CBA Legal Bulletin: Clarifications to NAR's Proposed Settlement and Policy Changes | |
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We have received numerous inquiries regarding the National Association of REALTORS® (“NAR”) recently proposed settlement and its impact on the publication of broker compensation in residential real estate transactions. In consultation with CBA's legal counsel, this bulletin aims to clarify the impact of NAR's policy changes and allay any concerns about CBA’s continued practice of allowing sellers to offer compensation to buyer brokers.
In March of 2024, the National Association of REALTORS® (“NAR”) announced a proposed settlement of national class action litigation involving broker compensation in residential real estate transactions. On August 17, 2024, NAR implemented several policy changes in connection with the proposed settlement.
Multiple Listing Services (MLS) included in the settlement are prohibited from publishing compensation offers. CBA brokers who publish a seller’s or landlord’s offer compensation to a buyer’s or tenant’s broker through CBA, however, DO NOT violate the terms of NAR’s proposed settlement. This is because nothing in the proposed settlement agreement requires brokers covered by the settlement, or their sellers/landlords, to refrain from offering compensation to buyers’ or tenants’ brokers through the MLS or otherwise.
The prohibition on offering compensation in the MLS is a condition of MLSs opting into the settlement, not their brokers. As a commercial MLS unaffiliated with NAR, CBA DID NOT opt into the settlement and thus has no such obligation, nor do CBA’s brokers. All CBA brokers may continue to include a seller’s or landlord’s offer of compensation in the listing data submitted to CBA.
If you have any additional questions, please contact Mary Lyell Larsen at mary@commercialmls.com.
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It’s Tournament Time …
No Foursome? No Problem!
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We’re just a few weeks away from our Golf Tournament at Bear Creek Country Club! To accommodate those who want to PARtake in the fun but can’t swing a full foursome, we’re opening a limited number of single golfer spots. To reserve a single spot, email Adrianne Duncan directly at adrianne@commercialmls.com.
Sponsors, this is the ideal venue to get your business in front of industry leaders and connect with 140+ CRE pros, so grab one of the few remaining sponsorship opportunities, including Lunch, Golf Cart, and Drink Ticket.
Don’t miss your chance to enjoy a great day of golf, networking, and camaraderie with Puget Sound’s top CRE professionals. This tournament WILL sell out and is a fantastic way to wrap up the summer!
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Don’t Let All That Hard Work Go Unnoticed! Submit Your Nominations for the
2024 Broker Market Impact Awards
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LAST CHANCE -- NOMINATIONS CLOSE TUESDAY, SEPTEMBER 3rd!
Each year, the Night of the Stars gala recognizes and honors the premier projects, companies, and teams in the Washington commercial real estate market.
For the first time, NAIOPWA and CBA are partnering to expand the Broker Award categories to recognize the wide array of dealmakers who keep our industry in motion. From Office leasing and Multifamily investment brokers to the Rising Stars making waves in the profession, we're excited to showcase the exceptional broker talent in our region!
2024 BROKER MARKET IMPACT AWARD CATEGORIES:
• Office Broker of the Year
• Industrial Broker of the Year
• Retail Broker of the Year
• Multifamily Broker of the Year
• Investment Broker of the Year
• Rising Star Broker of the Year
In addition, a unique Open Category has been launched to honor brokers whose work extends beyond traditional asset classes.
Nominees will be evaluated on transaction volume, deal complexity, and community impact.
Broker finalists will be announced on October 18th at CBA's First Annual Salute to Industry Impact at the Overlake Golf & Country Club. Winners will be announced at the Night of the Stars gala at the Hyatt Regency Bellevue on November 1st.
NOMINATIONS CLOSE TUESDAY, SEPTEMBER 3rd!
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Just Surviving the CRE Cycles?
Come Learn How the Insiders Thrive!
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DATE: Friday, October 18, 2024
LOCATION: Overlake Golf & Country Club
TIME: 3-7 p.m.
COST: $99 CBA Members | $125 Non-Members
Are you scrambling to stay afloat in the craziness of the current CRE market? Want to talk with people who REALLY understand the ups and downs? Then join us for an unforgettable afternoon of industry insights and recognition at CBA’s Inaugural Salute to Industry Impact, emceed by Tom O’Keefe, Founder & Principal, O'Keefe Development.
Get ready for some serious fun as we honor our esteemed Career Achievement Award Winner Robert Aigner, hear from industry insiders Laura Ford, Maria Royer, Arie Salomon, and Dylan Simon about “Surviving the Cycles,” and announce the finalists for the first-ever CBA/NAIOP Night of the Stars Broker Market Impact Awards!
Thanks to our generous sponsors Clise Properties, NAI Puget Sound Properties, NAIOP WA, Schnitzer West, Stewart Title, and Washington Trust Bank for getting the party started!
Join us as a sponsor or reserve your table or seat today to be part of this historic occasion.
