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Effective JAN 1: NAR and TR Policy Changes

NAR MLS Policy

The following change in MLS Policy, adopted during the REALTOR® Conference and Expo in San Diego, goes into effect Jan 1, 2022. 

New MLS Policy Statement 8.4 – Services Advertised as “FREE”: 

MLS Participants and Subscribers must not represent that their brokerage services to a client or customer are free or available at no cost to their clients, unless the Participant or Subscriber will receive no financial compensation from any source for those services. 

Rationale: While REALTORS® have always been required to advertise their services accurately and truthfully, and many REALTOR® services have no cost to the recipient, this change creates a bright line rule on the use of the word “free” that is easy to follow and enforce. These benefits outweigh the fact that this bright line may result in REALTORS® being unable to use the word “free” for some services they provide at no cost to the recipient.

TR Flood Disclosure

During the 87th Texas Legislature, a change in law passed that requires landlords to give notice to prospective residential tenants if the landlords are aware that the rental dwelling is located in a 100-year floodplain or whether the rental dwelling has flooded at during the past five years.

Texas REALTORS® created the Addendum Regarding Rental Flood Disclosure (TXR 2015) to satisfy the required disclosure. Use of the form is mandatory starting January 1, 2022, but you may use the form immediately. 

You may click on the link below to see answers to questions about the new form.

https://www.texasrealestate.com/members/posts/new-texas-realtors-form-addendum-regarding-rental-flood-disclosure/

HAR Communications Dept.

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