Under the 2024 NAR settlement rules, when must a buyer's agent have a written agreement with a buyer before showing properties?
Question & Answer
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Before showing any MLS-listed property
Only before making an offer
This is incorrect because the requirement is not limited to just before making an offer. The settlement mandates written agreements earlier in the process, before showing properties, not just at the offer stage.
Within 30 days of first contact
This is incorrect because there is no 30-day timeframe requirement in the settlement. The written agreement must be obtained before showing MLS-listed properties, regardless of when contact first occurred.
Only for properties over $500,000
This is incorrect because the requirement applies to all MLS-listed properties, regardless of price. There is no monetary threshold triggering the written agreement requirement.
Why is this correct?
The 2024 NAR settlement requires buyer's agents to have a written agreement with buyers before touring any MLS-listed property. This ensures transparency about representation and compensation from the start.
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