BACKGROUND

On August 14, 2024, State-Wide Multiple Listing Service, Inc. will remove compensation fields and rules from MLS to comply with the proposed NAR antitrust settlement agreement. To help members comply with the settlement agreement, MLS and the Rhode Island Association of REALTORS® have adopted new and revised forms and voted to remove an existing form, as recommended by the Forms Committee.   

Although the settlement agreement does not prohibit listing brokers from offering compensation to cooperating brokers outside of MLS, the US Department of Justice continues to strongly oppose offers of compensation from listing brokers and sellers through the MLS or elsewhere.

All of the forms were sent to the forms vendors during the last week of June. The vendors update at different times, so please be patient.

RIAR FORMS 

• Exclusive Buyer Representation Agreement -   Remove references to compensation from listing brokers and to include additional disclosures from the proposed settlement agreement.
• Purchase and Sales Agreements -  Adds a section for a Professional Services Fee to the following forms to make it easier for a buyer to ask a seller to compensate a cooperating broker as part of negotiations.
  • Condominium Conversion Purchase and Sales Agreement
  • Condominium Resale Purchase and Sales Agreement
  • New Construction Condominium Purchase and Sales Agreement
  • Dwelling on Leased Land Purchase and Sales Agreement
  • Multi-Unit Purchase and Sales Agreement
  • Single Family Purchase and Sales Agreement
  • Vacant Land Purchase and Sales Agreement
  • New Construction Single/Multi Unit Purchase and Sales Agreement

• Letter of Intent - Adds a section for a Professional Services Fee to make it easier for a buyer to request that a seller pay for some or part of the compensation for a cooperating broker.
• Compensation to Cooperating Brokerage Agreement – This form for broker-to-broker compensation will be removed from RIAR forms platforms by August 14^th.  REMOVED
• Exclusive Tenant Representation Agreement - Cooperating brokers and tenants can use this form to agree to professional services and compensation for a broker who is representing a tenant.  This form follows the flow of an Exclusive Buyer Representation Agreement. NEW
• Amendment to Exclusive Tenant Representation Agreement – Cooperating brokers and tenants can use this form to make changes to an Exclusive Tenant Representation Agreement.  NEW
• Termination of Exclusive Tenant Representation Agreement - Cooperating brokers and tenants can use this form to mutually terminate an Exclusive Tenant Representation Agreement.  NEW
• Amendment to Exclusive Buyer Representation Agreement – Buyer representatives and buyers can use this form to agree to changes in professional services, expiration dates, compensation, and other sections of the agreement.  Includes compensation warning language from NAR antitrust settlement agreement. NEW
• Cooperating Broker Rental Compensation Agreement - Tenants can use this form to request compensation for a cooperating broker from a landlord.  NEW
• Exclusive Showing and Compensation Agreement (Transaction Facilitator) - Cooperating brokers can use this to work with a buyer exclusively as a transaction facilitator. NEW
• Non-Exclusive Showing and Compensation Agreement (Transaction Facilitator) – Cooperating brokers can use this form when assisting a buyer as a transaction facilitator. NEW

STATE-WIDE MLS FORMS 

• Listing Agreements - Removes compensation to cooperating brokers from the listing agreements and adds compensation language required by the settlement agreement.
  • Exclusive Right to Sell Listing Agreement
  • Exclusive Right to Sell Listing Agreement - LARGE FONT
  • Exclusive Right of Brokerage Listing Agreement
  • Exclusive Right to Rent Listing Agreement
  • Exclusive Commercial Listing Agreement
• Amendment to Listing Agreements – Listing brokers and sellers can use this form to change the terms of any of the listing agreements for properties listed for sale. NEW
• Amendment to Exclusive Right to Rent Listing Agreement - Listing brokers and can use this form to amend the rental listing agreement. NEW

For more information, please contact the RIAR Legal Department at 401-432-6945 or email [email protected].

This list was last revised 7/2/24