Broker/Manager Settlement Resources Available
As July 29 approaches, we want to ensure you’re well-informed about the upcoming MLS policy and practice changes that may impact your company’s operations.
In compliance with the NAR settlement, we are set to fully implement new MLS policies and changes to MLS practices by July 29, 2024. While the final deadline set by NAR is August 17, 2024, we are proactively completing these updates ahead of schedule.
Below is a summary of the MLS changes resulting from the NAR settlement. You’ll also find resources to help you understand the history of the lawsuit and how the settlement will affect you.
MLS Changes Include:
Removal of ALL Compensation Fields
- Effective July 29, 2024, we will eliminate all compensation fields from the MLS.
- This includes ALL property categories.
- You cannot discuss or mention compensation on ANY listing in the MLS.
- Listing Data Checker will monitor this activity, and fines for violations will start at $1,000.
Addition of Seller Concession Field
- We will add a new field labeled “Seller Concession? Y/N” to the MLS.
- If a seller offers concessions, you may communicate further concession information via the Property Description or Private Remarks.
- Seller concessions may not be conditioned on their use toward buyer’s agent compensation.
Requirement for Written Buyer Agreement
- The MLS will enforce the requirement for a Written Buyer Agreement prior to showing a property.
- If someone files a complaint, we will request a copy of the Written Buyer Agreement.
- If you present a Written Buyer Agreement, no further action will be taken, and we will issue a report to the complainant stating that a buyer agreement exists.
- The buyer agreement will remain confidential and will not be shared with the complainant.
- If no Written Buyer Agreement exists, you may face fines starting at $1,000.
Updated Forms for Compliance
- As of June 24, the old forms are no longer available. You must amend or re-sign any grandfathered listing or buyer/tenant representation agreements by August 17.
- Click here to access Texas REALTORS®’ updated forms.
From July 30 through September 15, we will issue warnings to individuals and/or brokerages found to have violated any of the policies above. Starting September 16, we will impose fines starting at $1,000.
Additional Resources
For comprehensive details on the policy changes and further guidance, review our MLS Timeline.
For any questions, feel free to contact MetroTex MLS at 214-540-2755.
Please note we will defer inquiries related to this policy from anyone other than the broker or office manager of your firm to the broker or manager to avoid conflicts with company policies related to the settlement.
You can find more resources related to the settlement below: