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Member Updates
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A MESSAGE TO REALTORS®
Dispelling an NAR Settlement/Independent MLS Myth
Join Washington REALTORS® Legal Hotline Lawyer, Annie Fitzsimmons, as she dispels a rumor circulating about the NAR settlement and it's ramifications for REALTOR® members who use independent MLSs (such as the NWMLS).
You can also get the facts straight from NAR by visiting their FAQs site at: nar.realtor/the-facts/nar-settlement-faqs. Tune in to stay confident and informed!
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Watch Video→
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What To Do When Clients Ask About Class Notice
Class notice is a court-approved process through which members of the “Settlement Class”—home sellers who sold a home during the eligible date ranges, the home was sold on an MLS anywhere in the U.S., and paid a commission to a real estate brokerage in connection with the sale of the home—will be informed about NAR’s proposed settlement of the Sitzer-Burnett case. Notices will be distributed by mail and electronically. Class notice informs class members of their rights, options, and deadlines to exercise those rights and options under the proposed settlement. Watch NAR’s video on what class notice means for REALTORS® here.
Consumers in your area may have already received a notice regarding separate settlements made by certain brokerage firms; however, this notice will be new and will address NAR’s settlement. It is important to underscore that NAR does not manage the class notice process. NAR members may nonetheless receive questions from consumers. NAR members should direct consumers to the settlement website (www.RealEstateCommissionLitigation.com) where they can find relevant information. You may also direct them to call the settlement administrator at 888-995-0207, for additional guidance. NAR members should refrain from further advising consumers on class notice.
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The practice changes are detailed here and clarifying information is available in NAR’s FAQ on facts.realtor.
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To obtain a release of liability under the settlement, you must be a REALTOR® on the date of class notice.
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NAR has made updates to their FAQ, including a new section on transaction brokerage (#80-86).
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NAR will host a webinar on August 15 from 3-4PM CT on the practice changes. Access it here.
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Throughout 2024, NAR is making the popular Accredited Buyer’s Representative (ABR®) designation course available to REALTORS® at no cost: become.abr.realtor.
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Nearly 3 Billion People Hacked in National Public Data Breach: What You Need to Know
Recently, nearly 3 billion individuals had their personal info compromised in one of the largest data breaches in history. This incident, involving National Public Data (NPD), showcases the risks associated with data security lapses. The leaked data includes sensitive information such as Social Security numbers, addresses, and more.
Understanding the scope and implications of this breach is crucial for safeguarding your personal information! Read the full article to learn more details, the legal actions being taken, and the steps you can take to protect your identity. Stay vigilant, REALTORS!®
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Learn More→
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EARLY-BIRD PRICING AVAILABLE!
Don't Miss Your Chance: Register for FBC 2024 Today!
Join us in Kennewick at the Three Rivers Convention Center September 18th – 20th 2024!
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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Register & Learn More→
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WR IN THE NEWS!
More Agents Joining NAR Ahead of Settlement Deadline
Despite market uncertainties and changes in industry practices, NAR membership has shown resilience, specifically in Washington State!
The latest data reveals an increase of over 29,000 NAR members between April and August, pushing the total to approximately 1.53 million... And Washington REALTORS® experienced the highest growth during this period! Read the full article to learn more about the factors behind this trend and the implications of the upcoming industry changes.
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Read More→
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Did You Know?
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Your Membership Can Save You $ at The CE Shop!
TOMORROW 8/14 only, you can catch 35% off your courses! Whether you're just starting out or a seasoned pro, now is the perfect time to up your game. Visit https://warealtor.theceshop.com and use promo code PLAYBALL at checkout for savings!
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Learn More→
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Legal Hotline Q&A of the Week
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Question
With NWMLS continuing to offer a "Seller Compensation to Buyer Broker Firm" field, can a REALTOR® who's also a member of the NWMLS advertise this in the NWMLS safely? Would doing this waive any inclusion in the NAR settlement agreement assuming the REALTORS® Firm would otherwise be included?
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Answer
A REALTOR® member who is also a member of NWMLS may list property in the NWMLS, publishing an offer of compensation to buyer broker, without impairing the REALTORS® release of liability under the NAR settlement agreement and without creating any potential for an NAR Code of Ethics violation. NAR addressed this issue head-on with one of the settlement FAQs it published, which can be found at nar.realtor/the-facts/nar-settlement-faqs.
The FAQ says the following:
38. If a member is a Participant or Subscriber of an MLS that hasn’t opted-in to the proposed settlement agreement and allows offers of compensation on the MLS, can the member make an offer of compensation on that MLS?
Answer:
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The practice changes only apply to MLSs that opted into the settlement...
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MLSs that did not opt-in are neither subject to the practice changes nor NAR’s policies, and some may allow offers of compensation. The settlement agreement does not prohibit a member from participating in an MLS that did not opt in and that continues to allow offers of compensation...
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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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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.
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Learn More→
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Current Issues in WA Residential Real Estate
Tuesday, August 20th, 2024 (9:00am-12:00pm) 3.0 CE Hours
Live Webinar
Learn More & Register
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When Article 12 Meets Social Media
Tuesday, August 20th, 2024 (1:00pm-4:30pm) 3.5 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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RENE: Real Estate Negotiation Expert
September 16th-18th, 2024 (3-full-day course) 17.0 CE Hours
Keller Williams Clark County, Vancouver, WA.
Learn More & Register
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View All Upcoming Classes...
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