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Member Updates
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FORMS AND PRACTICE CHANGES FOR SUMMER 2024
Change is Hard... Unless You're Prepared
You have been through a lot of changes lately, and more change is coming.
On August 17th, 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.
Seats are filling up FAST! 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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FLASH SALE! Visit The CE Shop Wednesday, July 24th for 35% Off!
Dive in and ride the wave of savings! Tomorrow only, save 35% on all real estate, mortgage and professional development education! Visit the link below and use promo code SPLASH35 at checkout.
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View CE Shop Classes→
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Existing-Home Sales Slipped 5.4% in June; Median Sales Price Jumps to Record High of $426,900
Existing-home sales slipped by 5.4% in June, while the median sales price hit a record high of $426,900. In this article, NAR discusses how with inventory rising and a shift from a seller's to a buyer's market, it's crucial now more than ever to stay informed, and be aware of the trends in your market.
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Read More→
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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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FREE Tech Support is Included in Your Membership!
Slow computer? Printing issues? Smartphone questions? The Washington REALTORS® Tech Helpline offers FREE unlimited computer help Monday through Friday, 6am-5pm and Saturday 6am-2pm pacific time. Toll free, online chat, or email. Get help with software, internet, hardware, and other tech tools and gadgets!
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Learn More→
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Legal Hotline Q&A of the Week
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Question
Buyer broker has signed buyer broker agreement. Buyer is making an offer where no buyer broker commission is offered by the seller. On form 21 item 17, is it correct to insert a zero for the buyer brokerage firm compensation and to leave both boxes unchecked? Is it also correct to not include form 41C with the offer?
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Answer
Based on the question presented, it is presumed that buyer intends to fully pay the compensation owing to buyer broker at closing. If that is true, then buyer broker should identify in Form 21, paragraph 17 that seller offered zero compensation and should also mark the box "pay as offered". In other words, buyer is not expecting seller to pay any compensation to buyer broker at closing. Broker is correct that there is no reason to include a Form 41C in this transaction. Broker should be certain, however, to deliver a commission disbursement form to escrow as soon as escrow is opened, putting escrow on notice that buyer will pay buyer broker's compensation and the amount of that compensation. The statewide form intended for that purpose is Form 40A.
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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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Knock-Out Your Code of Ethics Training Before 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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Learn More→
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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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Change is Hard... Unless You're Prepared
Wednesday, August 14th, 2024 (1:00pm-4:00pm) 3.0 CE Hours
Live Webinar
Learn More & Register
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Washington Real Estate Fair Housing - 3.0
Wednesday, August 21st, 2024 (9:00am-12:00pm) 3.0 CE Hours
Live Webinar
Learn More & Register
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NAR Code of Ethics - 3.0
Thursday, September 12th, 2024 (9:30am-12:30pm) 3.0 CE Hours
Live Webinar
Learn More & Register
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Current Issues in WA Residential Real Estate
Friday, September 13th, 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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