Page 9 - MAR Realtor Digest 2024

MAR FORM CHANGES
MAR Form Changes Update
In response to information released about the settlements in Burnett v. NAR, the Screening Group of the MAR Forms Subcommittee approved changes to some of the MAR forms. To be clear, none of these changes are required by NAR, the Department of Justice or any court order. MAR feels the changes are warranted in light of the current legal climate and the post-verdict public sentiment.
Buyer Broker Agreement - Short Form
• The name of the form has been changed to “Buyer Representation Agreement - Short Form”.
• Lines 9-16 was substantially revised as follows:
• Language was added stating that the compensation payable to a buyer agent is fully negotiable and not set by Montana law;
• Language was added stating that the compensation payable to a buyer agent is fully negotiable and not set by Montana law;
• Language was removed that formerly stated that the agent was only retained to locate properties for which an offer of compensation is provided by a listing agent or a seller.
Buyer Broker Agreement
• The name of this form has been changed to “Buyer Representation Agreement.”
• Language was added at line 42 stating that the compensation payable to a buyer agent is fully negotiable and not set by Montana law.
• The word “commission” was changed to “compensation” throughout the form.
• Language was added at lines 48-50 whereby
the seller acknowledges that the payment of compensation by the seller shall not be construed as creating a principal/agent relationship between the seller and the agent and agency representing the buyer.
Commission Agreement
• The name of this form has been changed to “Compensation Agreement.”
• Language was added at line 42 stating that the compensation payable to a buyer agent is fully negotiable and not set by Montana law.
• The word “commission” was changed to “compensation” throughout the form.
• Language was added at lines 48-50 whereby
the seller acknowledges that the payment of compensation by the seller shall not be construed as creating a principal/agent relationship between the seller and the agent and agency representing the buyer.
Listing Agreements (all)
• The word “commission” was changed to “compensation” throughout the form.
• Language was added to the Compensation section, at the lines set forth below, stating that the compensation payable to a buyer agent is fully negotiable and not set by Montana law.
- Listing Agreement-Residential: Lines 124-125
- Listing Agreement-Commercial (Exclusive Right to Sell): Lines 126-127
- Listing Agreement-Exclusive Right to Lease: Lines 115-116
- Listing Agreement-Farm & Ranch: Line 171
- Listing Agreement-Land: Line 78
• The Cooperation Disclosure section, at the following lines, was substantially revised to (1) restate that
the seller approves of the seller agent’s offer of compensation as set forth below (as opposed to
MAR Form Changes continued on page 11 MONTANAREALTORS.ORG | 9