Space Coast MLS Practice Changes:

Two main changes take effect August 15, 2024:

  1. All compensation fields removed from Space Coast Multiple Listing Service for ALL field types (Residential, Rental, Income, Land, Commercial).
  2. Written agreements required when working with buyers, prior to touring property.
View Space Coast MLS Policy Changes

Space Coast MLS Rules and Governing Document Changes:


Official notice was provided on July 30, 2024 of the MLS Rules and Governing Document Changes. The notice is written in three parts: Mandatory MLS Rule changes from the National Association of REALTORS, Local MLS Rule changes to reflect the current Space Coast MLS Database along with fines and enforcement established for changes, and Mandatory Bylaw changes from the National Association of REALTORS pursuant to the NAR Settlement.

View Official Notice Here

Have Active Listing Agreements? Do this By August 15:

(Prior to July 2024 updated forms)


TO DO: Provide Disclosure Form to Sellers or buyers if currently working with buyer agreements


Recommendation: Florida Realtors Compensation Disclosure Statement CDS-1

This disclosure should be given to the Buyer/Seller/Owner if the existing listing agreement or buyer agreement does not contain this disclosure. (Click here for preview)


This form is available in Form Simplicity and Transaction Desk


Know the Facts: Facts.Realtor #53

Have a Listing in Space Coast MLS? Do This by August 15:


TO DO: Remove any information in Public or Private Remarks for ALL property types that mention the following:


  • Bonus
  • Compensation
  • Commission
  • Any intent to communicate the above
View What You Need to Do

Have a Fully Executed Contract Not Closing Until After August 15? Do This by August 14:


If the sales contract is executed before the MLS policy change (August 15 for Space Coast MLS) the buyer broker should be able to rely upon the offer of compensation even if the closing occurs after the date of the policy change.


We are suggesting that our members print the listing sheet with the offer of compensation on August 14 for fully executed sales contracts.

I Do Not Have a Fully Executed Contract and the Compensation is Being Removed, What Do I Need to Do? Do this by August 14:


If the sales contract is NOT fully executed before August 15, the offer on the MLS will not be valid and buyers and buyer brokers may wish to protect themselves in writing with the listing broker or seller through a broker. This can be accomplished by using one of these Florida Realtors forms:


  • Listing Broker to Buyer's Broker Compensation Agreement (Listing Broker is paying Buyer's Broker, with Seller Authorization) Historically, this is the way business is conducted.



  • Seller to Buyer's Broker Compensation Agreement (Seller is paying Buyer's Broker, through Listing Broker).


If at the buyer's instruction, you put the offer of compensation is the sales and purchase contract, you are not a party to that contract. Only the Seller and Buyer are parties to the sales and purchase contract. To protect yourself use one of the listed compensation agreements above. Be sure to check with your Broker and office policy.

Compensation after August 15:


Offers of compensation are still permissible, you will now communicate and faciliate the offers of compensation off-MLS.


There are many ways to be compensated for your licensed professional services and representation in a real estate transaction and will depend on the broker-consumer negotiations.

 

  • Listing Broker to Buyer Broker 
  • Seller to Buyer Broker Buyer to Buyer Broker 
  • Representation fees paid through concessions 
  • A combination of above


Reminder: Any compensation paid must go through the brokerage.


Compensation is always negotiable and should always be negotiated between agents and the consumers they serve.

View Compensation Facts Flyer

Other Property Types: Rentals, Income, Land, Commercial


Compensation fields will be removed for all property types, this includes Residential, Residential Lease, Residential Income, Land, and Commercial. 


Prior to touring residential properties you are required to have written buyer agreements. 


Residential property is considered not less than one nor more than four residential dwelling units. 


When working with clients and customers in all other property types you are not required to have a written buyer agreement, however, will want to make sure you use an agreement that stipulates in writing how much you as a REALTOR will be getting paid in closing of the real estate transaction. the Presentation Here

Where Can I Communicate Offers of Compensation?


You are still able to communicate the offer of compensation by other means outside of the MLS, this could include: 



  • On the listing brokers website 
  • Signs and Sign Riders 
  • Social Media Text, Email and Phone Calls 
  • Flyers


As we have long believed, it is in the best interest of the seller, buyers, and their brokers to make offers of compensation.

Fines for Non-Compliance:


Agents who relay offers of compensation in any way on the MLS or ancillary products will be subject to the following:


MLS Staff will immediately remove the offer of compensation


  • First Violation: $1,000 fine and 2hr required MLS Course 
  • Second Violation: $1,500 fine to both agent and Broker* 
  • Third+ Violation: $3,000 fine to both agent and Broker*


*Required attendance at a Space Coast MLS sponsored course on Rules and Regulations Violation Notices: Violation notices are always sent to the agent and the broker of record.

