State and local REALTOR® associations worked overtime to revise their forms and enhance member training to align with the practice changes.
REALTOR® associations across the country have diligently rolled out new practice standards as part of the National Association of REALTORS® proposed settlement agreement, which requires written buyer agreements that meet certain criteria and include revised compensation disclosures aimed at enhancing transparency and consumer choice.
The practice changes require MLS participants to establish written agreements with buyers they work with and prior to touring a home. NAR Senior Counsel and Director of Legal Affairs Charlie Lee says members should confirm with their form provider that the forms have been updated to comply with the practice changes.
State associations responded to these requirements, many going through multiple iterations of form updates until they got it right.
“It was a big task,” says Taylor Kitzmiller, associate counsel for Maryland REALTORS®, who detailed the state association’s proactive adjustments. “We really fleshed out our compensation section, explaining to the buyer what they are committing to pay their broker—whatever the broker and client end up agreeing to.”