The NAR settlement agreement became effective on:

The NAR settlement agreement represents a significant shift in real estate brokerage practices, fundamentally changing how buyer agency is established and compensated. This question tests your knowledge of a critical implementation date that will impact every real estate transaction moving forward. The core concept here is understanding the effective date of this landmark agreement, which mandated written buyer representation agreements and prohibited compensation offers in MLS listings. To arrive at the correct answer, you must recognize this as a recent, high-profile industry development. The question is challenging because it requires knowledge of very current events outside traditional real estate education, which typically focuses on historical regulations rather than recent settlements. Understanding this date connects to broader knowledge of industry trends, agency relationships, and the evolution of real estate practices toward greater transparency and consumer protection.