Fines issued by the DOS in these Consent Orders have ranged between $500 and $6,000. Brokers must carefully monitor all websites and social media pages of their associated licensees.
As State President, Phillips will oversee the council’s activities within New York State and act as a liaison between the regional vice president, the council’s leadership team, and its staff.
“Home sales momentum is building,” said NAR Chief Economist Lawrence Yun.
CHICAGO—The National Association of Realtors announced on Nov. 15 the adoption of changes to its guidance for local Multiple Listing Service broker marketplaces that reinforce greater transparency for consumers. The changes ensure disclosure of compensation offered to buyer agents, ensure listings are not excluded from search results based on the amount of compensation offered to buyer agents, and reinforce that buyer brokers do not represent their services as free. The NAR Board of Directors adopted the changes to take effect Jan. 1, 2022.
“Grounded in our commitment to act in the best interests of buyers and sellers, we regularly review and update our guidance for local broker marketplaces to continue to advance efficient, equitable and transparent practices,” said NAR President Charlie Oppler. “These latest changes more explicitly state what is already the spirit and intent of the NAR Code of Ethics and local broker marketplace guidance regarding consumer transparency and broker participation.”
Pro-consumer changes adopted by NAR include:
• Reinforce that local marketplace participants do not represent brokerage services as free. While Realtors always have been required to advertise their services accurately and truthfully, this change creates a bright line rule on the use of the word “free” that is easy to follow and enforce.
• Ensure disclosure of compensation offered to buyer agents. The change bolsters transparency and Realtors’ existing duties and practices to talk with their clients about what services they provide and how they are compensated.
• Ensure listings aren’t excluded from search results based on the amount of compensation offered to buyer agents. This changes wording to reiterate Realtors’ existing duty to inform clients about all relevant properties meeting their criteria.
As State President, Phillips will oversee the council’s activities within New York State and act as a liaison between the regional vice president, the council’s leadership team, and its staff.
“Home sales momentum is building,” said NAR Chief Economist Lawrence Yun.
Inventory for all property types declined in almost all areas, except for Rockland’s condo and co-op markets, the latter with an 84.6% gain. The Bronx led the region for new listings, with a 31.9% increase.
PrimeSource, which is a leading manufacturer of proprietary brands and a distributor of premier third-party brands, will utilize the location to service New York, New Jersey, Connecticut and Pennsylvania.
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