**NAR UPDATE**
- Question 57 & 79
- In addition to including the disclosure in the listing agreement and written buyer agreement, any pre-closing disclosure form that pertains to broker representation services must include (or, if the form is government-specified, be accompanied by) a conspicuous statement that broker commissions are not set by law and are fully negotiable. For example, a dual agency, subagency or designated agency disclosure form would need to include the required disclosure regarding the negotiability of commission. (Added 8/6/24)
These are the changes to the NAR FAQs released:
- Information for MLS Participants who list properties to MLSs that did not opt-in to the settlement (#38)
- An addition to the ‘Written Listing Agreements’ and ‘Written Buyer Agreement’ sections regarding which pre-closing form disclosures are required (#57 and #79, respectively)
- Clarification on the requirement for written buyer agreements for all subscribers to MLSs that have opted into the settlement (#16)
- An addition to the ‘Offers of Compensation’ section regarding how the REALTOR® Code of Ethics addresses off-MLS offers of compensation (#48)
- Additional detail explaining the parameters of allowable links to brokerage websites that are on an MLS (#45)
- A new question on procuring cause in arbitration (#47)
- Updated information on amended agreements (#74)
- Updated information on the appraisal process (#98)