MLS Changes Post-Settlement
Definition
Modifications to Multiple Listing Service rules following the 2024 NAR settlement, including the removal of buyer agent compensation offers and new requirements for showing access.
Example
An agent searching the MLS for properties can no longer filter by buyer agent commission amount. The listing shows the property details but not how much the seller might contribute to buyer agent fees. The agent must ask the listing agent or seller directly.
Exam Tip
Know what CHANGED on MLS (no comp offers displayed) and what STAYED THE SAME (property data, photos, listing details). Also know that sellers CAN still offer buyer agent comp — just not through MLS.
Related Buyer Rep Terms
Buyer Broker Duties
The fiduciary obligations a buyer's agent owes to their client, including loyalty, obedience, disclosure, confidentiality, accounting, and reasonable care.
Buyer Representation Disclosure
A form that explains to the buyer the types of agency relationships available and the duties associated with each, required to be provided before substantive discussions begin.
Cooperative Compensation
The practice of a listing broker sharing commission with a buyer's broker, historically offered through the MLS but now prohibited from MLS display under the 2024 NAR settlement.
Buyer Consultation
An initial meeting between a buyer and agent to discuss the buyer's needs, explain agency relationships, review representation agreements, and establish expectations for the home-buying process.
Buyer Loyalty Obligation
The duty of a buyer's agent to act solely in the buyer's best interest, avoiding any conflicts of interest and putting the buyer's needs above the agent's own financial interests.
Termination of Buyer Agency Agreement
The legal ending of a buyer representation agreement, which can occur through expiration, mutual consent, breach, or specific termination provisions outlined in the contract.
Frequently Asked Questions
Test Your Buyer Rep Knowledge
Practice with exam-style questions to make sure you can apply MLS Changes Post-Settlement and other buyer rep concepts.