REINCheck

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VO
You're listening to REINCheck with Andrea Rice, Contracts and Industry Specialist at REIN, where you get the latest member news and information delivered straight from the source, REIN MLS.

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Andrea Rice
Hello and welcome to REINCheck. I'm your host, Andrea Rice, and today we're checking in to clarify the changes made to the SAER and to talk a little bit about REIN’s FAQ page. Now as you are aware, REIN updated 17 forms this past February and the February forms release included three new buyer broker agreements and updates to REIN’s six existing brokerage agreements.

00;00;46;07 - 00;01;30;12
Andrea Rice
And since the release, REIN has received several calls asking for clarification, specifically on page two of the SAER, or as it's called, Standard Agent Exclusive Right to Sell Brokerage Agreement. And REIN responded to these inquiries by adding an interactive PDF of page two of the SAER to the forms FAQ page. And as we head into the real estate's busy season and inventory starts to pick up in the Hampton Roads real estate market, I just wanted to remind everyone of this useful resource, which is the FAQ page in general, and also this interactive PDF of the SAER because I'm still finding that a lot of people aren't aware of it and I think it's

00;01;30;12 - 00;02;11;20
Andrea Rice
very helpful. So let's start with the FAQ page. Just the general FAQ page. A FAQ page covering the February forms release and the industries changes can be found on REINMLS.com. Simply log into REINMLS.com with your log in. Click on resources. Then, you'll get a dropdown for contracts and forms. And on the right hand side you'll see Agent Resource 2/12/24 and that is where you are going to find the FAQs for industry changes. This FAQ page covers topics such as, “am I required to use the new compensation agreement?”

00;02;11;22 - 00;02;39;12
Andrea Rice
Which should the firm submit to the settlement agent as the compensation agreement does not include the compensation for the listing form? And how do I complete page two of the SAER? These are some of the questions, just to name a few that you will find on the FAQ page. And I think this is a great resource. I just wanted to remind you of it and check back often because we are continually updating that as new questions come in.

00;02;39;14 - 00;03;08;01
Andrea Rice
Now I want to talk a little bit about the SAER PDF that you will find on the FAQ page. And I would like to note the question, “how do I complete page two of the SAER,” as we have received several calls specifically asking that question. And as a result, REIN has put together an interactive PDF to provide a detailed explanation of the form, and it's a super great tool.

00;03;08;01 - 00;03;33;18
Andrea Rice
I've directed a lot of people to it and they've all found it useful, but I'm finding that there is still a lot of members that aren't aware that it's there. So that's why I wanted to talk about it a little bit here today. And as you go to that interactive PDF of page two of the Standard Agent Exclusive Right to Sell Brokerage Agreement, you will find the following note provided by REIN’s legal counsel, and I'll read it to you here.

00;03;33;21 - 00;04;09;08
Andrea Rice
It says, commission payments to a seller's broker slash buyer's broker should not be combined anywhere on the form. The first two checkboxes are exclusively for seller's broker and should not include any compensation to be paid to a buyer's broker. And I wanted to point out that note, because that seems to be the point that most needed clarification. And you will also find pop up boxes explaining the rest of page two on this interactive PDF.

00;04;09;10 - 00;04;31;22
Andrea Rice
So make sure you check it out and be sure to come back to the FAQ page often because new items are being added as needed. And if you can't find the answer you're looking for, please email askrein@reininc.com. We are happy to assist you and your question might find its way onto the FAQ page because other people might have the same question.

00;04;31;22 - 00;04;55;28
Andrea Rice
So always feel free to submit those questions to askrein@reininc.com and check back for that FAQ page often because as I said, we are updating it as needed. I want to thank all of you for listening, as always. I really appreciate you taking the time to listen and stay informed. And if you have any questions, please submit those to askrein@reininc.com.

00;04;56;01 - 00;05;12;15
Andrea Rice
If you missed any of the previous episodes of REINCheck, I do invite you to go to REINMLS.com to take a listen and make sure you 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.

00;05;12;17 - 00;05;20;00
VO
You've been listening to REINCheck with Andrea Rice. Stay in the know from those who know. Delivered straight from the source, REIN MLS.