(posted July 8, 2024, updated 8/1/2024)
On August 6, 2024, CVR MLS will implement several new changes to its Rules, forms library and Matrix platform to comply with the NAR Settlement.
New Forms: Because of the preemptive changes made to our forms earlier this year, we are making only minor changes to our representation agreements. There are also modifications to our Purchase Agreements and the addition of new compensation agreements in this round of changes. Click here to read a more detailed explanation of the changes.
Remember that you will need to manually update any transaction templates you have created with the new forms versions.
Fields: CVR MLS will be removing all compensation fields from the MLS. The entire Compensation Info tab will be removed, including the following fields:
- Buyer Firm Comp Type
- Buyer Firm Comp Amount
- Dual/Var YN
- Structured Comp Remarks
- Compensation Remarks
- Bonus Y/N
- Bonus Description.
Historical information for these fields will not be viewable to MLS Users. MLSs will no longer be allowed to facilitate any information about compensation, which includes adding verbiage in any MLS fields including Remarks, Agent Comments, Showing Instructions or MLS tools such as ShowingTime. Agents also can not upload any supplements about compensation or include URL information to a website referencing compensation. See below for more information about compliance.
Current concession fields will remain in the MLS.
Rules: Revised CVR MLS rules will accompany these changes. You can view a redlined comparison version of these changes on our resources page. Some noteworthy changes are:
- Restriction of any language or reference to compensation offers.
- Revised definition of cooperation in the MLS
- Revised IDX and VOW rules
- Significant fines for violation of these restrictions.
Remember, attempting to include offers of compensation in the MLS, or using the MLS as a vehicle to direct buyer agents to compensation information, violates the Settlement Agreement and potentially exposes you to legal liability. CVR MLS is required under the Settlement to strictly enforce this mandate.
Resources: In addition to some quick reference MLS-specific FAQs, we have updated the Compensation Toolkit (found HERE or through the link on your MLS dashboard), so you are prepared as the changes roll out. This toolkit includes:
- A video update from RAR/CVR MLS Legal Counsel Michael Lafayette
- A summary of the practice changes mandated by the NAR settlement
- A summary document of new and revised CVR MLS forms
- Samples of the CVR MLS forms available in August 2024
- Redline versions of the CVR MLS forms highlighting the changes from our current forms
- Frequently asked questions about the CVR MLS form updates and practice changes
- The CVR MLS Rules and Regulations redline highlighting rule changes effective August 2024
- The VA Circular regarding buyer-broker charges from veteran borrowers
CVR MLS leadership and staff know that these changes pose a significant transformation to our industry. We are committed to providing you with updated information and tools to equip you to practice in this new era.
If you have questions or concerns, contact us.
