Source: Michigan REALTORS® (MR)

NAR Practice Changes

www.facts.realtor

There will be three NAR webinars, available to members only, on "Learning.Realtor" about navigating the upcoming practice changes, scheduled for:

Thursday, August 1, 2024

3:00-4:00 pm EST

Monday, August 5, 2024

12:00-1:00 pm EST

Thursday, August 15, 2024

4:00-5:00 pm EST

Visit NAR Website to Learn More

Source: National Association of REALTORS® (NAR)

SEM PARAGON MLS

MLS Documents

The Association has been instructed by our MLS vendor that the required Red “R” for compensation has been removed.

The new Michigan REALTOR® documents have been added to the SEM Paragon MLS under MLS Documents located in the folder "Michigan REALTOR® M1 Documents".

While use of Michigan Realtors® form library is completely optional, it is important to note that these forms are not intended to be utilized without brokerage approval.

Buyer’s Broker Compensation Addendum

Compensation Agreement Between Brokers

Exclusive Buyer Agency Contract – Designated Agency JJ-1

Exclusive Buyer Agency Contract – Exclusive Buyer Agency Contact J-1

Exclusive Listing Contract – Designated Agency BB-1

Exclusive Listing Contact – Traditional Agency B-1

One Party Agreement N-1

Seller Concession Addendum

Be sure to open the forms in Acrobat Reader for the best user experience. Also, stay tuned for a forthcoming Letter of the Law in the next week that will discuss revisions

and the utility of the new forms.

You may notice the absence of a “touring agreement” or “showing form.” That is not an oversight. The Forms Committee and legal staff felt that the customizable Exclusive Buyer Brokerage Agreement, which can provide a scope and duration of agency suited to the buyer client’s needs, remains the best approach to satisfy the settlement’s written agreement requirement. It protects the interests of both brokerage and client. Brokerages may still choose to work with buyers as customers and utilize a form to that effect. However, they will need to create or adopt their own form for that purpose.

Reminder; The Michigan Realtors® form library is completely optional, it is important to note that these forms are not intended to be utilized without brokerage approval. The forthcoming changes are going to demand a significant commitment to education, training, and broker supervision to ensure compliance and understanding. To that end, we know that publishing the forms nearly one month prior to the required practice changes is an important first step. For your ease of use, the new forms are accessible by clicking the button below. As you familiarize yourself with the new forms, be sure to open the forms in Acrobat Reader for the best user experience. Also, stay tuned for a forthcoming Letter of the Law that will discuss the revisions and the utility of the new forms.

ACCESS NEW MICHIGAN REALTORS FORMS

NOTICE:

As REQUIRED per the NAR Settlement the compensation field in the Southeastern Michigan MLS has been removed. Offers of compensation will no longer be permitted AT ALL through the MLS. This includes communications in the comments, adding compensation information in the Agent Remarks, ShowingTime, SentriLock or any vendor or site that is an aggregator.

NOTE: Beware of the optics of publicly engaging in discussions on how to circumvent the rules and commission discussions. Remember, social media is NOT private even in private groups, it can be shared.

As always, please reach out to the SEM MLS office for questions or concerns.

Source: Michigan REALTORS® (MR) & Southeastern Michigan Multiple Listing Service (SEM MLS)

MESSAGE FROM THE

SETTLEMENT TASK FORCE MEMBERS

Brokers, if you would like The Settlement Task Force members to visit your office to speak with you and your agents regarding the new settlement changes, please make an appointment with Shannon Harner, CEO at Shannon@SEBRealtors.com.

It is important to read upcoming newsletters and emails from SEM MLS and SEBAR as we will be providing important information on upcoming deadlines, MR forms and new required policies.

Source: Southeastern Michigan Multiple Listing Service (SEM MLS)

SEM MLS POLICY & PROCEDURES - REVISED JULY / 2024Click "HERE" to view the full policy and procedures.

