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NAR Settlement

TIMELINE PRACTICE CHANGES BUYER AGREEMENTS RESOURCES

We are here to help our members understand and implement the changes required by the approved NAR settlement, which will go into effect in PMAR’s MLS System starting August 12th. We are committed to being the best possible resource for our REALTOR® members. This page will provide you with many of the tools you need to navigate this transition. Please bookmark this page now and check back frequently.

PMAR Timeline

8/1/2024 – Updated PAR Forms will be live.

8/7/2024 – PAR Webinar on Standard Forms Updates.

8/8/2024 – PMAR Updates Webinar.

8/12/2024 – Compensation fields are removed from FlexMLS.

8/12/2024 – MLS rules updates are effective.

8/23/2024 – PAR Webinar on Standard Forms Updates.

Practice Changes

This is where the Practice Changes are going to go.

Buyer Agreements

What does a compliant Buyer/Broker Agreement contain?
  • The Disclosure
    Specify and conspicuously disclose the amount or rate of any compensation the MLS Participant will receive from any source, or how this amount will be determined;
  • The Amount
    The amount of compensation must be objectively ascertainable and may not be open-ended (e.g., “buyer broker compensation shall be whatever amount the seller is offering to the buyer”);
  • The Agreement
    Include a statement that MLS Participants may not receive compensation from any source that exceeds the amount or rate agreed to with the buyer;
  • The Disclaimer
    Disclose in conspicuous language that broker commissions are not set by law and are fully negotiable.

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Education & Training

This is an opportunity to articulate your value to consumers. Check out our upcoming Events and Classes for helpful tools to manage these conversations. As a reminder, PMAR is offering multiple ABR sessions at no cost to our members thanks to support from NAR. Please take advantage of these opportunities.
Link to PMAR events filtered for Embracing the change (waiting on this link)

Resources