The practice changes required by the NAR settlement took effect on:
Correct Answer
B) August 17, 2024
The practice changes became operative on August 17, 2024: from that date offers of compensation could no longer be published on a multiple listing service, and an agent working with a buyer had to have a written buyer agreement in place before touring a home. The other dates mark different events in the same dispute. The jury returned its verdict in Sitzer/Burnett on October 31, 2023, NAR announced the proposed settlement in mid-March 2024, and the court granted final approval on November 26, 2024, after the practice changes were already in force.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
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