Post-NAR MLS Rules for Commissions

BAREIS Rules require any member working with a buyer to have a written agreement before touring a listed residential property of 1 – 4 units with the buyer.
BAREIS does not require any particular form, and brokerages may create one for their agents to use. 

The following terms must be included in the buyer representation and broker compensation agreement used:
1.       The agreement must specify and conspicuously disclose the compensation the buyer broker will receive from any source or how the amount will be determined.
2.       The agreement must describe the broker’s compensation in a manner that is objectively ascertainable and not open-ended.
3.       The agreement must specify that the broker is prohibited from receiving compensation from any source that exceeds the amount in the contract with the buyer.
4.       The agreement must conspicuously disclose to buyers that commissions are not legally set and are entirely negotiable.