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July 9, 2024
As we informed you last week, tomorrow C.A.R. will release several new and revised forms as part of its semi-annual standard forms update. We have spent the last several months evaluating and working on these revisions in order to provide the best possible forms for our members and their clients, especially in light of the practice changes associated with the NAR settlement.
While numerous changes have been made to these forms, I want to draw your attention to one change in particular. As part of our analysis of what is needed at this moment and, more significantly, what we anticipate will become important in the near future, we have made the decision to remove the listing broker’s offer of compensation from these forms. While we recognize that the offer of compensation remains legal and valid, we nonetheless believe this change is in the best interests of our members and consumers. Our goal, with this change, is to be proactive, looking ahead to where industry practice needs to be.
We know change is hard, but we also know that C.A.R. needs to lead the way within the industry, as we have always done. As your business partner, we will be providing numerous training opportunities on these forms beginning tomorrow. Six townhalls with C.A.R. leadership and legal team are scheduled (see schedule below) within the next two weeks. Some will be recorded as well.
Additionally, C.A.R. Education will offer two new classes on settlement-related forms: a Buyer Representation Form class and a Residential Listing Form class. Members can access the classes for FREE by logging into store.car.org and entering "FORMS49" at checkout. Class details and codes will be emailed to all members and will also be available on store.car.org.
The forms will be released in zipForm® and other forms platforms on July 24. As a reminder, in order to be in full compliance by August 17, when the mandates of the NAR settlement go into effect, it is imperative that C.A.R. members are ready to use the new forms and prepared to discuss the changes with their clients.
We understand there is uncertainty, confusion and competing opinion about where the industry is heading and how to move ahead given ongoing litigation. We also know that we will all get through this moment together, do what we need to do to adapt, and emerge even stronger as an industry of professionals who work tirelessly every day to support the dream of homeownership for others.
All-Member Townhalls:
Please go to on.car.org/townhall to sign up for a townhall and check back often to learn about additional training opportunities in the weeks ahead. You may attend more than one townhall, however, each one will cover the same material.
Access the July 2024 new and revised forms here.
For more information: https://smartzonecar.org | https://on.car.org/brokercompliance
Thank you,
Melanie Barker
C.A.R. President
