REINCheck

You're listening to

REINCheck with Andrea Rice,

Contracts and Industry Specialists at REIN,

where you get the latest member news

and information delivered straight from the source,

REIN MLS.

Hello and welcome to REINCheck.

I'm your host, Andrea Rice, and today

we're diving into the top five questions

we received about the upcoming

MLS changes that go live

on September 4th.

These updates are significant and I want to make sure

that you have all the information

you need to stay ahead of the game.

So let's jump right in.

First up is a question

about timing.

NAR has an August 16

deadline for compliance,

but REIN isn't rolling out new forms

and system changes until early September.

Why the different dates

and how does this impact

our members?

Well, the NAR

settlement agreement was set

August 16th as a compliance deadline

for realtors and realtor MLSs.

But non-realtor MLSs like

REIN, have until September 16th.

That's why REIN

is making compliant forms

and required system changes

available by September 4th.

Twelve days ahead of our deadline.

If you want to implement REIN's changes

early by the August 16th deadline,

REIN has provided PDFs

of compliant forms on REINMLS.com

and as always,

make sure you check

with your broker or legal counsel

for specific guidance.

Next up,

we’ve been asked,

can the purchase agreement

include compensation

for a buyers broker

that is higher

than what's agreed upon

in the buyer agreement?

Well, the answer to that is no.

Both REIN rule 4.1.11

and the NAR Settlement agreement

require that any compensation agreed

upon in the buyer agreement is final.

The purchase agreement

isn't a place to adjust or add

excess compensation

for a buyer's broker.

However, buyers and their brokers

can mutually adjust their agreement

through a new contract.

Another common question

we received is,

can I list seller concessions

in the MLS?

Yes, you can.

Seller concessions can be disclosed

as long as they aren't

tied to the retention

or compensation of any cooperating

broker, buyer

broker, or representative.

Simply put, seller

concessions can't be

used as a backdoor

for compensating brokers.

All right.

On to the next one.

When will compensation

be removed from the MLS?

Well, mark your calendars.

It's happening on September 4th, 2024

that is the date all of these changes

go live.

And finally,

when compensation is

removed from the MLS, will

I need to get new listing paperwork signed?

So good news.

No new listing

paperwork will not be needed.

But do check with your broker

as they might have specific

firm requirements.

And there you have it.

Your top five questions answered.

If you have more questions or need additional details,

be sure to visit the FAQ page

and REINMLS.com/knowledgebase.

Thanks for tuning into REINCheck and as always,

if you missed any of the previous episodes,

I do invite you to go to REINMLS.com

to take a listen.

And be sure to subscribe

so that you get future episodes delivered

directly to you when they are released.

Thank you and have a great rest of your day.

You've been listening to

REINCheck with Andrea Rice.

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Delivered straight from the source,

REIN MLS.