July 2024 Newsletter
New MLS Rules Go Into Effect August 17th!
ACTION REQUIRED: Members must acknowledge the receipt of the above video by visiting our local association page at nazrealtor.com/namls and follow the directions on the page. Failure to acknowledge MLS practice changes before August 17, 2024 will result in loss of NAMLS access.
The following practice changes will take place on August 17, 2024:
All offers of compensation are prohibited on the MLS. Members will be fined $5,000 and their Broker will be fined $7,500 for violating this rule.
Agents working with a buyer must enter into a written agreement before touring a home.
Please remember these important practice changes come directly from the National Association of REALTORS®. Fines are set by the NAAR Board of Directors. Thank you for your acknowledgement!
Appraisals, Data, and the Proposed NAR Settlement
With practice changes coming that include the prohibition of offers of compensation on MLSs, it’s imperative that brokers, agents and appraisers keep an open line of communication.
Under the practice changes following the settlement, MLS participants are prohibited from using the MLS to communicate offers of compensation for buyers’ representatives. This practice change, which goes into effect Aug. 17, has raised questions about how appraisers take compensation into account when conducting valuations. To measure the market reaction of compensation paid, or not, appraisers need to know the details of the transactions we are analyzing. This includes all the sales we consider as possible comparables.
The compensation paid on the subject property will be readily available to the appraiser through analysis of the sales contract. What will be unknown is the amount of compensation paid to brokers for sales that the appraiser is considering as comparables. This will require us to ask brokers and agents what compensation was paid or will be paid at closing.
2025 NAAR Board of Directors Nominations
We are seeking dedicated individuals who are passionate about our mission and committed to shaping the future of our association to join our Board of Directors. If you or someone you know would be a valuable addition, please submit a nomination by downloading the Nomination Form below.
Nominations are due on August 1, 2024.
Congratulations, Nicole Cumbie!
Designed to enhance members’ success, the rCRMS (Certified Risk Management Specialist) program increases members’ knowledge and allows them to successfully manage real estate transactions for clients while reducing exposure to risk. Earn this certification and give your clients the utmost protection during their transaction!
REALTORS® who earn this certification go the extra mile to protect their client’s interests as well as their own. They recognize that in today’s litigious society, good REALTORS® need to anticipate the pitfalls in a real estate transaction for their clients and themselves and be well prepared to avoid them. Requirements for certification include attending one contract course, three core courses, and one elective course. The requirements must be completed within a two-year period, and rCRMS holders must recertify every two years by taking one rCRMS class every 2 years after earning the certification.
NEW CE Requirements from ADRE
On July 12, 2024, the Arizona Department of Real Estate announced to qualify to renew a real estate license on or after January 1, 2025, the individual applying to renew their license must complete one (1) hour of Continuing Education on each of the following current issues in the real estate community:
Firewise
Deed Fraud
Arizona Water
The courses meeting this requirement are listed under the General Real Estate Category and the requirement is not adding to the hours required. Instead, the requirement is specifying that of the current 24 or 30 hours required, 1 hour must be on Firewise, 1 hour must be on Deed Fraud and 1 hour must be on Arizona Water.
NAAR partners with BetterHelp to support Member Mental Health
Northern Arizona Association of REALTORS® is excited to announce our new benefit through BetterHelp! Starting today, Members and Affiliate Members now have access to convenient and professional therapy online.
BetterHelp is the leading online therapy platform with over 32,000 therapists across the world and support in over 200 countries. You will be able to work with a therapist that is specifically assigned to you based on your individual needs, preferences, and location. You can communicate with your therapist via phone, video and live chat, plus you can message your therapist whenever you’d like.
How many sessions will be included in this benefit?
Northern Arizona Association of REALTORS® will be contributing 3 free sessions.
Will Northern Arizona Association of REALTORS® know that I am receiving therapy?
No. Your organization will not know who is receiving therapy. They won't have access to your personal data unless you contact them to let them know or provide authorization for them to get this access.
Who are the therapists?
Therapists on BetterHelp are licensed, trained, experienced, and accredited psychologists (PhD / PsyD), marriage and family therapists (LMFT), clinical social workers (LCSW / LMSW), or licensed professional counselors (LPC). All of them have a Masters Degree or a Doctorate Degree in their field. They have been qualified and certified by their state's professional board after successfully completing the necessary education, exams, training and practice. While their experience, expertise and background vary, they all possess at least 3 years and 1,000 hours of hands-on experience.
What type of services does BetterHelp provide?
BetterHelp offers individual, couples and teen therapy services.
To sign-up, click on this link to the Northern Arizona Association of REALTOR’S® Landing Page at betterhelp.com/naar/
For additional questions, please reach out to: contact@betterhelp.com
Upcoming Events
Register for local NAAR events directly on our website using the button below. If you’re interested in volunteering with NAAR next month, contact Community Outreach Chair, Alison Rucker at alison.rucker@wvmb.com for more information.
7/31 – Law and Order: Code of Ethics and the New World (CONTINUING EDUCATION)
8/1 – 2025 Board of Directors Nominations Due
8/6 – True to Form (CONTINUING EDUCATION)
8/15 – Blood Drive (COMMUNITY OUTREACH)
8/21 – Flagstaff Family Food Center (COMMUNITY OUTREACH)
8/29 – New Member Orientation
MLS Complaint Summary
June 25 - July 24
Click to view AAR Disciplinary Actions
MLS Rules and Regulations Reminder:
Member Participants and Subscribers must use an approved key, i.e., the Supra Lockboxes in accordance with the terms and conditions specified by the Supra Keyholder Agreement (the “Supra Agreement”) or in addition to
these additional policies. Any violation of a rule contained in this entire Section 2, excluding Section 2 G 3 and 2 G 5, is a Category II violation as described in Section 9.4.3 and carries a fine. Any violation of Section 2 G 3 and 2 G 5 is a Category IV violation as described in Section 9.4.4 and carries a fine.
If your sellers have stated they do not wish to have a lockbox on the property please send us the part of the contract that states such BEFORE the listing is to go live. Going forward, listings found with mechanical lockboxes/contractor boxes and have not sent the above to the NAAR office, will receive a fine starting at $150.00.
Note: Violation fines collected by NAAR are used to fund community support activities. NAAR does not benefit from MLS fines and would like to see the number of fines reduced!
Please take a moment to review our NAAR MLS Rules and Regulations HERE and our NAAR Penalty Policy HERE.
