NAR Settlement Resources for GKAR Members

2. Listing brokers may advertise an offer of cooperative compensation in any way, off the MLS. 

This may include, but is not limited to, the following: 

• Broker website 
• Sign or sign rider 
• Flyers 
• Social media posts 
• Text, email, and phone calls 

3. On August 13^th, 2024, compensation fields were removed from Flexmls.  

MichRIC^® removed the following fields from Flexmls: Buyer Agency, Sub Agency, Transaction Coordinator, and Commission Comments. Seller Concession fields are being considered. Membership will be notified if MichRIC^® chooses to add these fields to the MLS.

4. Resources for You and Consumers 

• A Class Action Notice was sent out on or after August 17^th, 2024, to anyone who has sold a home that was listed on an MLS anywhere in the United States where a commission was paid to any brokerage in connection with the sale of a home. 
• The settlement is still subject to final court approval on November 24^th, 2024. 
• Refer questions from consumers to  Fostering Consumer-Friendly Real Estate Marketplaces (nar.realtor) and Home | Burnett et al. v. The National Association of Realtors et al. (realestatecommissionlitigation.com). 
  
• What Veterans Need to Know About Buying a Home
• Why Am I Being Asked to Sign a Written Buyer Agreement?
• Open Houses and Written Agreements
• REALTORS’^® Duty to Put Client Interests Above Their Own
• Offers of Compensation

• The Facts for REALTORS^® (nar.realtor)  
• Video: How Seller Concessions Work 
• Video: Requesting Buyer Broker Compensation 
• Video: How to Communicate Offers of Compensation 
• Video: Understanding the Effective Date of Practice Changes  
  

• Article 1: Protect/Promote the Interests of Clients 
• Article 3: Ascertain Compensation 
• Article 12: Be Honest and Truthful in Communications 

Mediation and arbitration of commission disputes still applies. Procuring cause disputes may still arise and be arbitrated. The Code of Ethics (nar.realtor) 

1. Updated Governing Documents 

The National Association of REALTORS^® (NAR) mandated policy language changes. GKAR Bylaws and GKAR MLS Rules and Regulations were updated by your MLS Committee according to these requirements.  The updated GKAR Bylaws and GKAR MLS Rules and Regulations are now available and may be found in the Member Login.  

2. Updated MLS Forms 

Your Risk Management Committee worked diligently to update GKAR forms. The following are available in dotloop and zipForms. Please use the most up-to-date forms to ensure you are including all necessary disclaimers and information for your clients. Continue to watch GKAR communications for future form updates.

• Listing Agreements
  • Designated Agency with Limited Dual Agency (DALG)  - Mark-up | Draft | Summary of Changes
  • Dual Agency (DALB) - Mark-up | Draft | Summary of Changes
  • Single Agency (SALP) - Mark-up | Draft | Summary of Changes
  • Single Agency - Seller Only (SALY) - Mark-up | Draft | Summary of Changes
• Buyer Agency Addendums to the Buy & Sell Agreement
  • Designated Agency (DAAG) - Mark-up | Draft
  • Dual Agency (DAAB) - Mark-up | Draft
  • Single Agency (SAAP) - Mark-up | Draft 
    
• Buyer Agency Agreements
  • Designated Agency (BAELG) - Mark-up | Draft
  • Dual Agency (BAELB) - Mark-up | Draft
  • Single Agency (SAELP) - Mark-up | Draft 

Please note, blue text is new language, red strikethrough text is language removed, and green text is language moved within the document.  

3. Keeping Our Members Up to Date 

We will continue to share information as it becomes available.