An Overview
In an effort to help our members better understand the implications of the NAR settlement agreement, we’ve outlined the essentials:
The (1) National Association of REALTORS® established the settlement terms, the (2) Pennsylvania Association of REALTORS® revised their forms for compliance, and (3) Bright MLS is policing the settlement & enforcing the changes.
Below, you’ll find the most relevant information regarding the 3 key stakeholders and the critical information REALTORS® need to know.
National Association of REALTORS® (NAR)
The National Association of REALTORS® (NAR) reached a proposed settlement with plaintiffs on March 15, 2024 to resolve lawsuits over broker commissions on behalf of home sellers.
- The Facts for REALTORS®
- A hub of information on the NAR settlement.
- NAR Settlement FAQs
- Window to the Law: Settlement Facts Videos
- A video library Q&A series about the NAR settlement, new practice changes and MLS rules.
Pennsylvania Association of REALTORS® (PAR)
On August 1, 2024, PAR released new Standard Forms. (Old versions of the forms are no longer available.)
The NAR settlement required additional specific language that PAR has added to 25 forms.
PAR explains the changes using 6 key forms (Exclusive Listing Contract, the Buyer Agency Contract, the Non-Exclusive Buyer Agency Contract, Cooperative Broker Compensation, The Standard Agreement of Sale for the Sale of Real Estate, & [new form] Notice of 2024 Policy Changes) outlined in the resources below.
- Standard Forms Update: Settlement-Related Changes Webinar
- Hank Lerner, Chief Legal Officer for PAR & Kacy Clouser, Associate Counsel
- Watch the broker-specific webinar.
- 2024 Forms Update Comprehensive Guidelines
- Document to help explain the changes to standard forms in terms of settlement changes specifically.
- NAR Settlement Blog Archive
- Collection of PAR’s JustListed Blog posts all surrounding the NAR Settlement. These posts cover aspects like implementation, how REALTORS® can address client objections, navigate the changes, and more.
Bright MLS
The NAR Settlement requires MLSs to police the settlement, and to create the policies to conform with the settlement agreement. On August 14, 2024, to comply with the terms of the NAR settlement, Bright MLS policy updates go into effect.
- All updates can be reviewed at BrightMLS.com/SummerPolicy/Updates.
- 5 Things All REALTORS® Must Do
- A 2 minute video that clearly outlines the five new rules that every REALTOR® must implement into their real estate practice to comply with the settlement.
- NAR Settlement News & Updates
- A hub of information on Bright’s changes related to the NAR settlement.
- Your Guide to Bright MLS Changes Required by the NAR Settlement