REALTOR® Roadshow
The New Rules of the Road
As we work together to understand and implement the changes required by the NAR settlement which went into effect August 15th, we're taking our mission of education and advocacy on the road, to reach you where ever you are. Bookmark this page now and check back frequently.An Overview of the Changes
What's aheadEffective Thursday, August 15, 2024, compensation fields will no longer be available at any level (list, active, sold) for any property type (residential, lease, commercial) within ROAM MLS.
In addition to the changes regarding the communication of compensation, NAR Policy Statement 8.13 requires that MLS Participants working with a buyer be required to have a written Buyer Representation Agreement in place prior to touring a home.
All written Buyer Representation Agreements must include, at a minimum, the following:
a. a specific and conspicuous disclosure of the amount or rate of compensation the Participant will receive or how this amount will be determined, to the extent that the Participant will receive compensation from any source.
b. the amount of compensation in a manner that is objectively ascertainable and not open-ended.
c. a term that prohibits the Participant from receiving compensation for brokerage services from any source that exceeds the amount or rate agreed to in the agreement with the buyer; and
d. a conspicuous statement that broker fees and commissions are not set by law and are fully negotiable.
Failure to have an executed, compliant buyer representation agreement prior to touring a residential for sale property will result in the imposition of the following fines:
- 1st Offense: $1,000 Fine
- 2nd Offense: $2,500 Fine
- 3rd Offense: Immediate 90-day suspension of MLS Services for MLS Participant/Subscriber.
Violations may be reported as any other MLS violation, through the link on the listing in the MLS.
State legislation (ACT 690) requires the use of Buyer Representation Agreements when practicing real estate in Louisiana, effective August 19, 2024. Upon the effective date of state law, ROAM shareholders will report the offense to LREC.
MLS input fields that will no longer be available:
Matrix: All listing types
- Commission to Cooperating Member Participant
- Commission TCMP Type
Matrix: Lease listing type
- How Commission Paid
- When Commission Paid
Paragon: All listing types
- Commission Type
- Commission Amount
Concessions fields will not change. This field must not include any compensation information. The MLS, or any field contained therein, cannot be used to communicate compensation.
Violations may be reported as any other MLS violation, through the link on the listing in the MLS.
key dates to remember
Talking to consumers
NEW! Ten Questions to Ask a Buyer's Agent
Covers the topics that home buyers should consider asking prospective agents about at the outset of their relationship to ensure it’s the right fit for them and their agent.
NEW! Listing Agreements
Covers what a listing agreement is and offers guidance to help sellers determine the option that will work best for them.
Multiple Listing Services
Explains what the MLS is, the value it provides in the homebuying and selling process, and addresses other questions consumers may have regarding concessions, offers of compensation, and the MLS.
Fair Housing
Explains the rights and responsibilities consumers and agents have to promote a home buying or selling process free from discrimination.
Seller Concessions
Walks consumers through what concessions are, the difference between concessions and offers of compensation, and why they may choose to offer concessions to buyers.
Negotiating Written Buyer Agreements
Describes how consumers can navigate the process of securing representation in the process of buying a home.
Offers of Compensation
Covers the process and options available for offering compensation to a buyer’s agent and the reasons why this may be a compelling strategy for sellers to consider when marketing their property.
What Veterans Need to Know About Buying a Home
Frequently asked questions addressing the unique needs of veterans when purchasing a home.
Open Houses and Written Agreements
REALTORS’® Duty to Put Client Interests Above Their Own
Explains what it means for a REALTOR® to act in their client’s best interest and describes how the practice changes combat unlawful steering practices.
Consumer Guide on Written Buyer Agreements
Talking to Consumers About the Settlement
These fact sheets outline what consumers should expect when buying or selling a home and the value agents who are REALTORS® provide to consumers in these transactions.
more resources
NAR's Written Buyer Agreements 101
NAR has developed a guide on written buyer agreements to support members as they prepare for and adapt to the upcoming practice changes following NAR's settlement agreement.
ACT 690
ACT 690, signed into law, requires that all Louisiana Real Estate Licensees incorporate the use of buyer representation agreements when working with a buyer, effective August 19, 2024.
NAR Requirements vs. State Law Requirements
Louisiana REALTORS® has produced a handy comparison chart that breaks down what is required of MLS participants from the NAR settlement vs. what is required by the new law.
Statewide Sample Forms Library
Includes basic buyer representation agreement, short form, long form, and guidance from Louisiana REALTORS® that will assist you in crafting the buyer representation agreement that works for your brokerage.
ABR Designation Course
Throughout 2024, NAR is making the popular Accredited Buyer's Representative (ABR) Designation course FREE to members. Learn how to create a buyer representation agreement, conduct a successful buyer consultation, and communicate your value to clients!
Roadshow Input Form
We know this is a time of great change, but we are united in purpose and committed to supporting you in professional excellence. If you have questions, comments, feedback, or suggestions, please share them with us.
