Texas REALTORS® Updates Forms Due To NAR Settlement
Texas REALTORS® is updating its forms library in response to the proposed NAR settlement. Revised and new forms will be available starting June 24, 2024.
These updates aim to:
- Ensure compliance with MLS policy changes when using Texas REALTORS® forms.
- Increase transparency and clarity regarding broker compensation.
- Provide flexibility for various business and compensation models.
You can use the updated forms even if the MLS has not yet updated its rules. All MLSs must comply with the new requirements by August 17.
Updated or New Forms:
- TXR 1101: Residential Real Estate Listing Agreement, Exclusive Right to Sell
- TXR 1102: Residential Real Estate Listing Agreement, Exclusive Right to Lease
- TXR 1201: Farm and Ranch Real Estate Listing Agreement, Exclusive Right to Sell
- TXR 1402: Named Exclusions Addendum to Listing
- TXR 1403: Exclusive Agency Addendum to Listing
- TXR 1404: Amendment to Listing
- TXR 1417: Representation Disclosure
- TXR 1501: Residential Buyer/Tenant Representation Agreement
- TXR 1505: Amendment to Buyer/Tenant Representation Agreement
- TXR 1506: General Information and Notice to Buyers and Sellers
- TXR 1507: Residential Buyer/Tenant Representation Agreement (new short form)
- TXR 2301: Independent Contractor Agreement for Sales Associate
- TXR 2401: Compensation Agreement Between Broker and Owner (new name)
- TXR 2402: Compensation Agreement Between Brokers (new name)
- TXR 2405: Referral Agreement Between Brokers
Look for training on these updates at MyMetroTex.com/events.