This blog series aims to clarify the recently proposed NAR settlement and its implications for the real estate sector. In this article, we provided background details on the case that led to the settlement, which still requires court approval. Let’s delve into the specifics of the proposed settlement changes.
For more details on the NAR Settlement – including guidance for current and aspiring real estate agents, access our free webinar.
Key Changes Mandated by NAR’s Proposed Settlement
Besides the nearly half-billion-dollar settlement that NAR will pay in installments, the proposed settlement includes the following requirements:
- Listing agents are prohibited from advertising offers of compensation to buyer agents in the MLS.
- Buyer agents who are REALTOR® members must enter into written buyer agency agreements with buyers before offering brokerage services.
The goal of these proposed rules is increased transparency. However, there are no changes to commission rates, which are expected to adjust based on services, consumer preferences, and the free market.
Implications of the Proposed Changes for Aspiring Real Estate Agents
The proposed changes do not reduce the need for licensed real estate agents nor alter the licensing requirements for agents or brokers. We are closely monitoring this developing situation and will update our curriculum if necessary.
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