NAR Consumers: Questions and Answers about REALTORS®, Buyer Agreements, and Open Houses

A REALTOR® is a special kind of real estate agent: one who follows the National Association of REALTORS® (NAR’s) strict Code of Ethics, including the first and primary pledge to protect and promote the interests of their clients. This obligation means that a REALTOR® cannot make decisions or provide representation in a way that puts their own interests or commissions ahead of their clients’ interests.

 

🎬 Watch “NAR Consumers: REALTORS® Put Clients' Interests Above Their Own” to learn about the answers to the following questions:

 

1. What does it mean for a REALTOR® to act in a BUYER’s best interest?
2. What does it mean for a REALTOR® to act in a SELLER’s best interest?
3. What is wrongful “steering”?
4. How do written agreements protect me from steering?
5. Where can I learn more about buyer agreements?
6. What can I do if I think a REALTOR® is violating NAR’s Code of Ethics?

If you’re a homebuyer working with an agent who is a REALTOR®, it means you are working with a professional who is ethically obligated to act in your best interest. As of August 17, 2024 (1st of August in Metro Phoenix), you will be asked to sign a written buyer agreement after you’ve chosen the professional you want to work with.

 

🎬 Watch “NAR Consumers: Why am I being asked to sign a written buyer agreement?” to learn about key information regarding these agreements, focusing on the following questions:

 

1. What is a “written buyer agreement?” What does it do?
2. Why am I being asked to sign an agreement?
3. Are these agreements new?
4. What parts of this agreement are negotiable?
5. How do I benefit from these agreements and how do I find out more about buyer agreements?
6. When do I need to sign an agreement?
7. Does this mean I have to pay my real estate professional out of pocket?
8. Do agreements dictate a specific type of relationship I need to have with my real estate professional?
9. Can I change or exit an agreement?

As of August 17, 2024 (1st of August in Metro Phoenix), many real estate professionals nationwide will be asking buyers to enter into a written agreement prior to touring a home. But what if you are just attending an open house?

 

🎬 Watch “NAR Consumers: Open Houses and Written Agreements” to discover the answers to the following questions related to open house events:

 

1. I am attending an open house without an agent. Do I need a written buyer agreement in order to tour the home?
2. Is an agent who is hosting an open house required to enter into written agreements with the potential buyers who attend the open house?
3. When will I be asked to sign an agreement with an agent?
4. What does “working with” an agent mean?
5. What does it mean to “tour” a home?
6. What is the purpose of a written buyer’s agreement?
7. Where can I learn more about buyer agreements?

 

✅ Please visit facts.realtor for more information and resources, and consult your real estate professional or attorney for details about state law where you are purchasing a home.

 

📣 REALTORS® are members of the National Association of REALTORS®

 

📚 Welcome to the Future of Residential Real Estate (Commissions Decoupled)
📚 Then and Now: Decoupled Commission and New Flow of Compensation
🔎 View the ‘Buyer-Broker Exclusive Employment Agreement’ example.
🔎 View the ‘Buyer-Broker Agreement to Show Property (Buyer)’ example.
🔎 View the ‘Tenant-Broker Exclusive Employment Agreement’ example.
🔎 View the ‘Buyer-Broker Agreement to Show Property (Tenant)’ example.
📚 Homebuyers: Here's What the NAR Settlement Means for You
📚 Home Sellers: Here's What the NAR Settlement Means for You

 

📆 Schedule time with me to address any questions and concerns about buying, selling, and renting residential real estate in the Valley of the Sun (Metro Phoenix). 🏠 We'll get you where you need to go! 🚀

 

☎️ Mobile 602-517-4463
📧 Mail@JasonPetersonRealtor.com
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