View Fines for Non-Compliance

REPLAY: Space Coast MLS Policy Changes Video


On Thursday, August 8 we hosted a ZOOM webinar reviewing the Space Coast MLS Policy Changes pursuant to the NAR Settlement. All changes to Space Coast MLS are effective August 15, 2024.

Florida Realtors Legal/Forms Updates: Rules and Tools for Space Coast Realtor Members


Did you miss the Legal/Forms Friday, August 2? You're in luck! Below find the presentation used from Florida Realtors and learn the rules and the tools to use to coduct business post NAR Settlement.View the Presentation Here

View the Presentation Here

What Forms are Compliant Post NAR Settlement?


Always refer to your Broker and Brokerage Policy on which form(s) to use and who is authorized to sign them.


There is no mandatory form to use, some brokerages utilize their own forms, some brokerages utilize Florida Realtors forms. So long as all forms have the required components and mandatory disclosures.


All Florida Realtors Forms provide for all settlement compliant language and disclosures.


If you use or create your own forms, you are responsible to ensure your forms are compliant to the NAR Settlement terms.

What Do These Forms Mean and When Do I Use Them?


Written Agreements Prior to Touring Property:

Florida Realtors Forms:

  • Property Pre-Touring Agreement = "Coffee Date"
  • Showing Agreement = "Dating"
  • Exclusve Buyer Brokerage Agreement = "In a relationship"


Compensation Agreements:

Florida Realtors Forms:


Scenario: The Listing Broker is providing the offer of compensation to the Buyer's Broker, with seller's authorization. (Number 10 a. on the Exclusive Right of Sale Listing Agreement Transaction Broker)


Form Recommendation: Compensation Agreement Seller's Broker to Buyer''s Broker Compensation Agreement


Scenario: The Seller is providing the offer of compensation to the Buyer's Broker, with seller's authorization, through the Listing Broker. (Number 10 b. on the Exclusive Right of Sale Listing Agreement Transaction Broker)


Form Recommendation: Compensation Agreement Seller to Buyer's Broker.


Sales and Purchase Contracts: There have been no updates to thiese form(s).

Reminder: As the REALTOR you are not a party to to the contract. The contract is between the seller and the buyer.


Scenario: At the instruction of your buyer, you write the Buyer's Broker compensation with the party paying the compensation, on the purchase contract.


Recommendation: Have an executed Seller to Buyer's Broker compensation form or Seller's Broker to Buyer's Broker compensation form, along with the language your buyer(s) instructed you to add in the purchase contract.


Always refer to your Broker and Brokerage Policy on which form(s) to use and who is authorized to sign them.

Florida Realtors Forms to Consider Using:

Buyer Agreements






View all Florida Realtors Forms

Florida Realtors Forms to Consider Using:

Compensation Agreements



View all Florida Realtors Forms

Florida Realtors Forms to Consider Using:

Listing Agreements




View all Florida Realtors Forms

REPLAY: Florida Realtors Forms Updates:


  • Listing Agreements-Aug 6 Webinar Juana Watkins, Florida Realtors® General Counsel and Vice President of Law & Policy, discusses changes to listing agreements to help you do business in a post-NAR settlement world.




  • New Compensation Forms-June 21 Webinar Florida Realtors has released four new forms — two compensation agreements and modification forms, for each compensation agreement. These new forms aim to provide maximum flexibility to compensation arrangements in the transaction and are designed to allow the participants in a real estate transaction to memorialize compensation arrangements.

Know the Facts: Facts.Realtor


We encourage all members to visit the FAQ on Facts.Realtor for questions and answers regarding the NAR Settlement:


NEW! Transaction Broker: #80 - #85

Offers of Compensation: #27 - #48

Steering: #49 - #52

Written Buyer Agreements: #58 - #79

Financing: #105 - #111

Visit Facts.Realtor FAQ

Join us for Network and a Nosh


Date: Wednesday, August 14

Time: 4:00 pm - 6:00 pm

Where: Pineda Inn Bar and Grill


Come join us for some good ol' fashion networking and a nosh (bite to eat) member mixer on Wednesday, August 14. Let's get together, relax, regroup, and bid farewell to the offers of compensation in the MLS.


Your first drink is on us.

Members, RSVP Here

Marketing Assets for Homebuyers and Home Sellers:


Resources for our members to share:


Compensation is always negotiable and should always be negotiated between agents and the consumers they serve.

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