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NCRMLS2
We will be addressing your questions during the session. Please submit any questions you may have by July 20 to questions@ncrmls.com.

Webinar NAR Settlement 

Join us for a NAR Settlement Zoom session on July 23 from 2:00 pm to 3:00 pm with NC Attorney John Wait of Martin & Gifford and Daniel Jones of NCRMLS. You'll gain valuable insights into the $418 million NAR settlement and what it means for changes in the MLS and the NC real estate forms.

Starting on August 1, 2024, commission rates will be removed from the MLS. This session will give you the answers and knowledge to adjust in this evolving real estate landscape. Virtual seats are limited, so secure your spot now to ensure you're fully prepared.

Register Now

The NAR Settlement

Highlights

  • The offer of compensation fields will be removed from the MLS.

  • Compensation will not be allowed in any fields, documents, or media within the MLS. 

  •  Rule changes go into effect August 1,  2024. 

As part of the settlement, NAR has agreed to make substantive rule changes for cooperating compensation for transactions beginning in August 2024. One of the key changes is the elimination of the field for offers of compensation from one broker to another on the Multiple Listing Service (MLS). This means that offers of cooperating compensation will no longer be displayed within the MLS system. Additionally, blanket offers of cooperating compensation through visual or audio media within the MLS will no longer be permitted. This shift in communication and securing of compensation offers will require real estate professionals to find alternative mediums outside the MLS to convey such information.

Furthermore, the agreement mandates Realtors® to enter into a written agreement with buyers before showing them any properties.  While North Carolina has already required signed buyer representation agreements for residential transactions, the emphasis on the timing of securing these agreements is a notable change. This rule change highlights the importance of formalizing the relationship between real estate professionals and their clients before engaging in property showings.


August 1st Changes

  1. All offer of compensation fields will be removed from the MLS. 
  2. The Buyers’ Agency compensation from one broker to another will not be allowed anywhere within the MLS. This includes pictures, videos, audio, files, documents, and all fields.
  3. An Agent will be required to enter into a written agreement with the buyer prior to touring a home, including both in-person and live virtual tours.
  4. These new NCRMLS Rule changes go into effect August 1, 2024. 

Removing Commission Fields 

The Buyers’ Agency compensation from one broker to another will not be allowed anywhere within the MLS. This includes pictures, videos, audio, files, documents, and all fields. All the Commission fields will be removed from the MLS on August 1 2024. 

NAR Settlement Resources

You can find information about the NAR Settlement on the sources below.

The Facts for REALTORS®

The materials here are intended for reference by members, staff, and anyone supporting the National Association of REALTORS®. They will help provide background on current events related to the association and give you the tools to talk about them.

NAR Settlement FAQs

The National Association of REALTORS® provides settlement answers to address current settlement issues. Their Q&A format aims to offer helpful information and guidance on settlement-related matters.


NAR Settlement Resource Center

NC REALTORS® understands that the NAR settlement and litigation has raised questions and concerns about its potential impact on our real estate practices here in North Carolina. We want to provide you with clarity on these matters.

2024 NC FORMS 

2024 Forms Changes - Form 201 Part 1 (Exclusive Buyer Agency Agreement)


2024 Forms Changes - Form 201 Part 2 (Exclusive Buyer Agency Agreement)