15 min listen
Episode 100.5 - Bonus Episode: 2024 NAR Settlement
Episode 100.5 - Bonus Episode: 2024 NAR Settlement
ratings:
Length:
92 minutes
Released:
Mar 25, 2024
Format:
Podcast episode
Description
Bonus Episode – 2024 NAR Settlement Discussion Thoughts and facts and full truthes about the NAR settlement with actual background and history. A lot of misinformation out there. Biased news media and social media participants are looking for clicks, likes, and shares so they get money. This episode is about the entirety of the truth along with the good and bad of the issue. History of commissions Legal issues and practices How the “news” works Settlement provisions: a. Eliminate and prohibit the REQUIREMENT that listing Realtor brokers or sellers must make offers of compensation to a buyer’s agent. b. Prohibit Realtors from making an offer of compensation on the MLS or disclosing on the MLS any buyer agent compensation, listing compensation, or total compensation. c. Require Realtor MLSs to eliminate broker compensation fields on the MLS and prohibit the use of any other field in the MLS to display compensation. d. Eliminate and prohibit any requirements conditioning participation or membership in NAR on offering or accepting offers of compensation. e. Agree not to create, facilitate, or support any non-MLS mechanism (Ex. Zillow, private websites, etc.) for listing brokers to make offers of compensation to buyer brokers. This rule is not violated if: f. Unless state or federal (none to date and likely never will) law says differently, all Realtors (again, not all agents) working with a buyer must enter into a written agreement BEFORE the buyer tours any home with the following: g. Prohibit Realtors from representing that their services are “free” or “no cost” to buyers unless they will not receive any form of financial compensation. h. Realtors must conspicuously disclose to sellers and obtain seller approval for any commission the listing broker will provide to a buyer’s agent. i. Realtors must conspicuously state in the contract that broker commissions are not set by any law and are fully negotiable. j. Realtors must not filter out listings that do not offer commissions. What happens going forward? How will things work? Valuation of property and cash equivalency with mixed commission policies What else should have been included? We will get through this like every other bump in history. Go to www.ahareep.com and sign up for the program for only $35, use discount code: legendary15 to save 15% off. Go to www.indianarealestateinstitute.com for Indiana real estate classes. A-Ha LINKS Email info@ahareep.com Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A
Released:
Mar 25, 2024
Format:
Podcast episode
Titles in the series (100)
Episode 001 - Preparing for the Exam: In this episode, Brian discusses some ways to align your mind and study habits to enable you to successfully pass your real estate exam. by A-Ha! Real Estate Exam Prep Podcast