Effective on August 17, 2024

Offering Compensation: Implying any offer of compensation anywhere in the MLS including on Showingtime, SentriLock, Syndicated website or any 3rd party IDX sites is strictly prohibited. Failure to comply will result in removal of the implied compensation by the MLS Board office including without a written or verbal warning an automatic fine: • First offense $500 fine per listing. • Second offense $1,000 fine per listing. • Third offense $2,000 fine per listing including reviewed by the MLS Directors for further action including suspension of the MLS or termination from the Association. (Adopted 7/24)

Buyer Broker Agreement Documentation Request: Agents’ failure to submit the Buyer Broker Agreement as requested by the MLS Board office immediately within the time limited requested will be levied the following fines per listing: • First offense automatic $1,000 notification fine per listing. • Second offense automatic $2,500 fine including reviewed by the MLS Directors for further action including suspension of the MLS or termination from the Association. Said participant shall be considered inactive until the levied fine is paid in full. (Adopted 7/24)

Source: Southeastern Michigan Multiple Listing Service (SEM MLS)

Question of The Week

QUESTION: Can buyers and buyer brokers rely on an offer of compensation that was in the MLS prior to the effective date of the settlement-mandated MLS practice changes?

ANSWER: It depends. If a binding purchase agreement is executed before the MLS policy changes take effect, then the buyer broker should be able to rely on the offer of compensation in the MLS – even if the closing occurs after the effective date of the policy changes. But, if a purchase agreement is executed after the date that the policy changes take effect, then the offer of compensation on the MLS will not be valid.

Watch more legal videos on the Michigan Realtors® YouTube Channel.

For more legal Q&A, visit law.mirealtors.com

Source: Michigan REALTORS® (MR)

Manufactured Home Park

The MLS Directors made a motion to allow Manufactured Home Park listings back into the SEM Paragon MLS under the listing category "Manufactured Home Park" only.

NOTE: It is required the Broker(s) must have a license to sell mobile homes and carry separate E&O insurance.

The MLS Policy & Procedures will apply to Manufactured Home Park listings.

Including fields not indicated by the letter (R) - Number of rooms, driving directions, bedroom(s), kitchen, living room, dining room, and/or family room measurements. Bedroom(s), bathroom(s), kitchen, living room, dining room, and/or family room floor level.

Source: Southeastern Michigan Multiple Listing Service (SEM MLS)

Mortgage Forecasters Predict

Rates at End of 2024

Aspiring homebuyers waiting for mortgage rates to finally fall.

Click Here to Read More

Source: National Association of REALTORS® (NAR)

What Do You Want to Learn Today?

Everyone has different learning styles. Some want to watch a quick video, others want to print out a guide and read every detail, step-by-step. Well, RPR has you covered.

RPR Learning Center - Visit our Website

Source: REALTORS® Property Resource (RPR)

HOW-TO VIDEO LIBRARY

The SentriLock® lockbox is reliable. You can securely and conveniently access homes while creating great home showing experiences. It's packed with innovative firsts and provides a level of security significantly above other products, all based on 20 years of engineering experience and customer feedback. Click below to watch training videos on how you can take advantage of all the SentriLock® Lockbox features and benefits.

Click "HERE" to view SentriLock Training Videos

Source: SentriLock®

NAR Mobile App

Streamline all the real estate information you need with the NEW NAR Mobile App.

NAR Mobile allows you to expertly navigate the real estate information that’s important to you. Up to date and ahead of the game—all while you’re on the go.

Website Click Here

Source: National Association of REALTORS® (NAR)

Click "HERE" to visit our website & register today for classes!

You may also contact us at (734) 242-6866

JUNE SEM LOCAL MARKET STATS

To view Local Housing Market Stats click "HERE".

MONROE AND WAYNE COUNTY LOCAL MARKET STATS

Click the stats reports below to view the full size document.

REALTOR.COM STATS

Click “HERE ” to view the full Realtor.com® SEB stats report.

Source: Realtor.com

News Reminder

Paragon Connect is NOW available in the App Store and Google Play.

Members will select ‘MiRealSource’ which is the exclusive provider in Michigan. Advantages of the native app currently allow for facial authentication. Plus, push notifications and access to your phones contacts available. Training will be coming on this product shortly.

CE CREDIT

All licenses NO LONGER expire on October 31st of each year. Licenses expiration dates and CE requirements are now based on the anniversary date of licensure. The month and date of license expiration is now the new deadline each year to complete the 2 hours of legal credit.

Click Here to Register for your 2024 Required CE hours.