CONTENTS:
NEWS & UPDATES
Navigating New Standards: Essential Dos and Don’ts for REALTORS®
NAR has developed two new resources to help you better navigate the new business practice changes. These resources help to define the responsibilities and limitations for real estate agents by outlining the “dos” and “don’ts” of supporting homebuyers and home sellers during the transaction process.
Remember that the practice changes are intended to promote choice, empower consumers, and foster healthy competition, and they should be implemented with these goals in mind. As always, the REALTOR® Code of Ethics remains the foundation for the services you provide.
Supporting Homebuyers Fact Sheet >
Supporting Home Sellers Fact Sheet >
Remember Your Duties to Clients to Avoid Steep Fines and Disciplinary Action
As a REALTOR®, your primary duties are to follow NAR’s explicit Code of Ethics, and pledge to protect and promote the interests of your clients. This obligation means that you cannot make decisions or provide representation in a way that puts your own interests or commissions ahead of your clients’ interests.
Wrongful “steering” by either a Buyer’s or Seller’s Agent is PROHIIBITED and will result in disciplinary action/fines.
Learn more: NAR CONSUMER GUIDE: REALTORS’® DUTY TO PUT CLIENT INTERESTS ABOVE THEIR OWN >
Discover the latest trends shaping today’s real estate market in this year’s report from NAR. Highlights include rising buyer ages, with first-time buyers now averaging 38 years and repeat buyers 61, as well as affordability challenges impacting first-time buyers more than ever. Many buyers are opting for larger down payments, and multi-generational homes are increasingly popular. Online tools and real estate agents continue to play a crucial role in the search and purchase process, providing valuable guidance and resources.
Learn more: PROFILE OF HOME BUYERS AND SELLERS >
New Forms Training Opportunities
C.A.R. Education is offering two new classes on settlement-related forms: a Buyer Representation Form class and a Residential Listing Form class. Members can access the classes for FREE by logging into store.car.org and entering discount codes at checkout. Class details and codes will be emailed to all members and will also be available on store.car.org.
Recently, Inman published an opinion piece by a real estate coach criticizing forms created by associations, though it did not directly reference California Association of REALTORS®’s (C.A.R.) forms. In light of the concerns raised, C.A.R. felt it necessary to address the value and reliability of state Association-created forms.
Read more: C.A.R. President Melanie Barker’s Response >
VIDEOS
Forms Class
Watch any time to learn important information about new and revised forms and coming changes in the business.
| WATCH VIDEO >
How Buyer Agreements Boost Your Value, Fend Off Claims
While some consumers may be skeptical at first when asked to sign a Buyer’s Agreement, think of it as an opportunity to provide clarity about your services and build trust. Review the agreement to help explain your duties and obligations and reinforce that you’re a professional who follows a Code of Ethics. | WATCH VIDEO >
ADDITIONAL RESOURCES
SETTLEMENT UPDATES ARCHIVE
“CONCESSIONS CONSIDERED” FIELD REMOVED | Aug 27, 2024 | Upon legal advice and as a precautionary measure, in light of recent litigations, we will remove the ‘Concessions Considered: Yes/No’ field from Listing Entry, effective Tue, Aug 27th. As an MLS, it is our duty to protect you and your data. We appreciate your understanding as we navigate the current challenges in our industry.
COMING MLS CHANGES AUG 12 | June 25, 2024 | The following changes to Paragon and connectMLS will be instituted on Mon, Aug. 12:
- Removal of all COMPENSATION fields in all places across all property types and statuses, including Historical Data.
- The current POST-SALE CONCESSIONS field will change from a free-form field to a YES/NO option (historical concessions data for off-market listings will remain visible).
UPDATED CHANGES TO MLS CONCESSIONS FIELD | JULY 16, 2024 | In response to the new C.A.R. forms regarding concessions, we will be updating our MLS system to reflect sellers’ instructions on concessions.
These updated changes were approved on Monday, July 15, and will take effect on Monday, August 12.
New Field: Concessions Considered
- Description: A new field named “Concessions Considered” will be added to the listing entry.
- 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.
C.A.R. FORMS PARTIAL RELEASE | June 25, 2024 | C.A.R. has just released 48 new forms, but the release of 19 additional forms related to the changes in business practices required by the NAR settlement has been postponed. C.A.R. will make those additional forms and relevant education available prior to August 17. | MORE >
C.A.R. FORMS RELEASE DELAYED | June 21, 2024 | C.A.R. has delayed the June 25th release of new forms, extending the review process to accommodate DOJ inquiries and member feedback. C.A.R. will provide updates as the process continues. | MORE >
CCAR ANNUAL SPONSORS
Platinum Partner, NAR Corporate Ally Program
CCAR is proud to be a RESO Platinum Certified MLS, the highest level of certification available.
