Mary Cummins, Real Estate Appraiser, Animal Advocates, Los Angeles, California

Mary Cummins, Real Estate Appraiser, Animal Advocates, Los Angeles, California
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Thursday, August 1, 2024

Appraisal Institute AI, National Association of Realtors NAR Zoom Webinar on NAR Settlement

amy frink, mary cummins, woody fincham, jared preisler, beth graham,national association of realtors,appraisal institute,ai, nar, nar settlement, commission, concession
amy frink, mary cummins, woody fincham, jared preisler, beth graham,national association of realtors,appraisal institute,ai, nar, nar settlement, commission, concession 

"The NAR Settlement: What appraisers need to know and watch for​ ​ ​

On August 17, 2024, REALTOR® MLSs (multiple listing services) will be required to make practice changes in accordance with the National Association of Realtor (NAR) settlement, including (1): prohibiting offers of compensation on the MLS (though such offers “could [be] pursue[d] off-MLS through negotiation”).

MLS participants working with buyers must enter into written agreements with their buyers before the buyer tours a home.

What does all this mean for appraisers, the data they collect from MLSs, and the verification and reporting of that data? The unfortunate answer is that all the implications of these changes are not completely clear yet. However, our panelists are here to help make sense of what is known now and what you might be able to expect.

Panelists will discuss: 

What are concessions and why they are not commissions

How are MLS Forms and policies changing in local markets and how to understand these changes

Obtaining data to verify sales in light of MLS changes

How to reflect changes in data collection in your report

What to look for in and what to ask your MLS going forward"

My notes which are super brief as I was a little busy.

Buyers and buyers agents should have been using existing buyer commission and representation contracts before the settlement. Now they are mandatory. 

Sales concession vs repair cost. Sales concessions are rate buy downs, closing costs payments, anything related to finance, escrow. They are not repair costs to the property. 

Homes prices and commissions will not be going down because of NAR settlement. It basically just makes things more confusing with more paperwork. 

Commissions have not been 6% in many, many years. They are 1-3% since homes prices have doubled in value. The idea that the NAR Settlement will reduce commissions and home prices is false. It won't.

A few slides. Presentation was recorded. I'll post the link if it's public. I suggest watching the one hour Zoom presentation. 


The slides below are in reverse order. Sorry. 

















Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.


Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin

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