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What Is REALTOR® READY HQ?

REALTOR® READY HQ: Your NAR Settlement Resource

The National Association of REALTORS® (NAR) settlement has underscored the importance of open communication with clients regarding real estate broker compensation. Midwest Real Estate Data (MRED) has decided to opt-in to the settlement and make changes to the multiple listing service (MLS).

As of August 17th, the following will change:

  • Compensation information will no longer be listed on the MLS.
  • REALTORS® will be legally prohibited from sharing offers of compensation with other REALTORS® on the MLS and will not be allowed to filter or search for offers of compensation on the MLS.
    • The Plaintiffs and the Department of Justice (DOJ) are on the lookout for workarounds. For example, it is not recommended REALTORS® list compensation percentages in the prices of homes (e.g. 1,000,003 bananas)
  • Written Buyers Representation Agreements will be required and must be in place prior to showing any properties.

The North Shore-Barrington Association of REALTORS® (NSBAR) has created this page to get you ready — REALTOR® READY. Please utilize the resources available below to develop a better understanding of Buyer Representation Agreements, Cooperative Compensation, and how to communicate with clients about your value as a Buyer Representative.

Stay informed through NSBAR's social media and subscribe to our newsletters for the latest updates on the NAR litigation.

NAR Facts for REALTORS® at facts.realtor, including Consumer Resources and Guides

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Contracts & Forms

On July 22nd, 2024, Illinois REALTORS® released their forms to the public, please feel free to access them HERE.

Agreement for Compensation — Properties for Lease

Use this agreement to outline the compensation terms and conditions between a listing brokerage and cooperative brokerage after August 17th. In this agreement, the percentage of compensation may be a percentage of annual rent as indicated in the lease or a flat fee. This is for the Landlord.

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Agreement for Compensation — Purchase by Tenant

Use this agreement to outline the compensation terms and conditions between a listing brokerage and cooperative brokerage after August 17th. In this agreement, the percentage of compensation may be a percentage of annual rent as indicated in the lease or a flat fee. This is for the tenant.

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Appraisal Addendum

The Appraisal Addendum outlines the conditions and procedures for handling a property appraisal that comes in below the agreed-upon purchase price. It provides options for both buyer and seller, including adjusting the purchase price or terminating the contract.

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Buyer Representation Agreement — Exclusive Right to Acquire

This contact outlines that the buyer agrees to work exclusively with the agent for a set period to find a property, and the agent commits to representing the buyer's best interests throughout the search and purchase process. If the buyer finds a property within the timeframe, they are obligated to compensate the agent even if the agent wasn't involved in finding it.

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Compensation Addendum

This addendum is used to modify the compensation terms of a real estate contract made after August 17th. This could be to address additional services provided by the agent, changes in commission structure, or splitting commission fees between multiple agents involved in the transaction. It ensures all parties are on the same page regarding compensation throughout the deal.

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Exclusive Right to Sell Marketing Agreement

Use this form to establish the duties and expectations between you and your client, and how you will be paid when selling a property.

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Notice of Compensation

A Notice of Compensation informs cooperating brokers (agents representing buyers) of the commission offered for a specific property listing. This clarifies the financial incentive when bringing a qualified buyer to the transaction and encourages brokers to actively market the property to their clients. It also helps ensure transparency and avoids any confusion about commission expectations between cooperating agents.

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Compensation Addendum Transition to existing Buyer Broker Agreement

This contract is used to modify the commission structure, and terms of a buyer’s agreement signed prior to August 17th. This addendum preserves the original terms but addresses specific changes to compensation.

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Compensation Addendum Transition to existing Listing Agreement

This contract is used to modify the commission structure, and terms of a listing agreement signed prior to August 17th. This addendum preserves the original terms but addresses specific changes to compensation.

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Compensation Agreement

Use this contract with the current Multi-Board Residential Real Estate Contract, to outline the compensation terms and conditions for a buyer.

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NAR Litigation & News

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Classes & Education

Accredited Buyer's Representative® (ABR®) Classes

Price: Complimentary from NSBAR

Level up your skills as a real estate buyer's agent with the ABR® Designation. This program equips you with in-depth knowledge of the home buying process, access to exclusive resources, and networking opportunities. Become a trusted advisor for your clients, giving them a confident edge in the competitive market.

Buyer's Agreement Workshops

Price: $25 donation to NSBAR Cares

Learn how to present, explain, and get a signature on a Buyer's Agreement. This class will focus on developing your value propositions, and the ins and outs of this new standard contract. Walk away from this class with a solid understanding of what the agreement outlines for you and your client.

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Handouts & Resources

NAR Settlement FAQ (Last Updated: July 15th, 2024)

NAR Settlement Fact Sheet

NAR Settlement Financing FAQs (Last Updated: April 4th, 2024)

NAR Handouts for Buyer

NAR Competition in Real Estate

NAR Magazine Special Supplement, "What's Ahead for You?"

NAR, “Why Hire an Agent Who Is a REALTOR®?"

NAR, “179 Ways Agents Who Are REALTORS® Are Worth Every Penny of Their Compensation.”

NAR, "105 More Ways Agents Who Are REALTORS® Are Worth Every Penny of Their Compensation.”

IR, "The Value of a REALTOR® in Buying a Home"

IR, "Keep up with key NAR settlement news"

realtor.com Buyer's Agent Toolkit

NAR Settlement Overview from NAR Staff Attorney Mike Rohde

NAR Consumer Guide to Written Buyer Agreements

CONSUMER GUIDE: REALTORS'® DUTY TO PUT CLIENT INTERESTS ABOVE THEIR OWN

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Member Feedback

For any questions, comments, and/or concerns about the NAR settlement and changes to come, please contact ready@nsbar.org

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NSBAR Antitrust Compliance

All members in the real estate brokerage business or REALTOR® Association management are in the same market area. As a result, to avoid any liability under the federal or state antitrust laws any discussion of competitive business practices and/or the amount of fees and/or commissions charged or to be charged to clients and/or compensation and/or splits paid or to be paid to brokers by any member is strictly prohibited.

This page is only to discuss the business of the North Shore-Barrington Association of Realtors® (NSBAR) and is in accordance with NSBAR policies and procedures. Accordingly, it is NSBAR’s policy that any discussion that creates a potential for a violation of federal or state antitrust laws is strictly prohibited.

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