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NAR Settlement Resources

The National Association of REALTORS® (NAR) announced an agreement to end litigation of claims brought on behalf of home sellers related to broker commissions. The proposed settlement is subject to court approval and clearly states that NAR continues to deny any wrongdoing regarding the Multiple Listing Service (MLS) cooperative compensation model rule (MLS Model Rule).

The Vail Board of REALTORS® and the Vail Multi-List Service will share guidance and resources on how this will impact our members and MLS subscribers. Please refer to updates from NAR, VBR, the Colorado Association of REALTORS®, and the Division of Real Estate as the most reliable resources.

Below are videos and links to key talking points regarding the proposed settlement and proposed changes to the MLS model. Cooperative compensation remains a choice for consumers when buying or selling a home, and the MLS remains a valuable tool for aggregating and distributing data to subscribers, consumers, and vendors.

NAR Practice Changes - August 17

Please keep the date of August 17 in mind. That's when offers of compensation are no longer allowed on MLS listings.

Watch NAR’s latest “Window to the Law” video - the first in a special series on MLS practice changes - which has information on how the new rules will impact broker compensation and how to communicate offers of compensation off the MLS.

To help REALTORS® navigate the future changes, NAR has created a new resource for one of the key practice changes required by the settlement. These are updated FAQ on facts.realtor.

Guide on Written Buyer Agreements: Beginning August 17, 2024, a buyer representative “working with” a buyer will be required to enter into a written agreement with the buyer prior to touring a home, including both in-person and live virtual tours. This resource provides information about what provisions must be included in the written agreement pursuant to the NAR settlement. The guide is available here on facts.realtor.

FAQ Updates: New material and updates have been made to the FAQ on facts.realtor. The new material provides further clarity on issues including steering (questions 46-49) and written listing agreements (questions 50-53). The format of the FAQ has also been updated to better display the timing of the latest updates.

Get the Facts

A central resource for updates and materials about NAR’s steadfast commitment to strengthen the association, defend REALTORS® and their immense value, and look to the future.

Settlement FAQ

Answers about NAR’s settlement, including key terms, who is covered, practice changes, and NAR operations, in English and Spanish.

Written Buyer Agreements 101

These agreements benefit consumers because they clearly and transparently outline the services an MLS Participant will provide and how they will be compensated. Provided by NAR.

Statements from Colorado

Statement from Division of Real Estate - June 28, 2024

An important non-rulemaking hearing of the Colorado Real Estate Commission (“CREC”) took place. During the hearing, the Commissioners discussed important changes to the Commission approved Contracts and Forms and voted to approve them.  These forms will be available and for mandatory use earlier than in previous years.

The effective date of the new Contracts and Forms will be August 1, 2024. The Division is working to promptly make redlined versions of these forms available for educational purposes and will release them for use on August 1, 2024.

Visit the Real Estate Contract and Forms website in the coming weeks to review the changes and to better understand how your practice may be affected.

A statement from the Colorado Association of REALTORS®

CAR will be actively working to advocate for any changes that may be appropriate and necessary at both the Colorado legislature and the Colorado Real Estate Commission.

What's Ahead For You?

Make sure to read a special digital supplement of REALTOR® Magazine with 16 pages of important content that will dispel misinformation about the proposed settlement. It also includes valuable resources that help separate litigation facts from fiction, debunk myths, and help explain the importance of a written buyer agreement.

Helpful Videos for Members

NAR President Kevin Sears and NAR Chief Legal Officer Katie Johnson recorded a webinar on March 22 discussing the settlement agreement and what it means for the association and its members.

Do you have questions regarding the NAR Settlement Agreement? Cara Connolly, 2024 VBR Chair, explains key points and what may be happening in the near future. Hint: Cooperative compensation is not going away.

More resources at competition.realtor

Additional resources are available for members and the public, including explaining how REALTORS®

  • Champion fair housing for all,
  • Promote consumer access and opportunity,
  • Foster business competition,
  • And help buyers and sellers navigate the market and the complexities of home purchases.