Description

Buyer Broker Agreements are now a critical and required component of real estate practice nationwide. This course provides real estate licensees with a comprehensive understanding of Buyer Broker Agreements in light of the National Association of Realtors® (NAR) settlement arising from the Sitzer/Burnett class action litigation. As part of this settlement, Realtors® are required to enter into written buyer representation agreements prior to touring properties or providing broker services to buyers. Participants will examine the legal background and timeline of the NAR settlement, including the mandated practice changes effective August 17, 2024, and the prohibition of offers of compensation communicated through the Multiple Listing Service. The course focuses in depth on the requirement for written buyer agreements, outlining when an agreement is required, what activities constitute “working with a buyer,” and how touring—including live and virtual tours—is defined under the settlement. Licensees will learn the specific, required elements that must be included in a compliant Buyer Broker Agreement, including compensation disclosures, negotiability statements, and limitations on compensation sources. Emphasis is placed on risk reduction, clear communication, and consumer transparency. Through practical discussion and real-world application, this course equips real estate professionals to confidently explain Buyer Broker Agreements to consumers, establish professional boundaries, build trust, and clearly articulate their value. By the end of the course, participants will be prepared to competently implement buyer representation agreements in compliance with NAR requirements while elevating their professional practice.