Mark Simpson on LinkedIn: Zillow's New Touring Agreement Faces Legal Scrutiny in Virginia (2024)

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The National Association of Realtors (NAR) Leadership Team has approved significant policy changes to the Multiple Listing Service (MLS) compensation practices. These changes, effective August 17, aim to enhance transparency and fairness in real estate transactions. For more details, visit the NAR’s official site.In summary:1. Remove and forbid any conditions for compensation offers within the MLS from listing brokers or sellers to buyer brokers or other representatives.2. Preserve and clarify the term "cooperation" as it pertains to MLS participation.3. Ban MLS participants, subscribers, and sellers from extending any compensation offers via the MLS to buyer brokers or other representatives.4. Mandate that the MLS eliminate all fields and details relating to broker compensation within the MLS.5. Instruct the MLS to neither establish nor endorse any external methods (including the provision of listing data to internet aggregators) that allow participants, subscribers, or sellers to propose compensation to buyer brokers or representatives.6. Forbid the utilization of MLS data or data feeds to develop or uphold any platform facilitating compensation offers from various brokers or representatives. Such actions should lead to the termination of a participant's access to MLS data and feeds.7. Affirm that MLS participants and subscribers cannot, and MLSs should not permit, the filtering or limitation of MLS listings conveyed to clients based on either the offered compensation amount, the name of a brokerage, or an agent.8. Enforce the disclosure of compensation details to both current and potential sellers and buyers.9. Require MLS participants representing buyers to have a written agreement with the buyer before touring a property.These policy updates have been sanctioned by the NAR Leadership Team and will take effect on August 17. For more details, please visit: https://lnkd.in/g6bfiM53.

Discover key details about the NAR settlement going into effect on Aug. 17, 2024. Key changes include the elimination of MLS compensation offers and new compliance measures. Learn how these adjustments will impact real estate professionals and MLS participants. https://lnkd.in/eiRrA3jz

This home needs your furniture :-)https://lnkd.in/eMrNfFmN

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🏡 Exciting Real Estate News Update! 🏡✨ Good day, real estate enthusiasts! 📈 Did you hear the latest buzz about mortgage rates? It seems like they are set to remain on the high side for a considerable period. 🏡💰✨ This update might affect potential homebuyers and current homeowners alike. 🏠💸 Keep in mind these changes when planning your next real estate move! 💼✅🔍 Stay tuned for more updates on the real estate market! #RealEstate #MortgageRates #Homebuying 🏠📊🔑

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📈🏠 Exciting developments in the mortgage rate sector! Recent data suggests a shift in the expected rate trajectory for 2024 ⚡. Market reactions have been swift and intriguing, provoking new discussions and analyses 🤔.📉 The latest Fed rate expectations are causing some ripples in the longer-term rates landscape 🌊. Strong Retail Sales figures and updated thoughts from Fed Chair Powell have added layers to the rate outlook 📊.🔍 It's becoming evident that stronger economic data translates to fewer rate cuts, signaling a potential evolution in the Fed's stance 🔄. Uncertainty looms as recent comments hint at a possible halt in rate cuts for 2024 🚫. 💬 Stay tuned for more updates as the market continues to navigate through these changing dynamics 📰. #MortgageRates #FedRates #EconomicOutlook #FinanceNews 📈🏠