Long Island real estate operates in a unique context where both NAR (National Association of REALTORS) and REBNY (Real Estate Board of New York) influence market practice. Here’s what agents need to understand.
NAR Membership and Long Island
Most Long Island agents are NAR members through their local board. NAR membership provides access to the Multiple Listing Service, the REALTOR designation, and the Code of Ethics framework that governs professional conduct. The recent NAR settlement changes to buyer representation agreements and compensation disclosure are directly relevant to every Long Island transaction.
NAR Settlement Implications
The 2024 NAR settlement changed how buyer agent compensation is handled — it can no longer be offered through the MLS, buyer agent agreements must be signed before showing properties, and compensation disclosure requirements have increased. Agents operating in this new environment need to be current on both the rules and how to have the compensation conversation professionally.
Stay current with professional CE at Main St Success.