The RMLS Board of Directors has officially decided to opt in to the terms of the legal settlement brokered by the National Association of REALTORS® (NAR) in response to litigation concerning broker commissions.
The agreement releases REALTOR® MLSs who have opted in to the settlement from liability for these types of claims going forward. A statement about the settlement is available here.
After thorough consideration of the matter, the RMLS Board determined that joining the settlement was in the best interest of the MLS and the REALTOR® professionals that conduct their business in the Oregon and SW Washington region.
The terms of the settlement require that RMLS put in place rules prohibiting offers of compensation anywhere on our MLS system. Offers of compensation can still be made off-MLS but will not involve RMLS in any way.
Additionally, there will be a requirement for written agreements to be in place for MLS Participants working with buyers before any home touring is conducted.
The NAR deadline for compliance for these changes is August 17, 2024.
RMLS is actively working on the necessary updates, which will include significant alterations to documents (including our Rules and Regulations, Listing Contracts, and Internet Policy) and system (including Input Sheets, Reports, Fields, Forms, and API Data Feeds). We will provide detailed descriptions of the changes as well as redlined documentation as we get closer to the deadline.
Additionally, we are in the process of setting up a dedicated web page for all settlement-related updates and information. We encourage you to review the NAR Settlement FAQs in the meantime.
If you have specific questions about the settlement-related changes we’ll be making, please direct them to communications@rmls.com.