Member Updates

EARLY-BIRD PRICING AVAILABLE!

Fall Business Conference Will be Here Before You Know it... Register Today!

Join us in Kennewick at the Three Rivers Convention Center September 18th – 20th!

Our annual Fall Business Conference event brings together 250+ passionate REALTORS® from all corners of our stunning state to shape the future of the association, set new directions, and drive success. Network, participate in leadership elections, and take part in engaging discussions like the Member Forum that will elevate WR and your real estate career to new heights!

Plus, pack a little fun into your conference experience and join us for Fun Night hosted by the Tri-City Association of REALTORS®.... more details to come, so stay tuned.

Seize this opportunity to connect with fellow leaders and leave your mark at the 2024 Fall Business Conference - register today!

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LEGAL HOTLINE VIDEO

Important Forms Update: Form 1A-SWF Exclusive Sale & Listing Agreement

In case you missed our latest Legal Hotline Video, last week, Washington REALTORS® Legal Hotline Lawyer, Annie Fitzsimmons, discussed the statewide form changes that took place on August 1, 2024.

In this important episode, Annie covers what changes took place to Form 1A–SWF and why listing brokers need to update their listing agreements now! Watch the full video to stay confident and informed.

Helpful Links:

New Form 1A SWF Exclusive Sale and Listing Agreement from NWMLS Important Forms Updates with Annie Fitzsimmons

Watch Video→

Mortgage Rates Fall to 5-Month Low

Last week, mortgage rates hit their lowest point since early February, averaging 6.73%. The Federal Reserve hints at a possible rate cut in September, which could influence future rates. But, experts caution that the relationship between Fed rate cuts and mortgage rates is not direct. Read the full NAR article below for more details.

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DON'T FORGET!

NAR is Offering the ABR® Designation at NO COST to Members!

Don't forget to take advantage of this incredible opportunity! Just one of the resources that NAR provides is education to help you better run your businesses and support your clients —including communicating value and walking buyers through written buyer representation agreements.

That’s why NAR made the (typically $295) Accredited Buyer’s Representative (ABR®) Designation Course available to REALTORS® at no cost!

Learn More & Sign-Up→

Did You Know?

Your Membership Can Save You & Your Clients up to 35% on Car Rentals with Budget!

That's right! As an NAR member, your NAR benefits help you save up to 35% on car rentals at Budget. Now, you can extend this benefit to your clients! Provide them with the exclusive discount code BCD# Y490606 to help them save up to 35% off car rentals too!

Learn More→

Legal Hotline Q&A of the Week

Question

As I prepare to teach the new paperwork to my office prior to 8/17 I wonder if my brokers will have to fill out all-new Listing and Buyer Agreements with the updated changes. If so, what would be the deadline for the new paperwork?

Answer

Brokers who list property in an NAR MLS must replace existing listing agreements, for active listings, prior to the MLS eliminating the field in the MLS displaying seller's offer of compensation to buyer brokers. The Form 1A-SWF and Form 1B-SWF and the RMLS listing agreements with a revision date prior to 8/2024 include a boilerplate instruction from seller to offer compensation to a buyer broker. Once the field for making that offer is eliminated from the NAR MLS, brokers will no longer be able to comply with that contractual obligation. Thus, listing brokers in an NAR MLS must replace existing, active listing agreements prior to the MLS eliminating that field. Each MLS will remove the field on its own schedule but every NAR MLS will remove the field not later than August 17, 2024. Broker should determine when broker's MLS will eliminate the field so that broker can timely replace listing agreements. (Brokers who are members of RMLS may be able to use an addendum provided by RMLS to modify existing listing agreements rather than replace them.)

Existing Buyer Brokerage Services Agreements, created through use of Form 41, must likely be replaced prior to August 17 for all REALTOR members, including those who are members of NWMLS. The Form 41 with a revision date prior to 8/2024 allows broker to retain compensation offered in excess of the compensation buyer agrees to pay broker and also allows filtering of listings. Both of those features of Form 41 are eliminated in the 8/2024 version based on changes to the NAR Code of Ethics. The changes to the Code of Ethics take effect 8/17/24. If an existing BBSA includes buyer broker retaining excess compensation or filtering listings, the BBSA should be replaced prior to 8/17/24.

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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.

MARK YOUR CALENDAR

WR Fall Business Conference
September 18th-20th, 2024
Kennewick, WA.

WR 2024 Leadership Conference

October 23-25, 2024
Vancouver, WA

NAR Annual Convention

November 6-11, 2024
Boston, MA

MORTGAGE RATES

Source: Mortgage News Daily

EDUCATION OPPORTUNITIES

Complete Your Code of Ethics Education 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.

Learn More→