This blog series is designed to clarify the recently proposed NAR settlement and its ramifications for the real estate industry. In this piece, we provide essential background information on the lawsuit that precipitated the settlement, which still awaits court confirmation. Let’s explore the details of the proposed settlement modifications.
For additional information on the NAR Settlement—including advice for both existing and aspiring real estate agents, check out our educational webinar.
Key Change Mandated by NAR’s Proposed Settlement
In addition to the substantial nearly half-billion-dollar settlement that NAR is slated to pay in installments, the settlement mandates the following:
Listing agents cannot publicize offers of compensation to buyer agents in the MLS.
Buyer agents who are REALTOR® members are required to form written buyer agency agreements with clients before providing services.
The intent of these new regulations is to promote greater transparency. Nonetheless, there are no revisions to commission rates, which are likely to evolve based on service offerings, consumer preferences, and market dynamics.
Implications of the Proposed Changes for Aspiring Real Estate Agents
The proposed modifications do not lessen the demand for licensed real estate agents nor change the licensing prerequisites for Florida agents or brokers. We are keeping a close watch on this evolving situation and will adjust our courses as needed.
If you are thinking about starting a career in real estate, it remains an excellent time to do so. Gold Coast Schools continues to be a leading provider of real estate licensing courses. Begin your successful career with Gold Coast Schools today.