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NAR today shared key details of the required practice changes under the industry Settlement Agreement. These practice changes result in revisions to the MLS policy handbook which are summarized below. The revised policies will go into effect on August 17, 2024. A more detailed explanation of each practice change is available on facts.realtor.
The settlement requires NAR to implement the practice changes no later than the date of class notice. Through the preliminary settlement approval process, it’s been determined the earliest date of class notice is August 17, 2024. NAR is announcing these important changes now to ensure NAR members and MLSs have ample time to prepare.
MLSs that have opted into the settlement agreement have until September 16, 2024 to implement the necessary policy changes and to be considered released parties, as provided in the relevant appendices they executed. However, NAR’s accelerated rule change process gives MLSs three months to adapt. In accordance with mandatory NAR policy, REALTOR® MLSs must implement the practice changes by August 17, 2024. NAR recommends all opting-in MLSs implement the practice changes by this date.
Over the coming days, NAR will discuss these changes in more detail and look for members’ questions and feedback. In the interim, NAR’s FAQ has been updated to reflect the effective date and provide additional detail on implementation. NAR is committed to working together to navigate these adjustments and providing as much guidance to its members as possible. As further details emerge, additional materials will be shared and posted to facts.realtor.
May 3, 2024
