, Author at CCARToday - Contra Costa Association of REALTORS

District 99 Wright – Aug 24

August 2024
From the desk of:

Tyra Wright

CCAR PRESIDENT, DISTRICT 99 LIAISON
EMAIL: [email protected] | TEL: (510) 816-6754

Dear Friend and Fellow-Member,

August 2024 is an important month in the real estate industry and our goal is to provide you with all the resources you need to thrive in this new business environment. We encourage you to spend the next few weeks getting acquainted with the latest changes to MLS Rules & Regulations, and complete all the training you need to master the new forms and educate your clientele about the positive changes you will be implementing. Today’s newsletter features important information you need to prepare for these changes. You can also visit the CCAR INFO HUB any time to stay on top of daily news and updates.

We wish you great success in the coming months and will continue to provide you with the resources you need to prosper in this rapidly changing business. Feel free to contact me directly if you have questions, or want to chat.

MLS Rules Changes Effective Aug 12 >

TOP NEWS:

Talk to Your Clients with Confidence

NAR has developed new fact sheets for you to share with homebuyers and sellers that will clarify new business practice changes. | VIEW FACT SHEETS >

Review MLS Changes At Your Next Team Meeting

Review details of each of the pending MLS rules changes with your team. View CCAR presentation before Aug 12th implementation. | VIEW NOW >

Got Questions About Pending MLS Changes?

Do you still have questions about the coming business practice changes? Find answers on the CCAR FAQ and submit additional questions if you have them. | VIEW NOW >

UPCOMING EDUCATION COURSES:

CCAR CALENDAR >

Check Your Registration Status >

Invest in Your Future. RAF $$ Change Laws, Influence Legislation

Your real estate business is constantly under attack. That’s why it’s important to participate in the REALTOR^® Action Fund (RAF). Your pledge, which can be as little as $20 per year, will help support political action committees working on your behalf to protect real estate at the local, state and federal levels. Contributing to RAF provides you with invaluable returns on your investment.

CCAR ANNUAL SPONSORS

New Practices Frequently Asked Questions

| Last Updated August 27, 2024 |

As you prepare for the coming MLS policy changes, you may submit your most pressing questions to our MLS team any time by clicking the button to your right. We will publish answers to your questions as soon as possible. The C.A.R. Legal Hotline also provides a link to submit questions directly to C.A.R. attorneys.

NOTE: Most resource links provided on this page will require C.A.R. member login for viewing. If you receive error messages while still logged in, hit the REFRESH button to access files.

Where do I find the most up-to-date information about pending MLS/business practice changes?

All links ultimately lead to the NAR Facts website at nar.realtor/the-facts. You may also visit smartzonecar.org/updated-business-practices to get California-specific updates. The best place to go for immediate answers to your questions is the C.A.R. Legal Hotline. You may submit a question at https://www.car.org/helplines/legal-hotline-access or call one of the numbers listed on the right.

When is the deadline for MLS changes?

NAR’s MLS policy change deadline is August 17, 2024. CCAR MLS may make changes prior to that date, but participants and subscribers will be notified well in advance of any changes.

COMMISSIONS | COMPENSATION

If the seller or Broker is offering a coop commission larger than the buyer’s agents amount in the buyer representation agreement, can the buyer’s agent accept it and if so what type of disclosure should be done?

Visit: https://www.car.org/riskmanagement/qa/contract-forms-folder/BuyerRepresentationAgreement. “The agent cannot be compensated more than the amount stated in the buyer representation agreement regardless of the source. For example, if the seller or listing agent is offering payment, the additional commission cannot exceed the amount agreed to in the buyer representation agreement.”

Please direct follow-up questions to the C.A.R. Legal Hotline.

When will we no longer be able to enter an offer of compensation in the CCAR MLS?

According to NAR, August 17th is the final deadline for policy change implementation, but you may make changes immediately.

Where do I find commission information after the August policy changes?

Contact the listing agent directly.

Will there be a new form to disclose offers of compensation?

Please refer to this document describing the forms to use for each type of broker compensation: BRBC_How_Do_Buyers_Get_Compensated (car.org)

CONCESSIONS

Will there be any changes to the Concessions field on the MLS?

Updated August 27, 2024 |

New Field: Concessions Considered – Field REMOVED

Description: A new field named “Concessions Considered” will be added to the listing entry. (Field removed as of August 27, 2024)
Options: Yes/No
Requirement: This field is optional.
Searchability: This field cannot be used to search the MLS system, but the information will be visible on the listing report.

