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CONTENTS:
NEWS & UPDATES
Fines Explained for Updated MLS Rules
“Concessions Considered” field REMOVED
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 Tuesday, August 27.
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.
New Guides for Consumers
New Fact Sheets for Homebuyers & Sellers
NAR has published new consumer-focused fact sheets for members to use as they adapt and help consumers navigate the new real estate landscape.
View fact sheets on what the practice changes mean for homebuyers and home sellers. These resources—one for SELLERS and one for BUYERS—outline what buyers and sellers should expect after Aug. 17 and the value agents who are REALTORS® provide to consumers in these transactions.
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.
Upcoming Education
Risk Management with Shannon B. Jones
New Forms & Business Practice Resources
Get the latest updates on new C.A.R. forms, plus access a collection of new business practice resources. | VIEW >
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
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 >
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