The settlement reached by the National Association of REALTORS® on March 15th is ushering in an unprecedented level of change for the real estate industry. This will mean a lot of transition at all levels, including with your business, with how we operate our MLS system and our rules and regulations, and how we move forward as an Association. Many of these proposed changes are to go into effect as of August 17, 2024. We here at the California Desert Association of REALTORS® have begun implementing these important changes already, with many rolling out ahead of the presented deadline put forth by NAR.
CDAR is enforcing changes brought by the settlement starting Tuesday, August 6, 2024. This includes the updated MLS Rules and Regulations that prohibits inclusion of any compensation, commission, and/or concession language from being entered into FLEXMLS; our updated MLS Citation policy; and the removal of Commission Info fields from FLEXMLS. All of these changes will go into effect and be enforced starting Tuesday, August 6, 2024.
Because the scope of these changes is wide-reaching, we have created the NAR Settlement Scoop, which will serve as the hub for all updates relating to the NAR Settlement and the changes being implemented by CDAR. This site will be updated as necessary, and we will continue working to ensure that you are prepared ahead of time to update your business practices and prepare both you, your clients and yourselves for this massive sea change.
We ask that you bookmark this page so that you can access it as you need. We will continue to update this page as these changes are implemented and we ensure you are educated every step of the way. We thank you for your continued support, and ask that you continue scrolling for more information.
We start with a few big items to know about:
- August 6th Enforcement Date. As of this date, we are removing the Commission Info fields from the MLS, and implementing our new MLS Rules and Regulations that prohibit compensation, commission and/or concession language from being entered into FLEXMLS.
- CDAR NAR Settlement FAQ. We have created a brief two-page Settlement FAQ that highlights the main takeaways, important dates and information, and what you need to know about the settlement and how CDAR is adjusting.
- Updated MLS Rules and Regulations. Our MLS Rules and Regulations have been updated for the settlement. These rules will officially go into effect on August 6, 2024. Please make sure to familiarize yourselves with these rules for the the August 6th enforcement date.
- Updated MLS Citation Policy. We have also updated our MLS Citation Policy to reflect the new fine structure that applies. The fine relating to Rule 7.12 is of particular note. Please make sure to familiarize yourselves with these updated citation policies for the August 6th enforcement date.
- C.A.R. Buyer Representation and Residential Listing Agreement Bundle (Online Anytime) C.A.R. is currently offering a free online anytime class on the new BRBC and the updated RLA forms. You will need a promo code to get the class for free, but the information on how to access it can be found at that link.
NAR has released two new pages, covering the Do’s and Don’ts when working with buyers and sellers:
- Do’s and Don’ts When Working with Buyers. This page covers what to do and what to avoid when working with buyer clients, including demonstrating your value, explaining what a written buyer agreement is, and ensuring your buyer understands all options available to them.
- Do’s and Don’ts When Working with Sellers. This page covers what to do and what to avoid when working with the home seller, including demonstrating your value, explaining offers of compensation, ensuring the client understands the options before signing a listing agreement, and getting written approval from the seller before offering compensation.
We will add more information as it becomes available and relevant to know about.
We have also set up specific pages detailing the following important items:
- CDAR MLS Rules and Regulation Changes (which will go into effect August 6, 2024)
- FLEXMLS System Changes (to comply with the MLS Rules changes and the NAR Settlement)
- Forms Change Update, covering all major form changes, updates and releases by the California Association of REALTORS® (C.A.R.)
- NAR Settlement Updates, featuring information, resources, and updates provided from NAR and C.A.R. (For more information about the NAR Settlement itself, including the history of the settlement, NAR-provided FAQs, and additional relevant articles and documentation, please visit their dedicated pages, Competition.Realtor and Facts.Realtor.)
Click on the section below to go directly to that page.