Modified Field: Concessions at COE (Close of Escrow)

Previous Name: Concession
New Name: Concessions at COE
Options: Yes/No
Requirement: This field remains mandatory.
Searchability: This field cannot be used to search the MLS system, but the information will be visible on the listing report.

Important Reminder: As communicated on July 1, 2024, all compensation fields across all property types and statuses, including historical data, will be removed.

What are and are not permissible applications for seller concessions?

Concessions are monetary contributions from the seller towards the buyer’s cost and may be used by the buyer to pay escrow/title fees, lender fees, loan discount points, property improvements, broker fees and other costs.

How will the CCAR MLS/Paragon handle the Concession field?

The existing post-listing concession field will be a required Yes/No field.

COSTS – WHO PAYS WHAT?

Do buyers and sellers pay closing costs?

In California, both sellers and buyers pay closing fees but the seller usually pays more. For more information visit: BRBC_How_Do_Buyers_Get_Compensated (car.org)

The answer to this question can be found on the C.A.R. and NAR links listed above. You may also click here: https://www.car.org/-/media/CAR/Documents/Your-CAR/NAR-Litigation/BRBC—How-Buyer-Brokers-Get-Paid.pdf. For more details contact the C.A.R. Legal Hotline.

DUAL AGENCY

Will dual agency increase and eliminate many buyer sides?

CCAR cannot predict how dual agency will be affected. To discuss specific circumstances, contact the C.A.R. Legal Hotline.

FORMS

Will there be a new form to disclose offers of compensation?

Please refer to this document describing the forms to use for each type of broker compensation: BRBC_How_Do_Buyers_Get_Compensated (car.org)

Will we be allowed to place the BRBC form/offer of compensation in the disclosure link on MLS?

No, that would be contrary the legal settlement which precludes any broker compensation information to be included or linked from the MLS.

How should the CBC be used? Do you need it if the buyer’s offer includes the seller paying the buyer broker? — Do you need both?

Will new C.A.R. forms allow for an option for the buyer’s agent to receive more than the commission amount listed in the buyer’s representation agreement and receive bonuses from the seller if applicable?

No, the settlement explicitly prohibits this. The maximum compensation the buyer’s broker may receive is the amount stated in the buyer representation agreement. See: https://www.car.org/riskmanagement/qa/contract-forms-folder/BuyerRepresentationAgreement: “The agent cannot be compensated more than the amount stated in the buyer representation agreement regardless of the source. For example, if the seller or listing agent is offering payment, the additional commission cannot exceed the amount agreed to in the buyer representation agreement.”

MARKETING | ADVERTISING & COMMUNICATION

Is it correct that a link to a company or agent website cannot be put in the MLS if it shows offers of compensation, but a website is one of the ways an offer of compensation can be advertised?

Links to compensation information cannot be posted on the MLS at all.

If links to compensation information cannot be posted on the MLS, does that mean companies or agents will have to establish separate websites to show offers of compensation?

Listing agents can communicate their own offers of compensation on the listing broker’s or listing agent’s own websites or flyers.

Can I put all my listing commissions for the buyers’ agents in a database and then post the database somewhere (like FB, LinkedIn, etc.)?

It is best to consult with a C.A.R. Legal Hotline attorney to discuss your options.

Can a listing agent publish compensation information on his/her own website or flyers?

Yes. Listing agents can communicate their own offers of compensation on the listing broker’s/listing agent’s (their) own websites or flyers.

What exclusive listings and property types are applicable under the new MLS Statement 8.0?

The obligations of Statement 8.0 were specifically adopted to address concerns with residential “for sale” exclusive listing contracts required to be filed with the service. Based on the Advisory Board’s discussions that did not include commercial properties, rental properties, and new construction developments with multiple properties (single family homes, condos, etc.) Those property types, and other exclusive listings that require mandatory submission, can be included in the application of Statement 8.0 at local discretion.

OPEN HOUSES

How are Open Houses going to be handled after August 17th? The proposed C.A.R. Open House forms seem out of touch with the practical reality of asking out-of-state visitors to sign agreements on the spot.

Visit: https://www.car.org/-/media/CAR/Documents/Your-CAR/NAR-Litigation/Open-Houses-in-a-NAR-Post-Settlement-World.pdf. You may also contact the C.A.R. Legal Hotline for more information.

If you are holding an open house will you always have those attending sign one of the new forms?

Visit: https://www.car.org/-/media/CAR/Documents/Your-CAR/NAR-Litigation/Open-Houses-in-a-NAR-Post-Settlement-World.pdf. You may also contact the C.A.R. Legal Hotline for more information.

