The Buyer-Broker Agreement

Duration – 2 hours
2 Hours Continuing Education Credit

COURSE DESCRIPTION:

  • This program begins with a summary of both Burnett and Moehrl class action suits against NAR.
  • Next, we talk about the meaning of “working with” a buyer and “touring a home” with/for the buyer, conditions that trigger the use of the Buyer-Broker Agreement (“BBA”).
  • We then discuss three different agreements that can be used by the realtor: Property Pre-touring Agreement, Showing Agreement and BBA.
  • Next, we discuss each type of agreement line by line, clause by clause. We point out the duties and obligations of the broker as well as the buyer. We explain the legal concepts of indemnification, assignment, and good faith effort. How the realtor can make sure that she/he does not receive compensation greater than the amount stated in the BBA is discussed.
  • We then articulate how rebates/incentives/concessions from Seller can be addressed without running afoul of the BBA. We also talk about how and when to modify the BBA and the forms used for same. Throughout the program we tackle frequently asked questions.

The Buyer-Broker Agreement (“BBA”) is perhaps the most significant consequence of the settlement between the NAR and the class action Plaintiffs. For the first time in history, buyer-brokers will have to convince potential buyers to pay them for their services.  BBA is a vehicle to make this happen and it’s importance cannot be overstated.

LEARNING OBJECTIVES:

Upon completing this course, the participants should be able to:

  • Understand the facts and law behind the Burnett and Moehrl class action suits against the National Association of Realtors (“NAR”); and how the NAR is changing the standards of practice, including the BBA to comply with the settlement agreement reached with the Burnett and Moehrl plaintiffs.
  • Understand the meaning of “working with” a buyer and “touring a home” with/for the buyer, conditions that trigger the use of the BBA.
  • Learn the three different agreements that can be used by the realtor: Property Pre-touring Agreement, Showing Agreement, and the BBA, line by line, clause by clause.
  • Become proficient in the duties and obligations of the buyer’s broker and the buyer;
  • Learn how the rebates/incentives/concessions from Seller can be addressed without running afoul of the BBA, especially during the buyer presentation.
  • Learn how and when to modify the BBA using the special forms for that purpose.
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