NAR Settlement & MLS Updates

MLS Changes - August 15

Day(s)

:

Hour(s)

:

Minute(s)

:

Second(s)

July 2024

Webinars will be conducted on an ongoing basis beginning July 2024 to educate the brokers, managers and participants of the MLS of what will be expected to meet the NAR Settlement Guidelines.

August 15, 2024

All compensation and commission fields will be removed from the reports and input fields of listings within MOREMLS.

August 17, 2024

MOREMLS’s Compliance Team will begin auditing every twentieth pending sale’s buyer agent to certify there is a buyer agency agreement.

Upcoming Education

MOREMLS invites all participants to ongoing webinars regarding these upcoming changes.  The first webinar has been scheduled for Wednesday, July 17th, 2024 at 1:00PM.

Video Resources

7/10 - BROKER/OWNER WEBINAR ON NAR SETTLEMENT & MLS UPDATES

Additional Resources

Video series explaining various elements of the settlement.

Fostering consumer-friendly real estate

New Jersey Real Estate Information

7/10/2024: Governor Murphy signs  Bill S3192/A4454
“The Real Estate Consumer Protection Enhancement Act”

At any residential property showing that is generally open to the public, a sign shall be posted at the entrance or at a sign-in sheet clearly advising prospective buyers that the brokerage firm hosting the real estate open house represents the seller only and has no relationship with the prospective buyer, except if the buyer does not have an exclusive buyer agency agreement with another brokerage firm and agrees to the seller’s agent becoming a disclosed dual agent or designated agent.  For the avoidance of doubt and to ensure uniformity at public real estate open houses across the State, the sign shall clearly read the information above.

Frequently Asked Questions / FAQ

Q: What is "designated agency"?

A: “Designated agent” means, in any transaction where the buyer’s agent and the seller’s agent are affiliated with the same brokerage firm or are the same broker, broker-salesperson or salesperson, the broker, broker-salesperson or salesperson who has been designated by the brokerage firm, including but not limited to by a broker or managing broker of the brokerage firm, to solely represent the buyer as the buyer’s agent and another broker, broker-salesperson or salesperson who has been designated by the brokerage firm, including but not limited to a broker or managing broker of the brokerage firm, to solely represent the seller as the seller’s agent in a particular real estate transaction.

Q: What provisions must be included in written buyer agreements?

A:  The written agreement must include: 

  1. 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. 
  2. The amount of compensation in a manner that is objectively ascertainable and not open-ended.
  3. 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 
  4. A conspicuous statement that broker fees and commissions are not set by law and are fully negotiable.

    source: https://www.nar.realtor/the-facts/nar-settlement-faqs