Agency
A Virginia buyer's agent receives a compensation offer from a listing in the MLS. Under NAR's 2024 practice changes, compensation offers in the MLS are:
AMandatory for all listings
BNo longer permitted in MLS fields — compensation is negotiated separately✓ Correct
CIncreased to a minimum of 3%
DSet by VREB regulation
Explanation
Following the 2024 NAR settlement, MLS systems nationwide (including Virginia) removed requirements to offer buyer broker compensation through the MLS. Compensation is negotiated directly between agents and their clients.
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Key Terms to Know
Buyer's Agent
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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