REALTORĀ® 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.The journey
We are bringing you a variety of opportunities to master the practice changes that went into effect August 15th. At our REALTOR® Road Rules and REALTOR® Roadshow events we will share a condensed version of the critical instruction changes resulting from the NAR settlement that we provided at the Broker Summits in July. At the Roadshow you will also have the opportunity to meet and connect with leaders at NOMAR and in government! Find out the latest legislative updates, information regarding the NAR settlement, best practices when implementing the new 'rules of the road,' Code of Ethics with a DEI focus, and essential information on the current happenings that affect real estate agents doing business in your parish. Breakfast and lunch will be provided at the Roadshow events.
Southshore: REALTOR® Road Rules
REALTOR® Roadshow: Orleans Parish
With Orleans Parish Assessor Erroll Williams and Civil District Clerk of Court Chelsey Richard Napoleon.
Friday, September 20th from 8:00 AM - 1:00 PM
New Orleans Redevelopment Authority
1409 Oretha Castle Haley Blvd.
New Orleans, LA 70113
Free parking on the street and in a lot located at 1309 S. Rampart St!
Virtual: REALTOR® Road Rules
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.Ā Ā
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. Ā
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.Ā
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! 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.
NEW! What Veterans Need to Know About Buying a Home
Frequently asked questions addressing the unique needs of veterans when purchasing a home.
NEW! Open Houses and Written Agreements
NEW! 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.
