"The law states that licensees must only have to have a brokerage agreement signed with their clients prior to listing a home for sale or submitting an offer on a property if they are going to be compensated for the services they are providing."
"Both of these laws directly conflict with the business practice changes outlined in the National Association of Realtors' (NAR) commission lawsuit settlement agreement."
"Although Mississippi and Alabama are the only two states to have enshrined this into law, lawmakers in other states, including Wyoming, West Virginia and Oklahoma, are seeking to institute similar statutes."
Mississippi law does not mandate real estate licensees to secure a buyer agency agreement for property tours or open house admissions unless they are compensated. A signed brokerage agreement is only necessary before listing a home or submitting an offer for compensation. This law contrasts with the National Association of Realtors' settlement, which requires buyer agents to obtain signed agreements before property tours. Similar legislation has been enacted in Alabama, and other states are considering similar laws.
Read at www.housingwire.com
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