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Member Updates
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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.
Access the full legal bulletin and sample forms here, or at the link below (WR Login Required)
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BRAND NEW 3.0 CE CLASS!
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 at the link below!
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Register Here→
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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.
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DOL ALERT!
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:
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Did You Know?
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Financial Wellness Tools are Included in Your Membership!
That's right! Included in your membership through the National Association of REALTORS®, the Center for REALTOR® Financial Wellness is a resource designed to help you understand your financial planning options and prepare for the future, one step at a time. No matter where you are in your career or stage of financial planning, they have something for you — budgeting tools, retirement planning resources, information about investing in real estate, upcoming and archived webinars, events and more!
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Learn More→
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Legal Hotline Q&A of the Week
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Question
Buyer Smith (not real name) books an appointment online through an online Real Estate company. Broker agent from the online company shows the property for sale to the Smiths. The Smiths decided to use their daughter's Real Estate Agent Beth (not real name) to help them buy a home. Beth shows the Smiths the same home and writes an offer. Offer is accepted. Online company does not have a buyers broker agreement signed. Beth does have a buyer broker agreement signed. Beth's agreement was signed after the online broker showed the property. How does procuring cause fit into the new rules with a buyer broker agreement?
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Answer
Under Washington law, online broker is prohibited from earning compensation because online broker does not have a Buyer Brokerage Services Agreement. Rules of procuring cause do not trump state law. There is no procuring cause argument in this case because online broker is not eligible to receive compensation.
It should be noted that this answer would be the same regardless of the firm to which the original showing broker was licensed. Anytime a broker shows a property without a BBSA and the buyer then purchases from another broker, with a BBSA, the original showing broker has no claim to compensation. Brokers should consider this before agreeing to meet a buyer at a house and show that single property before entering a BBSA. The better approach (and the approach that will be required of all REALTORS after August 17, 2024) would be to meet the buyer at the house with a BBSA already prepared. The BBSA can be limited to the single property that broker is meeting buyer to show. Broker should deliver an Agency Law pamphlet to buyer and buyer and broker should both sign the BBSA before entering the property together. If conversation occurs between broker and buyer prior to meeting at the property for the showing, broker should counsel buyer during that conversation regarding the agency relationship and that buyer will be required to sign an agency agreement before entering the property.
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Printable PDF →
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The Legal Hotline Lawyer does not represent Washington REALTORS® or its members. The advice contained herein does not constitute legal counsel. To browse through our database of past Q & A’s, visit warealtor.org/legal-hotline. Attorney Annie Fitzsimmons writes the Legal Hotline Question and Answer of the Week. This is a WR members-only benefit so you will be prompted to log in with your M1 number and password. Your Designated Broker is cc’d on Legal Hotline inquiries.
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EDUCATION OPPORTUNITIES
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Don’t Forget to Fulfill your Code of Ethics Training Requirement by Dec. 31st!
Current Cycle: January 1, 2022 to December 31, 2024
As required for REALTOR® membership, all REALTORS® must complete at least 2.5 hours of ethics training that meets specific learning objectives and criteria. The current cycle deadline is Dec. 31, 2024. Why wait? Check your status and view training options today.
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Working With Investors: The Basics of Residential Investment Property
Wednesday, July 17th, 2024 (1:30pm-4:30pm) 3.0 CE Hours
Fox Hall, Bellingham, WA.
Learn More & Register
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Articulating Your Value in Today's Market
Thursday, July 18th, 2024 (9:00am-12:00pm) 3.0 CE Hours
Live Webinar
Learn More & Register
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NAR Code of Ethics - 3.0
Friday, July 26th, 2024 (9:00am-12:00pm) 3.0 CE Hours
Live Webinar
Learn More & Register
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Washington Real Estate Fair Housing - 3.0
Wednesday, August 7th, 2024 (9:00am-12:00pm) 3.0 CE Hours
Live Webinar
Learn More & Register
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Current Issues in WA Residential Real Estate
Thursday, September 12th, 2024 (9:00am-12:00pm) 3 CE Hours
Live Webinar
Learn More & Register
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View All Upcoming Classes...
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