exam prep

This is Danny Naylor at the Institute of Real Estate Education. I've got an update for you. The Real Estate Purchase Contract approved by the Division of Real Estate in Utah has been updated over the weekend. This is a change that's going to affect all agents. This is the required form for agents to use if they're setting up an offer on a regular residential piece of property. And in part this is due to some of the changes that due to the NAR lawsuit. Most of the things we've talked about in recent videos have been NAR [...]

You and your seller need to sign an addendum to your listing agreement, that complies with the new settlement, and refers to compensation sharing without the MLS. Use the new UAR form “ADDENDUM TO EXCLUSIVE RIGHT TO SELL LISTING AGREEMENT & AGENCY DISCLOSURE” You and your byer need to sign an addendum to your listing agreement, that complies with the new settlement, and refers to the compensation sharing without the MLS. Use the new UAR form “ADDENDUM TO EXCLUSIVE BUYER BROKER AGREEMENT & AGENCY DISCLOSURE” Starting August 14th, use the new “EXCLUSIVE RIGHT TO SELL LISTING AGREEMENT [...]

Hello, this is Danny Naylor with the Institute of Real Estate Education. I wanted to see if we can do in 10 minutes a quick summary of the changes to the Utah Association of Realtors new forms that they have implemented to comply with the NAR settlement that's happening. Those are implemented I think today, August 14th. I just wanted to go over them real briefly, hopefully a 10-minute overview so you can kind of see it in a nutshell, and then maybe we'll do another video where we cover more of the potential complications that might come up [...]

Here is a 10 minute summary of the NAR lawsuit and the new procedures that Agents need to do to hopefully kind of condense it down for a real quick, “here's what it means and here's what you do.” Here's the old way that we used to do commission sharing with Brokerages is we used to have the Seller's Broker and the Buyer's Broker agree that if they were members of the Multiple Listing Service that the Seller's Brokerage would offer a Buyer Agent commission to the Buyer's Brokerage and then any property that they sold through the [...]