At the Realtors Legislative Meetings earlier this week, MLS executives were told they would be responsible for making sure real estate agents and brokers follow the new commission rules.
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Multiple listing services will be responsible for enforcing the rule changes that are part of the National Association of Realtors’ proposed antitrust settlement, an attorney from the 1.5-million-member trade group informed a group of hundreds of MLS executives at its midyear conference this week.
Deanne Rymarowicz, NAR’s associate counsel, spoke at the MLS Association Executives Session of the Realtors Legislative Meetings in Washington, D.C., on Sunday.
Deanne Rymarowicz
She ran through some of the policy changes included in the settlement, which NAR has said MLSs will have to implement by Aug. 17, even before a November court hearing in which a judge will decide whether to give the deal final approval.
On Friday, NAR informed its members of key changes that will be required under the settlement, noting that the changes had been reviewed by its MLS Emerging Issues and Technology Advisory Board and adopted by the NAR Leadership Team.
Rymarowicz broke down the deal’s requirement for written agreements with buyers and then told attendees what they’d been waiting for.
“Alright, here’s the big question from all of you in the room: Who’s enforcing all of this?” she said, spurring laughter from some attendees.
“It’s you. The MLS will be responsible for enforcing the rule regarding written agreements like your MLS already enforces the rules that you have in place. It will be a complaint-driven process just like any rule that you have in place.
“Now, importantly, the MLS is not required to receive a copy of the written agreement, but it can request it as a matter…