Aug 1, 2024

The NAR Settlement: What appraisers need to know and watch for

On August 17, 2024, REALTOR® MLSs (multiple listing services) will be required to make practice changes in accordance with the National Association of Realtor (NAR) settlement, including:

Prohibiting offers of compensation on the MLS (though such offers “could [be] pursue[d] off-MLS through negotiation”).
MLS participants working with buyers must enter into written agreements with their buyers before the buyer tours a home.

What does all this mean for appraisers, the data they collect from MLSs, and the verification and reporting of that data? The unfortunate answer is that all the implications of these changes are not completely clear yet. However, our panelists are here to help make sense of what is known now and what you might be able to expect.

Panelists will discuss:

What are concessions and why they are not commissions
How are MLS forms and policies changing in local markets and how to understand these changes
Obtaining data to verify sales in light of MLS changes
How to reflect changes in data collection in your report
What to look for in and what to ask your MLS going forward

Webinar Speakers:

Amy Frink, SRA
Real Estate Appraiser
Aberdeen Appraisal

Beth Graham
Owner, Certified Residential Appraiser
Beth L. Graham Appraisals

Woody Fincham, SRA, AI-RRS, RAA
President & Founder
Fincham and Associates, Inc.

Jared Preisler, SRA, AI-RRS
Chief Appraiser
DataMaster

Resources:
National Association of REALTORS®: NAR Settlement FAQs
Appraisal Institute Interim Guidance on the NAR Settlement and the Valuation Process (July 2024)
Concessions Survey for Interacting with Real Estate Agents (Jared Preisler)