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Effective August 15, 2024, NWMLS is revising its forms and rules related to compensation of buyer brokerage firms. The revisions include changes to clarify and simplify compensation-related provisions to further advance a transparent and consumer-friendly marketplace.
A few revisions stem from the National Association of Realtors (“NAR”) policy changes arising from NAR’s proposed settlement agreement in the national class action litigation. While NWMLS is not affiliated with NAR, the policy changes impact many NWMLS brokers who must comply with certain “broker practice changes.” NWMLS is making changes to facilitate broker compliance with those practice changes.