This blog series attempts to break down the recently proposed NAR settlement and its impact on the industry. In this article, we provided background information on the case that led to the settlement. Now, let’s dive deeper into the changes outlined in the proposed settlement.
For more information on the NAR Settlement – including advice for current and want-to-be real estate agents, download our free webinar.
Key Changes Mandated by NAR’s Proposed Settlement
In addition to the nearly half-billion-dollar settlement that the NAR will pay in installments, the proposed settlement includes the following mandates:
- Listing agents are prohibited from advertising offers of compensation to buyers’ agents in the MLS.
- Buyer’s agents who are REALTOR®️ members will be required to enter into written buyer agency agreements with the buyers before providing them brokerage services.
As you can see, increased transparency is the goal of these proposed rules. However, there are no changes to commission rates. The rates are expected to adjust according to your services, consumer preferences, and the free market.
What the Proposed Changes Mean to Prospective Real Estate Brokers
As you can see, the proposed changes do not reduce the need for licensed real estate brokers or change the licensing requirements for brokers or managing brokers. We are staying abreast of this developing story and will make necessary changes to our curriculum should the need arise.
Learn more about the developing story by downloading our latest discussion on the topic, Do You Have What It Takes to Grow in Today’s Market?
If you are interested in becoming a real estate broker in Washington, there’s no need to hesitate. Rockwell Institute has been (and will continue to be) an excellent source for real estate licensing courses. Start your journey to success with Rockwell today.
