Residential Real Estate

National Association of Realtors® practice change implemented on Aug. 17

By Staff Report, posted 1 year ago
The National Association of Realtors® is America's largest trade association, representing 1.5 million members involved in all aspects of the residential and commercial real estate industries. 

On Aug. 17, 2024, practice changes following the National Association of Realtors® 's Proposed Settlement Agreement, designed to resolve claims brought on behalf of home sellers related to broker commissions, were officially implemented across the country.

REALTOR® MLSs (those owned exclusively by one or more REALTOR® Associations) were required to implement the changes by Aug. 17 to remain in compliance with NAR policy.

Under the settlement, the following practice changes are now in effect:

  • Offers of compensation will be prohibited on Multiple Listing Services (MLSs). Offers of compensation will continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals.
  • Agents working with a buyer must enter into a written buyer agreement before the buyer can tour a home. The practice changes do not require an agency agreement or dictate any type of relationship.

Additionally, Aug. 17 marked the first date members of the “Settlement Class”— home sellers who sold a home on an MLS anywhere in the U.S. during the eligible date ranges and paid a commission to a real estate brokerage in connection with the sale of the home—can be informed about NAR's proposed settlement of the Sitzer-Burnett case, through a process called class notice. Notice will be distributed by mail and electronically. Class notice informs class members of their rights, options and deadlines to exercise those rights and options under the proposed settlement.

Visit facts.realtor for the latest updates on the settlement and practice changes and for additional resources to assist with implementation of the settlement terms. 

For more information on what class notice means for REALTORS®, reference NAR's video here. Consumers with questions about the class notice or eligibility processes should reference the settlement website or call the settlement administrator at 888-995-0207 for further guidance.

 

 

 

Ico insights

INSIGHTS

SPONSORS' CONTENT

In The Current Issue

Editor's note: Happy Mother's Day

Photo provided by magnific.comWith Mother’s Day coming up this weekend, I’d like to give a shoutout to my wonderful mom, who has done so much to shape me into the person I am today. My mom, Jeanne Meador, is a brilliant example of a selfless, in


Mental health milestone: FSU celebrates $1.45M investment in student mental health and accessibility

At center, Chancellor Darrell T. Allison and Juanette Council, Ed.D., vice chancellor for student affairs, cut the ribbon to celebrate the grand reopening of Fayetteville State University's newly renovated Spaulding Building, joined by campus leaders


A hub for innovation: FCEDC repurposes landmark Fayetteville building into a future-focused hub

FCEDC has officially moved its staff and operations to 611 W. Russell St. The 35,800- square-foot center was previously home to Homemakers Furniture and Interiors. Renovations began in the fall of 2025 and are expected to be completed in the next six to eight months. Currently, FCEDC staff are working within an open 7,500-square-foot floor plan as initial improvements progress.