NAR Changes their Commission Structure

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Notes

Additional Information

In March of 2024 the National Association of Realtors agreed to pay $418 million in damages as a settlement to a $1.8 billion jury verdict awarded to homeowner’s who argued that NAR’s rules on agent commissions forced sellers to pay excessive fees at sale. Commissions of 6% were split between the sales agent and the buyer’s agent. However starting in July 2024, compensation for brokers can not be listed on MLS, and buyer agents must enter into a written agreement with their buyers. Typical buyer closing costs include the down payment, loan origination, points, home inspection, appraisal and other expenses. With the new agreement, how do these costs get funded? Will some costs now be considered as sales concessions?

Mark Toon is a Senior Real Estate Broker with My Home Group in Mesa, Arizona. Mark has almost 50 years in the real estate industry, and will speak to the challenges the new ruling brings to the NAR, and the real estate industry as a whole. Please join Mark and the chapter in a Zoom call at noon on Tuesday June 4, 2024.

**ZOOM link will be sent out the day prior to the meeting**

Disclaimer Information

There is no CEC associated with this class