STATISTICS

Will there be any statistics kept by the MLS after the new requirements come into existence that we can access showing which sales paid the buyer’s agent commission?

No. The MLS will no longer collect data regarding broker compensation.

VIOLATIONS

Will unscrupulous agents take advantage of the new situation? How will rules violations be handled?

Suspected Code of Ethics and MLS rules violations may be reported to CCAR MLS and CCAR Professional Standards departments and will be administered as per existing policy.

NOTE: Most resource links provided on this page will require member login to view.

CCAR ANNUAL SPONSORS

District 05 Myers – Jun 24

June 2024
From the desk of:

Judy Myers

CCAR DIRECTOR, DISTRICT 5 LIAISON
EMAIL: [email protected] | TEL: (925) 457-0965

Dear Friend and Fellow-Member,

Summer is here and the market looks like it will be on the slow upward swing during the latter months of the year (see market report below). This is good news and will enable us to spend the next month really digging into all the new MLS changes and business practice updates coming in August. To help you with that, we’ve launched the CCAR INFO HUB, a local news portal to keep you in the know about all pending business practice changes and updates. You may also take advantage of several education opportunities to get current on the new forms coming down the pike. We encourage you to carve out some time to read and learn all that’s available so you’re poised for success as the marketplace quickly changes.

Feel free to contact me directly if you have questions, or want to chat (contact information noted above).

CCAR launches INFO HUB website to keep you on top of pending business practice changes >

TOP NEWS:

Got Questions About Pending MLS Changes?

We’ve polled a group of CCAR members for their most pressing questions about the coming business practice changes. Read the answers and submit your questions. | VIEW NOW >

Real Estate Market Update

Home sales are projected to improve in the second half of the year, but the growth rate will be slower than what was projected earlier this year. | LEARN MORE >

Buy $20 C.A.R. HAF Raffle Ticket to Win Up to $5K

Support C.A.R.’s Housing Affordability Fund (HAF) Path to Homeownership Closing Cost Assistance Program to help families own their own homes. | LEARN MORE >

UPCOMING EDUCATION COURSES:

CCAR CALENDAR >

CCAR ANNUAL SPONSORS

District 04 Souza – Jun 24

June 2024
From the desk of:

Donna Souza

CCAR DIRECTOR, DISTRICT 4 LIAISON
EMAIL: [email protected] | TEL: (925) 818-8576

Dear Friend and Fellow-Member,

Feel free to contact me directly if you have questions, or want to chat (contact information noted above).

CCAR launches INFO HUB website to keep you on top of pending business practice changes >

TOP NEWS:

Got Questions About Pending MLS Changes?

We’ve polled a group of CCAR members for their most pressing questions about the coming business practice changes. Read the answers and submit your questions. | VIEW NOW >

Real Estate Market Update

Home sales are projected to improve in the second half of the year, but the growth rate will be slower than what was projected earlier this year. | LEARN MORE >

Buy $20 C.A.R. HAF Raffle Ticket to Win Up to $5K

Support C.A.R.’s Housing Affordability Fund (HAF) Path to Homeownership Closing Cost Assistance Program to help families own their own homes. | LEARN MORE >

UPCOMING EDUCATION COURSES:

CCAR CALENDAR >

CCAR ANNUAL SPONSORS

District 04 Fondnazio – Jun 24

June 2024
From the desk of:

John Fondnazio

CCAR DIRECTOR, DISTRICT 4 LIAISON
EMAIL: [email protected] | TEL: (925) 817-9053

Dear Friend and Fellow-Member,

Feel free to contact me directly if you have questions, or want to chat (contact information noted above).

CCAR launches INFO HUB website to keep you on top of pending business practice changes >

TOP NEWS:

Got Questions About Pending MLS Changes?

We’ve polled a group of CCAR members for their most pressing questions about the coming business practice changes. Read the answers and submit your questions. | VIEW NOW >

Real Estate Market Update

Home sales are projected to improve in the second half of the year, but the growth rate will be slower than what was projected earlier this year. | LEARN MORE >

Buy $20 C.A.R. HAF Raffle Ticket to Win Up to $5K

Support C.A.R.’s Housing Affordability Fund (HAF) Path to Homeownership Closing Cost Assistance Program to help families own their own homes. | LEARN MORE >

UPCOMING EDUCATION COURSES:

CCAR CALENDAR >

CCAR ANNUAL SPONSORS

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