On Wednesday – August 14, 2024, UtahRealEstate.com will be making adjustments to the MLS system and MLS Rules as required by the settlement terms agreed to by the National Association of REALTORS® (“NAR”) in the class action lawsuits frequently referred to as the Burnett and Moerhl cases. These adjustments and changes are as follows:
Summary of MLS Adjustments & Changes
- All Buyer Brokerage Compensation (BBC) and Buyer Agency Compensation (BAC) information and data fields will be removed from the MLS system including:
- Compensation Offered
- BBC Based Upon
- Dual/Variable Rate
- All BBC/BAC information and data fields will no longer be visible on historical listings
- All BBC/BAC fields will be removed from the data feeds used by brokers and vendors for websites and broker-based products
- MLS Listing Input Forms or “Data Forms” will be updated as to remove all BBC/BAC related information
- The updated Utah Association of REALTORS® (“UAR”) forms, which have been changed for compliance with the NAR class action settlement terms will be made available in the MLS and SkySlope (Note: The updated forms will be released on or about August 5th)
- Concessions offered to be paid to the buyer may be advertised within the MLS in the agent remarks and/or public remarks sections of the MLS
- Concessions paid to the buyer may be reported upon the sale of a property in the closing remarks section of the MLS
Summary of MLS Rule Changes
- When reporting a sale on the MLS, you may not disclose commissions paid
- Marketing and advertising offers of compensation will be prohibited on the MLS, as well as on all third party products that you access through the MLS
- You may not filter or restrict listings provided to clients based on (a) the existence or level of compensation offered or (b) the agent/brokerage name
- You are not permitted to create, participate in, or maintain a platform that uses MLS data to facilitate offers of compensation amongst brokerages
- The MLS Fine Policy has been updated to include NAR required penalties for violations related to the settlement terms
- A written agreement setting the terms between an agent and a buyer must be signed prior to showing a home
When will these changes go into effect?
- Wednesday – August 14, 2024
