NAR Settlement Resources
Below are videos and links to key talking points regarding the National Association of REALTORS® (NAR) settlement and changes to the MLS model. In November, the court granted final approval of NAR's proposed settlement agreement to resolve class action claims related to broker commissions.
Cooperative compensation remains a choice for consumers when buying or selling a home, and the Multiple Listing Service (MLS) remains a valuable tool for aggregating and distributing data to subscribers, consumers, and vendors.
The Vail Board of REALTORS® and the Vail Multi-List Service will continue to share guidance and resources on impacts to our members and MLS subscribers. Please refer to updates from NAR, VBR, the Colorado Association of REALTORS®, and the Division of Real Estate as the most reliable resources.
Consumer Guide Series
The National Association of REALTORS® presents a “Consumer Guide” series that members can share with clients and consumers. This resource helps sellers determine the option that will work best for them.
The guides in this series are available for download—in both English and Spanish—on facts.realtor. For ease of reference, below is a running list of the resources published to date:
Compensation fields removed August 1
Compensation fields are not available on any current listings, regardless of status, nor for data entry on any new listings after August 1, 2024.
The VMLS Board of Directors also updated its Bylaws and Rules and Regulations to comply with the new MLS requirements. The settlement also requires the VMLS to remove all compensation fields from the MLS.
Cooperative Compensation: Where can I advertise it?
The NAR Settlement prohibits communication of compensation within the MLS or MLS services.
What has also changed is WHERE and HOW brokers can advertise a commission (a/k/a cooperative compensation) if the seller has agreed to pay one.
A good rule is to advertise where the information is ALWAYS viewable to the public - NOT in places that only communicate broker-to-broker through the MLS service. For example, the MLS, platforms like ShowingTime, or member-to-member broadcast email.
Resources for Colorado Brokers
New Colorado contracts and forms.
New Colorado Real Estate Commission (“CREC”) Contracts and Forms are available as of August 15, 2024.
MLS Practice Changes Resources - provided by CAR
Please click here for information related to the MLS Practice Changes that are mandated by the NAR settlement agreement.
A statement from the Colorado Association of REALTORS® - July 18
CAR received from Marcia Waters, Director Division of Real Estate expressing concerns regarding the mandatory touring agreement in accordance with the National Association of Realtors (NAR) settlement. Marcia stated that the requirement of the agreement does not comply with Colorado law and may result in disciplinary action against brokers in Colorado if mischaracterized. Many of you have heard Marcia say during her presentations if a consumer calls and asks do they have to sign a touring agreement before they are shown a home, her office has been instructed to tell them no, which is true.
Please read the letter from the Division of Real Estate regarding touring agreements. VMLS Rules state that a written agreement is required to tour UNLESS it violates state or federal law.
CAR will provide you with an update once more information is received from NAR.
Get the Facts
Offers of compensation are longer allowed on MLS listings. VBR removed all compensation fields from the MLS on August 1.
A central resource for updates and materials about NAR’s steadfast commitment to strengthen the association, defend REALTORS® and their immense value, and look to the future.
Settlement FAQ
Answers about NAR’s settlement, including key terms, who is covered, practice changes, and NAR operations, in English and Spanish.
Helpful Videos for Members
Contract and Practice Changes - FAQ
Watch this recording of a special update and Q&A webinar on the 2024 contract and practice changes with CAR General Counsel Scott Peterson and real estate attorney Damian Cox. Topics cover the most frequently asked questions and most commonly confused issues related to recent practice changes and Colorado contract changes.
New Contracts Webinar
Scott Peterson, legal counsel for the Colorado Association of REALTORS® hosted a webinar on contacts and form changes related specifically to the MLS Practice Changes. Watch the recording to make sure you're updated and compliant.
New Contracts Webinar - the sequel
In Version 2, CAR General Counsel Scott Peterson reviewed ALL THE OTHER CONTRACT CHANGES that will be mandatory beginning August 15, 2024 in Colorado for REALTORS®.
Watch NAR’s “Window to the Law” video - the first in a special series on MLS practice changes - which has information on how the new rules will impact broker compensation and how to communicate offers of compensation off the MLS.
