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NAR Settlement UPDATE
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Are You Ready? NAR Settlement = New Practices

Starting tomorrow, August 17, changes to the NAR settlement practices take effect. Florida Realtors has resources available to help you navigate these new changes.

ORLANDO, Fla. – Since the NAR settlement in the Sitzer-Burnett case was announced in last February, Florida Realtors® has released webinars, news articles, infographics, videos, social media posts and more to help you comply with policy changes taking effect tomorrow, Aug. 17.

These resources have been compiled into a resource guide available on our website and are detailed in this article.

CLICK HERE FOR NAR SETTLEMENT RESOURCES

As always the Florida Realtors Legal Hotline is available weekdays to answer your questions at 407-438-1409. Questions may also be submitted online any time by clicking here.

Just in: Revised sales contracts 

Available on Form Simplicity today, these frequently used forms have been revised to remove offers of compensation from the MLS listing. 

  • Contract for Residential Sale and Purchase, aka "FR/BAR" (CRSP-16xx): This form may be used for residential sale and purchase transactions and provides for arbitration of disputes. 
  • “AS IS” Residential Contract for Sale and Purchase, aka "FR/BAR As-Is"(ASIS-6x): This is an “as is” contract form. This form may be used when the seller does not want to be obligated to make repairs and the buyer wants the right to cancel the contract if the buyer is not satisfied with the home inspection.
  • Contract for Residential Sale and Purchase Addenda (CRSP-16):  Addenda that a seller and buyer may want to add to the Contract for Residential Sale and Purchase. 
  • Vacant Land Contract (VAC-14xx): This form may be used for the sale and purchase of vacant land. 
  • Commercial Contract (CC-5x): This form may be used for the sale and purchase of commercial property. This form is not designed for complex transactions or the sale of businesses without land.

Other new and updated Florida Realtors forms

All forms are available on Form Simplicity. Visit our NAR Settlement Resource Guide for previews and redlines.

Listing agreements

  • Modification to Listing Agreement (MLA-6)
  • Exclusive Right of Sale Listing Agreement Consent to Transition to
    Transaction Broker (ERS-20tn)
  • Exclusive Right of Sale Listing Agreement No Brokerage (ERS-17nr)
  • Exclusive Right of Sale Listing Agreement Transaction Broker (ERS-20tb)
  • Exclusive Right Of Sale Listing Agreement Single Agent (ERS-19sa)
  • Exclusive Brokerage Listing Agreement (EBLA-12)

Compensation forms

  • Compensation Agreement - Seller to Buyer’s Broker (CASB-1)
  • Compensation Agreement - Seller’s Broker to Buyer’s Broker (CABB-1)
  • Modification to Compensation Agreement - Seller to Buyer’s Broker (MCA-2)
  • Modification to Compensation Agreement - Seller’s Broker to Buyer’s Broker (MCA-1)
  • Compensation Disclosure Statement (CDS-1 )

Revised buyer broker forms

  • Exclusive Buyer Brokerage Agreement, Consent to Transition to Transaction (EBBA-7tn)
  • Exclusive Buyer Brokerage Agreement, No Brokerage Relationship EBBA-7nr
  • Exclusive Buyer Brokerage Agreement, Single Agent (EBBA-7sa)
  • Exclusive Buyer Brokerage Agreement, Transaction Broker (EBBA-7tb)

Showing agreements

  • Property Pre-Touring Agreement (PPTA-1)
  • Modification to Exclusive Buyer Broker Agreement/Showing Agreement (MEBBSA-1)
  • Revised Showing Agreement (SA-4)

Recorded webinars

You have access the following informative videos from the Florida Realtors® legal team to answer questions and provide guidance as you learn to navigate the real estate business post-NAR settlement landscape.

  • Buyer Representation: What You Need to Know, with Florida Realtors instructor Patti Ketcham
  • 3 webinars with Juana Watkins, Florida Realtors General Counsel
    Let’s Talk Listing Agreements
    Let’s Talk Buyer Broker Agreements
    Buyer Broker Agreements Q&A
  • New Compensation Forms
  • NAR Settlement: What You Need to Know with the Florida Realtors legal team. Includes downloadable slideshow

CLICK TO VISIT NAR SETTLEMENT VIDEO LIBRARY

Free livestreams from annual convention

This year's Florida Realtors Convention & Trade Expo, August 21-22, features several sessions designed to provide the information Realtors® need to understand and adjust their business practices as a result of the NAR settlement, which goes into effect on August 17. 

The following sessions will be held in person at the convention and offered free online. Convention registration is available on-site.

Session: NAR Settlement Updates featuring Juana Watkins 

Need clarity? Want to learn the impact of the NAR Settlement? Florida Realtors General Counsel Juana Watkins will provide the latest updates on the settlement and discuss how we got to where we are at, where we are right now and where we are going as Realtors in the wake of this monumental settlement.

Session: "Understanding Buyer Agency Agreements and How to Implement Them" (3 hrs CE)

Our industry is always evolving and with national news of some MLSs changing the way brokers do business, it is more important than ever that all Realtors have all the tools and knowledge possible to do business successfully. After taking this class students will be able to: Explain the importance of working exclusively with a buyer; determine which agreement is appropriate when; understand how written agreements protect both the customer and the brokerage; recognize what an exclusive representation means when working with a buyer; comprehend what types of agency relationships are authorized with an exclusive buyer broker agreement; clarify to a buyer the importance of the agreement and how to present it; and appreciate the Arbitration Hearing process and how clear written agreements between the buyer and seller can assist in confusion of procuring cause.

  • 8:30-11:30 a.m., Thursday, August 22
  • Zoom session is limited to 1,500 registrants. Registration is required. Click here to register.

Upcoming CE webinars

"Understanding Buyer Broker’s Agreements and How to Implement Them" (3 hrs CE)

  • 9 a.m.noon ET, Tuesday, October 22, 2024
  • 9 a.m.noon ET, Tuesday, November 5, 2024

CLICK HERE FOR INFO & TO REGISTER

© 2024 Florida Realtors®

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