Under the 2024 NAR settlement rules, when must a buyer's agent have a written agreement with a buyer before showing properties?
Correct Answer
A) Before touring any home with that buyer
The trigger is touring, not offering. An MLS participant working with a buyer needs the written agreement in place before the buyer walks through a home, in person or on a live virtual tour. Other choices: waiting until the buyer makes a written offer is far too late, since by then the touring has happened; a window of 30 days from first contact measures from the wrong event entirely; and there is no price threshold, so properties over $500,000 are not a special case. Source: NAR settlement practice changes, effective 17 August 2024.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
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.
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
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