The NAR settlement agreement became effective on:
Question & Answer
Review the question and all answer choices
January 1, 2024
January 1, 2024 is incorrect. This date represents the beginning of a new year but predates the actual settlement implementation. Students often confuse calendar dates with regulatory effective dates.
August 17, 2024
March 15, 2024
March 15, 2024 is incorrect. This date has no significance to the NAR settlement and may be confused with other quarterly deadlines in real estate transactions.
December 31, 2024
December 31, 2024 is incorrect. This year-end date is too late and represents the end of a year rather than the implementation of this specific settlement agreement.
Why is this correct?
August 17, 2024 (option B) is correct because this was the official effective date of the NAR settlement agreement that mandated written buyer representation agreements and changed how buyer broker compensation is handled in MLS listings.
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