Which of the following practices is NOW PROHIBITED under the NAR settlement?
Correct Answer
B) Displaying offers of buyer broker compensation on MLS
One thing became prohibited and it is narrow: an offer of compensation to a buyer broker may not be published on an MLS. Everything about how the money is agreed stayed negotiable. Other choices: buyer agents requesting compensation directly from sellers in negotiation is now the ordinary route, since the MLS one closed; sellers agreeing to pay buyer agent fees still happens on a large share of deals; and buyers negotiating agent compensation is the outcome the changes were meant to produce. Source: NAR settlement practice changes, effective 17 August 2024.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
A legal relationship in which one person (the agent) is authorized to act on behalf of another person (the principal) in business transactions with third parties.
The legal ending of an agency relationship, which can occur through completion, expiration, mutual agreement, breach, death, incapacity, or bankruptcy of either party.
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