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DATE: September 25, 2024
TIME: 9 a.m. - Noon
CREDITS: 3 CE Hours
LOCATION: Live Webinar
COST: $65 CBA Members | $80 Non-Members
After completing Current Issues in Washington Commercial Real Estate (CORE) 2024-25, you'll be familiar with:
- The History of Agency Law in Washington
- The 2024 revisions to Agency Law
- Current issues and legal trends relating to competition and compensation in commercial brokerage
- The importance of maintaining a complete transaction log/file
- Requirements for brokers with less than 2 years of experience
- Case studies that form the basis for Washington law
Attendees will also gain an understanding of:
- Organizational structures, roles, and responsibilities and be able to describe common real estate practices
- Common concepts relating to risk avoidance
Instructor: Andrew Mathews | Of Counsel | Stoel Rives
Andy Mathews practices in Stoel Rives’ Real Estate Group. He has a multidisciplinary background in litigation and risk management, regulatory/licensing compliance, and real estate transactions that he leverages in advising real estate clients on myriad brokerage-related matters.
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DATE: September 30, 2024
TIME: 9 a.m. - Noon class; Noon-1 p.m. Networking Lunch
CREDIT: 3 CE Hours
LOCATION: CBA Training Room, Lynnwood
COST: $65 CBA Members | $80 Non-Members
Real estate syndication provides an effective way for investors to pool their financial and intellectual resources to invest in larger projects than they could on their own.
In this class, you will learn how to decide if syndication is right for you and explore:
- The pros and cons of syndication
- The traits of a good syndicator
- The mindset necessary to create a syndicate
- How to set goals and look at your own skills as a syndicator
- How to set up a syndicate
Case studies show how you can make money on a syndication deal.
Please join us after class for a networking lunch sponsored by Madrona Financial in the CBA classroom.
Instructor: Derek Doke, CCIM | CRE Advisor & Syndication Coach | DerekDoke.com
Derek has over 25 years of experience as an Asset Manager, Property Manager, Broker, and Syndicator. He has been involved with more than $3b worth of investment real estate, including $400m worth of syndications representing 300+ investors.
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DATE: October 8, 2024
TIME: 9 a.m. - 1 p.m.
CREDITS: 4 CE Hours
LOCATION: CBA Training Room, Lynnwood
COST: $75 CBA Members | $90 Non-Members
Back by popular demand, CBA's Commercial Real Estate Development course provides an overview of the development process.
Attendees will learn about the different roles CRE developers can play, the terminology associated with development, and the stages of development from acquisition to operation.
Using current websites, attendees will learn where to find information on:
- Zoning
- Market data
- Market feasibility
- Areas of current development
In addition, the class will cover practical constraints:
- Budget
- ROI
- Net Operating Income
- Cash flow
Students will also be introduced to the basics of the permitting process and the steps to determine the GBA.
Instructor: Mark Potter | Blue Glacier Real Estate Investments
Mark Potter is a Commercial Real Estate Faculty member at Seattle Colleges, where he teaches courses in commercial real estate development, investment analysis, sales and leasing, property management, and capital markets. He has been a Property Manager, Real Estate Asset Management Director, Loan Consultant, Senior Financial Analyst, and a CRE Consultant.
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CCIM WASHINGTON
CCIM CI 101: Financial Analysis for Commercial Investment Real Estate | Spokane, WA
DATE: Oct 14 - 17, 2024
TIME: 8:30 a.m. - 5:30 p.m. daily
LOCATION: Vista Title & Escrow, Spokane
COST: CCIM Members: $1,299 | REALTOR®: $1,599 | Non-members: $1,899
Scholarship Available!
CI 101 is a bedrock class for real estate practitioners at a time when risk mitigation, pricing, and cycle assurance have become critical to investors. CI 101 introduces the CCIM Cash Flow Model, a tool for ensuring your investment decisions are based on wise finance fundamentals.
During the course, you will learn how to use key financial concepts such as Internal Rate of Return (IRR), Net Present Value (NPV), Cap Rate, Capital Accumulation, and the Annual Growth Rate of Capital to compare different types of commercial real estate investments.
This course will teach you how to:
- make informed investment decisions using the CCIM Cash Flow Model;
- measure the impact of federal taxation and financial leverage on the cash flow from the acquisition, ownership, and disposition phases of real estate investment; and
- use real estate analysis tools to quantify investment return.
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CREW SEATTLE
Women of Influence: Leading Women in Puget Sound
DATE: September 12, 2024
TIME: 11:30 a.m. - 1 p.m.
LOCATION: Washington Athletic Club
COST: CREW Members: $75 | Non-members: $95
Join CREW Seattle for its annual Women of Influence Luncheon, highlighting extraordinary women in commercial real estate. This year's panel includes Alison Beddard, Ashley Sherwood, and Linda Hoffner, with Serena Sayani as Moderator. Hear their inspiring career journeys and discuss what it takes to succeed and stay on top of your game as a woman in commercial real estate.
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