June 2024 Newsletter
New MLS Rules Go Into Effect August 17th!
The terms of the recent settlement require National Association of REALTORS® (NAR) to implement practice changes by no later than the date of class notice, which is August 17, 2024. It's important we implement the practice changes by this date because the release of liability we obtained in the settlement. Practice changes include:
Offers of compensation are prohibited on MLSs. Offers of compensation will continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals.
Agents working with a buyer must enter into a written agreement before touring a home. Ahead of August 17, NAR encourages all members to address form changes and prepare to educate real estate professionals and consumers about revised forms.
Please keep an eye out for a video next month outlining this expectation for our members. Together we can become the most well prepared and best adapted local association in Arizona. Thank you for your cooperation!
Practice Changes and Form Updates
The Arizona REALTORS® and its dedicated volunteer members have been hard at work to make sure updated forms will be available to meet the changes coming to our industry in response to practice changes that will be implemented this summer. The forms listed below are title of the new and revised forms being released on or about
August 1, 2024:
✓ New Notice to Tenant of New Management
✓ New Buyer Broker Agreement to Show Property
✓ New Seller Compensation Addendum
✓ Revised Buyer Broker Exclusive Employment Agreement
✓ Revised Residential Lease Agreement
✓ Revised Residential Resale Real Estate Purchase Contract
✓ Revised Vacant Land Lot Purchase Contract
✓ Revised Commercial Real Estate Purchase Contract
Association/MLS Forms:
✓ Revised ER- Residential Listing Contract
✓ Revised EA-Residential Listing Contract
✓ New Compensation Agreement Between Brokers
✓ New Unrepresented Buyer Disclosure
✓ New Buyer Tenant Employment Agreement Addendum
✓ New Tenant Broker Exclusive Employment Agreement
✓ Revised Property Management Agreement
✓ Revised Real Estate Agency Disclosure & Election
✓ Revised Vacant Land/Lot SPDS
✓ Revised Listing Contract Addendum
✓ Revised Vacant Land/Lot Listing (ER)
✓ Revised Vacant Land/Lot Listing (EA)
NAAR's Equity, Diversity, and Inclusion Committee Update: A Positive Impact for Our Community
Pride Month and Juneteenth
NAAR's EDI Committee encourages members to draw the connection between Pride Month and Juneteenth in the context of real estate, recognizing and addressing the historical injustices that have affected both the LGBTQ+ community and African American communities. Thank you for all that participated in celebrating!
Real Estate Salesperson Licensing Scholarship
Congratulations to Brendan Sands, Danielle Sulzer, and Destiny Diaz that were awarded the $1500 NAAR Real Estate Salesperson Licensing Scholarships!
This scholarship was designed to promote diversity within the REALTOR® membership where special consideration was be made for applicants that otherwise might not be able to obtain the support they need to make a significant career change or pursue full-time education opportunities.
RSVP for Real Estate Product Preview Lunch
NAAR’s licensing agreement with Monsoon will terminate at the end of 2025. Become involved in the selection of the new system and help provide product feedback to NAAR's Board of Directors by attending this special lunch presentation. Seats are limited. RSVP for the event using the button below or at nazrealtor.com/calendar.
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.
7/3 – Ethics: It's A Legal Imperative Too! (CONTINUING EDUCATION)
7/4 – NAAR OFFICE CLOSED: Independence Day
7/11 – Real Estate Product Preview (Lunch will be served)
7/17 – Flagstaff Family Food Center (COMMUNITY OUTREACH)
7/24 – Ignorance Is No Excuse! (CONTINUING EDUCATION)
7/24 – FUTS Trail Clean-Up (COMMUNITY OUTREACH)
7/25 – July Membership Luncheon
MLS Complaint Summary
May 25 - June 24
Click to view AAR Disciplinary Actions
MLS Rules and Regulations Reminder:
Failure to input a new listing required to be entered into the NAMLS System is a Category II violation as described in Section 9.4.2 and carries a fine.
Section 1.2 – Clear Cooperation Within one (1) business day of marketing a property to the public, the listing broker must submit the listing to the NAMLS for cooperation with other NAMLS participants. Public marketing includes, but is not limited to, flyers displayed in windows, yard signs, digital marketing on public facing websites, brokerage website displays (including IDX and VOW), 4 digital communications marketing (email blasts), multi-brokerage listing sharing networks, and applications available to the general public. (Adopted 11/19) Note: Exclusive listing information for required property types must be filed and distributed to other NAMLS Participants for cooperation under the Clear Cooperation Policy. This applies to listings filed under Section 1 and listings exempt from distribution under
Section 1.3 of the NAR model MLS rules if it is being publicly marketed, and any other situation where the listing broker is publicly marketing an exclusive listing that is required to be filed with the service and is not currently available to other NAMLS Participants.
Section 1.3 Exempt Listings If the seller refuses to permit the listing to be disseminated by the service, the participant may then take the listing (office exclusive) and such listing shall be filed with the service but not disseminated to the participants. Filing of the listing should be accompanied by certification signed by the seller that they do not desire the listing to be disseminated by the service. New Construction with multiple properties under a blanket listing agreement, rental, and commercial are exempt from the policy. Note: NAMLS Participants must distribute exempt listings within (1) one business day once the listing is publicly marketed. See Section 1.2, Clear Cooperation.
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.
