NAR Approves Several MLS Policy Proposals, Including Display of Buyer Broker CommissionsBy RISMedia Staff
The National Association of Realtors® adopted several changes to its guidance for local Multiple Listing Service broker marketplaces at its Board of Directors meeting Monday, including one that requires MLS to allow brokers and agents to display buyer broker commissions.
In addition to ensuring the disclosure of compensation offered to buyer agents, changes, which NAR says, “reinforce greater transparency for consumers,” also ensure listings are not excluded from search results based on the amount of compensation offered to buyer agents, and reinforce that buyer brokers do not represent their services as free. “Grounded in our commitment to act in the best interests of buyers and sellers, we regularly review and update our guidance for local broker marketplaces to continue to advance efficient, equitable and transparent practices,” said NAR President Charlie Oppler. “These latest changes more explicitly state what is already the spirit and intent of the NAR Code of Ethics and local broker marketplace guidance regarding consumer transparency and broker participation.” Pro-consumer changes adopted Monday include:
The NAR Board of Directors adopted the changes to take effect Jan. 1, 2022. MLSs have until March to put them in place. This is a developing story. |
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