Any active listing agreements (meaning there is no accepted offer) that were executed before the MLS policy changes go into effect on August 17, 2024, must be amended to include a conspicuous disclosure that compensation is not set by law and is fully negotiable. MLS Participants must make this disclosure *. Active agreements can either be amended or a separate disclosure can be provided to satisfy the requirement.
Any active listing agreements executed before the MLS policy changes go into effect on August 17, 2024, must be amended to address the settlement agreement’s prohibition on offers of compensation being communicated on an MLS. MLS Participants must make this disclosure to make it clear the listing broker will not make an offer of compensation on an MLS and to determine whether the seller instructs the listing broker to make an offer of compensation outside of an MLS.
NOTE: If any newly executed listings were executed using the updated ValleyMLS “Exclusive Right to Sell Property Listing Agreement” (Revised August-2024), the disclosures noted above will not be required.
