Handbook and NAR policy expressly prohibit setting or suggesting any such amount...READ MORE.
To view the most current articles and information about the NAR® lawsuit visit: https://shorturl.at/cISTW