SCRMLS Sets Effective Date for Policy Changes

NAR Settlement FAQ's 

As stated on the Paragon homepage, August 1, 2024 will be the effective date for SCRMLS practice changes. On this date, commissions will be removed, concession fields will be implemented, written buyer agreements will be required, and the new SCRMLS Rules and Regulations will be enforced.

A few highlights of the FAQ

Click the links below to read the text in the FAQ.

Who is Covered

• 18. What is required for REALTOR® MLSs to obtain releases?

Practice Changes & MLS Information 

• 20. What MLS policies have changed?

Offers of Compensation

• 31. How will buyer brokers get paid now?  

• 32. Does this prohibition affect the compensation amount paid to the listing broker?

•  35. How will offers of compensation be communicated if brokers can’t use MLSs? Doesn’t this just make broker compensation less transparent?  

• 38. Should active listing agreements entered into before the MLS policy change be amended to address the settlement agreement’s prohibition on offers of compensation being communicated on the MLS?  

• 39. Can buyers and buyer brokers rely on an offer of compensation that was on the MLS prior to the effective date of the MLS policy changes?  

• 40. How does this affect the existing listing agreements that require an offer of compensation to be made in the MLS?

 Written Agreements

• 50. What provisions must be included in written buyer agreements?  

• 51. Who will be responsible for enforcing the written agreements and ensuring all parties follow this new practice change?  

• 52. The practice change requiring written agreements with buyers is triggered by two conditions: it only applies to MLS Participants “working with” buyers and is triggered by “touring a home.” What does it mean to be “working with” a buyer?  

• 56.  If an MLS Participant hosts an open house or provides access to a property, on behalf of the seller only, to an unrepresented buyer, will they be required to enter into a written agreement with those buyers touring the home?  

• 57. Are written buyer agreements required when listing agents talk with a buyer on behalf of a seller only or as subagents of the seller?  

• 58. Are written buyer agreements required when MLS Participants perform ministerial acts?  

• 60. Are written buyer agreements required in a dual agency scenario when a single agent works both for the seller and for the buyer?  

• 63. How will state laws affect the implementation of the practice change requiring written agreements with buyers?  

• 64. Will MLSs be required to get a copy of buyer written agreements?  

• 67. Should active buyer agreements entered into before the MLS policy change be amended to make sure any compensation is not open-ended and is objectively ascertainable?

Concessions

• 71. Can an MLS have a Yes/No seller concession field that indicates whether a seller is offering any concession?  

• 73. If my MLS removes the compensation field, can I choose to publish my cooperative commission offer in the agent remarks?  

• Full Text: https://www.nar.realtor/the-facts/nar-settlement-faqs

• SCRMLS Participants meeting - July 16

• SCRMLS Membership meeting - July 23