On December 1, 2023, State-Wide Multiple Listing Service will allow listing brokers to enter zero as an offer of compensation to cooperating brokers.  The Rhode Island Association of REALTORS® Executive Committee has approved the following updates to the following forms by the Forms Committee to help REALTORS® prepare for this new requirement.

•  Exclusive Buyer Representation Agreement
• Compensation to Cooperating Brokerage Firm Agreement

 The forms were sent to the forms vendors in early November 2023. Different vendors update the forms at different times.

 Exclusive Buyer Representation Agreement - The Forms Committee has updated the compensation section of this agreement and added an option to make it clear a cooperating broker can request compensation using the purchase and sales agreement.

 Compensation to Cooperating Broker - Section 3 of this form.

• Eliminate “from Seller” since compensation can come from other sources.
• Adds language requiring that the cooperating broker be involved with the transaction at the time of closing to qualify for compensation, according to this agreement. The intent is to limit the risk of a procuring cause dispute.

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