In November, the National Association of REALTORS® approved multiple changes to the Code of Ethics. These changes were aimed at modernizing the Code of Ethics and bringing it into alignment with the 2024 settlement in the Burnett case.
Here are the changes to be aware of:
- Article 7: Article 7 was amended to clarify that when a REALTOR® accepts compensation from more than one party, disclosure must be given only to the REALTOR®’s client or clients. This means Article 7 no longer requires the disclosure of such information to people who are not the REALTOR®’s clients.
- Standard of Practice 3-4: SOP 3-4 previously required the disclosure of variable rate commissions and was predicated on a unilateral offer of compensation. Since offers of compensation are no longer permitted within REALTOR®-owned MLSs, this SOP was deleted.
- Standard of Practice 17-4: SOP 17-4 was updated to ensure compliance with the basic tenets of the Burnett settlement agreement. These changes reinforce the idea that any compensation awarded in an arbitration cannot exceed the amount outlined within the terms of a buyer representation agreement.
Moving forward into 2026, be on the lookout for additional changes regarding Article 6 and Standard of Practice 17-4, as there may be additional changes regarding real estate referral fees and the question of procuring cause in the context of buyer broker agreement disputes.
Have questions about the changes? Contact us at support@okrealtors.com.
