Key Details:
- On Wednesday, July 30, 2024, the National Association of REALTORS® (NAR) released new resources to help agents educate consumers about the impact of the March 15th settlement agreement and navigate the necessary changes.
- Those resources include separate fact sheets for homebuyers and sellers, a broker’s guide to assist in educating consumers, and a template for compensation disclosure.
Last week, the National Association of REALTORS® (NAR) announced the release of new resources. The resources were created to assist agents in educating consumers on the impact of the March 15th settlement agreement and guiding them through the changes required.
Agents and consumers visiting the NAR Fact Sheet now have access to the following:
- Fact Sheets for Homebuyers and Sellers
- Broker’s Guide to Upcoming Practice Changes
- Template Compensation Disclosure (for active listing or buyer agreements)
Prior to and throughout the Settlement litigation, NAR has remained committed to protecting consumer choice and transparency, and to making homeownership accessible for all Americans. With these new resources, REALTORS® are even better equipped to inform and empower consumers and continue to demonstrate the value they bring to real estate transactions.
New Resources on Facts.realtor
#1: Fact Sheets for Homebuyers and Sellers:
NAR added two fact sheets for consumers:
- “Homebuyers: Here’s What the NAR Settlement Means for You” — covering the buyer representation agreement agents will be required to use from August 17th forward, what buyers should know about it, and the four components every agreement should include.
- “Home Sellers: Here’s What the NAR Settlement Means for You” — covering what sellers should know about agent compensation, what to expect from the listing agent.
The aim for both of these fact sheets is to make it clear to consumers what they should expect starting August 17th (if not sooner), the choices they still have, and the value provided by skilled and knowledgeable Realtors.
#2: Broker’s Guide to Upcoming Practice Changes:
The 18-page Broker’s Guide is essentially a slide deck providing an overview of the NAR settlement, with a breakdown of the practice changes going into effect on August 17th.
The aim of this resource is to assist agents in helping consumers understand how the settlement changes impact their home buying or selling transactions, and what they, as the agent, can do to make the process as transparent and rewarding as possible.
#3: Template Compensation Disclosure:
Finally, the template for compensation disclosure is meant to be used with active listing or buyer agreements, as of August 17th, that will need an addendum for agent compensation.
The template makes it clear compensation is not set by law and is fully negotiable (as it has always been). FAQs #52, #53, #71 and #72 provide further information on requirements for amending agreements.
