Get the Facts 07.16.24
Forms Revisions Related to Offers of Compensation
This NWMLS bulletin summarizes revisions to the statewide forms related to compensation of buyer brokerage firms. The revisions include changes clarifying and simplifying compensation-related provisions to further advance a transparent and consumer-friendly marketplace.A few revisions stem from the National Association of REALTORS ("NAR") policy changes arising from NAR's proposed settlement agreement in the national class action litigation. REALTOR brokers and REALTOR MLS must comply with those changes, and these forms revisions facilitate compliance.
The revised forms are available on NWMLS's Statewide Forms website as SAMPLE copies for review purposes only. The revised forms will be published for use on August 15, 2024.
Note that while this bulletin generally refers to buyers, sellers, and purchase and sale transactions, the forms changes similarly apply to prospective renters, lessors, and lease transactions.
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Change is Hard... Unless You're Prepared: Forms and Practice Changes for Summer 2024
You have been through a lot of changes lately, and more change is coming.On August 17, every REALTOR®-owned MLS will cease publishing offers of compensation in the MLS. Moreover, the listing agreements used by brokers who list property in a REALTOR®-owned MLS will change substantially. Will the sellers you represent still have the ability to offer compensation to a buyer broker? They will not … unless you learn about the changes to the revised listing agreement in advance and prepare to use it. If your seller offers compensation to a buyer broker, where will you advertise that offer? If you are a buyer broker, how will you know if the seller is offering compensation? Washington law requires you to disclose offers of compensation from seller to buyer, and the revised Form 21 incorporates this disclosure and the buyer’s negotiation for the seller’s payment. The Buyer Brokerage Services Agreement will be simplified, but the simpler form eliminates choices that you are no longer allowed to extend to buyers.
Suffice it to say, forms and practices are changing in dramatic ways. If you are not prepared, you will have no problem selling real estate. You simply run the risk of working for free.
Register for one of the upcoming 3.0 CE virtual courses here!
Recent U.S. Supreme Court Decision in Sheetz Case will Impact Constitutional Limitations on Land Use Regulations in Washington State
In its recent term, the U.S. Supreme Court issued a decision regarding the authority of local governments to impose fees, development conditions, or other exactions on new development that will have implications in Washington State. (Sheetz v. County of El Dorado, California) The law firm Jordan Ramis has advised Washington REALTORS® and our local associations on various local and state legislative land use issues, and published an article on the Sheetz decision and what it could mean to new development in Washington State. Read the article here, or at the link below.Professional Licensing System Maintenance
The Professional Licensing system will be down for maintenance July 26th 7:00 p.m. till 10:00 p.m.Don’t wait till the last minute to renew. If your license is scheduled to expire 7/26, 7/27, or 7/28, please plan to renew prior to the 7/26/2024.
This outage has been scheduled for Friday evening at a time we hope not to inconvenience our customers. Unfortunately, if you do try to renew your license following the outage and experience technical issues, our staff will not be available to provide assistance until Monday, July 29th.
They apologize for the inconvenience while they are making updates to better serve their customers.
To contact DOL with questions:
For support regarding Secure Access Washington, or technical issues with the online Professional Licensing System, contact the Customer Support Team:
Call: Find your profession's licensing contact number https://dol.wa.gov/about/contact-us/business-and-professional-licensing-contact-information and select option 1.
Email: dol-bpdcustomersupport@dol.wa.gov