eXp Realty Announces New Disclosures for Referral Fees & Consumer Choice

Today, eXp Realty announced the implementation of new disclosure standards and a “Consumer Choice” form. These new initiatives are designed to provide greater transparency around referral fees and ancillary service providers in real estate transactions. 

The changes will take effect on December 1, 2025.

Leo Pareja, CEO of eXp Realty, explained the company’s decision to act now: 

“The real estate landscape is evolving rapidly. We are seeing massive acquisitions of search portals by mortgage lenders and aggressive vertical integration. In this environment, silence is not an option. Transparency is not just good business, it is the foundation of public trust. Regardless of external regulatory debates, eXp is moving first. We are empowering our agents to lead with clarity, ensuring every consumer understands their rights and the financials of their transaction. This is how we protect the human relationship at the heart of real estate.”

According to the company’s press release, the initiative requires clearer documentation of referral fee arrangements and formal acknowledgment of a consumer’s right to choose ancillary service providers such as mortgage, title, or inspection partners.

Key Components of eXp’s New Policy

Consumer Choice in Your Real Estate Transaction Form

As part of the rollout, eXp will introduce a new document titled “Consumer Choice in Your Real Estate Transaction.”

This form explains that:

• Clients have the right to choose their own service providers.
• They are not required to use providers recommended by their agent or brokerage.
• This includes services such as mortgage lenders, title companies, escrow services, and inspectors.

The goal is to clearly state that consumers “have a choice at every stage” of the home buying or selling process. 

Expanded Referral Fee Disclosure

eXp will also update its buyer-agency and listing agreements to include detailed disclosure of broker-to-broker referral fees. 

Under the new policy, contracts will include:

• Explicit disclosure of when a referral fee is involved
• Identification of who receives that fee
• Clarification that the fee is being paid between brokerages

This information will now appear directly in buyer-agency and listing agreements so clients can see it clearly as part of their contract.

Review eXp’s new form and disclosures will be available to all agents, brokers and consumers starting December 1, 2025. 

Why this is happening now

This announcement follows a closely watched vote by the National Association of Realtors Delegate Body on expanding transparency around referral fees.

Here is what happened during the board vote during last week’s NAR NXT event:

• A proposal to require broader referral fee disclosures passed the NAR Board of Directors.
• It failed to pass the Delegate Body by a narrow margin.
• 66.3% voted in favor, just short of the two-thirds requirement.
• Many delegates supported transparency but said the proposal needed further review.

At the same time, the real estate industry at large is experiencing increased consolidation. Mortgage companies are acquiring search portals, and brokerages are expanding affiliated service networks. As a result, referral relationships are becoming more common across transactions.

With these industry happenings, disclosure requirements are being reviewed at the national and state levels. Last week, the California Association of Realtors (C.A.R.) announced it is revising one of its standard forms to improve language around referral fees. According to the organization, the updated form will clarify how referral fees are disclosed and provide a standardized way to explain compensation to consumers. C.A.R.’s form is expected to be released in 2026. 

What’s Next

With an effective date of December 1, 2025, eXp Realty will implement its updated disclosure standards and Consumer Choice framework across its national network. These changes establish new requirements for documenting referral fee arrangements and clearly stating a consumer’s right to select service providers during a transaction.

As brokerages and trade organizations continue to revise standards and documentation, referral fee disclosure and consumer transparency remain active areas of focus across the industry moving into 2026.