MLS Timeline for Implementing NAR Practice Changes
This post is regularly updated to reflect the latest changes as they occur.
NAR practice changes are taking effect, impacting how you work within the MLS. These updates aim to enhance transparency and fairness in your real estate transactions. To help you stay on top of these changes, here’s a clear timeline of what has been implemented:
Recent Changes
June 20: Revised Rules Enacted
The NTREIS MLS rules and regulations have changed. Click here to review the rule changes. Start with a summary in the first few pages, then proceed to the detailed redlined rules.
June 24: Updated Forms Released
Texas REALTORS® released updated forms to align with the NAR practice changes. These forms are dynamic, so expect ongoing updates. Click here to view the revised forms.
June 24: New Written Buyer Agreement Required
Before any showings, a written buyer agreement is required. This agreement must include four key elements, all of which are covered in the Texas REALTORS® Buyer/Tenant Representation Agreement. These elements are:
- A specific disclosure of the amount or rate of compensation the broker will receive, or how this amount will be determined if it comes from any source.
- The amount of compensation must be specified clearly and objectively, avoiding any open-ended terms.
- A term that restricts the broker from receiving compensation for brokerage services from any source that exceeds the amount or rate agreed upon with the buyer in the agreement.
- A clear statement that broker fees and commissions are not set by law and are fully negotiable.
July 29: Compensation Removed
All MLS fields related to compensation have been removed from all property categories. Mention of compensation or commission is no longer allowed in the MLS.
July 29: Seller Concession Added
A new “Seller Concession? Y/N” field has been added to the listing input. Please note seller concessions cannot be conditioned on their use for buyer’s agent compensation.
Resources and Support
For more information and assistance with these changes, please refer to the following resources: