Buyer's Agency: How We Got Here and New Requirements

General Information

• Approved Credit Hours: 3 hours
• State: Tennessee
• Course Availability: 365 days from enrollment

Course Description

In this course, we'll start by outlining general agency topics to provide the foundation. Then, we'll move on to covering the recent NAR lawsuits and resulting changes to the industry. To wrap up the course, we'll explore what the future might look like and how licensees can not only survive but thrive in this new environment.

The real estate industry has undergone significant transformations, particularly related to buyer representation.

The common misconception has been that real estate commissions have always been neatly split between seller's and buyer's agents and paid by the seller.

That's how it's always been, right? Well, not anymore.

Before the 1990s, the real estate mantra was "buyer beware." In this era, the concept of a buyer's agent was virtually nonexistent. All commissions were traditionally pocketed by the listing agents, who solely represented the seller's interests.

This arrangement left buyers without representation, exposing them to exploitation and often placing them at a significant disadvantage, particularly when it came to the details of transactions and closing costs.

Because of this, real estate professionals took it upon themselves to devise a solution that would protect buyers. This led to the innovative practice of commission sharing, or "cooperative compensation," where listing agents began to share their commissions with agents who represented the buyer's interests.

Generally, these commissions were paid by the seller.

Due to recent developments as a result of National Association of REALTOR® lawsuits and input from the Department of Justice, this model is changing.

These changes are reshaping the way that buyers are represented by agents and commissions are paid, and now more than ever, agents need to be prepared to shift.

Course Disclaimers

Real estate licensees are not required to be members of any REALTOR® association to maintain licensure through their state's real estate regulatory agency. This course does not endorse or recommend specific compensation or fee structures for real estate brokerage services. No state real estate commission, department of real estate, local or state REALTOR® association, or Multiple Listing Service (MLS) recommends or suggests any set compensation amount.

To remain in compliance with antitrust laws, any content submitted by a student that includes specific commission percentages, dollar amounts, or fee structures will be flagged and removed.

Continued violation of this policy may result in removal from the course and denial of course credit.

Course Topics

This course covers the following topics:

• Unit 1: Real Estate Agency and Buyer Representation

  • The concept of agency in real estate and the various types of agency relationships

  • The evolution of state laws and industry practices affecting agent responsibilities and ethical obligations to buyers and sellers

  • Agency disclosure requirements in real estate transactions

• Unit 2: The Buyer Broker Compensation Upheaval

  • Background and legal significance of the Moehrl v. National Association of Realtors lawsuit

  • Background and legal significance of the Burnett v. National Association of Realtors lawsuit

• Unit 3: Looking Forward

  • The impact of recent court rulings and settlements on real estate industry practices

  • Adaptation of real estate business models to create more flexible and varied consumer experiences

  • The now-mandatory negotiable nature of commissions

  • The effects of the Sitzer-Burnett v. National Association of Realtors verdict on buyer-broker compensation and commission structures

  • Key components of the 2024 National Association of Realtors Settlement Agreement

Learning Objectives

Upon completion of the course, the student will be able to:

• Explain the evolution and fundamental principles of real estate agency and disclosure

• Analyze the legal background and impact of the Moehrl and Burnett v. NAR lawsuits

• Evaluate changes to buyer-broker compensation and commission negotiability

• Summarize the key provisions and industry impact of the 2024 NAR Settlement Agreement

• Adapt real estate business models to thrive within new legal and market requirements

Instructor & Customer Support

For questions about the course content, please contact the Instructor.

Course Instructor: Elizabeth Tigner
Contact Information: instructor.etigner@onlineed.com
Instructor Availability: Monday-Friday, business hours, excluding holidays
Instructor Policy Response Time: within 1 business day
 
If you have questions about your account or course navigation, please contact the course provider:

OnlineEd
Phone: 1-(503)-670-9278
Email: mail@onlineed.com
Chat and additional options: https://www.onlineed.com/system/pages/contact.php

Completion & Attendance Requirements

Completion Requirements. Continuing education credit is awarded upon successful completion of all required course components and satisfaction of regulatory active time requirements. You may exit and return to the course at any time. Your progress will be saved.

Assessments

Each unit will end in a multiple-choice quiz to test your knowledge. Quizzes require a score of at least 70% to proceed to the next unit. You can take quizzes as many times as needed.

There is no final exam at the end of the final unit of this course.

Course Completion Survey

Students are encouraged to submit a survey upon completion of the course. This short survey helps us improve the course material and student experience. It is required by most regulatory agencies. Your thoughtful feedback is appreciated.

Certificates & Credit Reporting

Upon successful completion of all course requirements, a certificate of completion will be issued. You are responsible for maintaining a copy of your certificates of completion and renewing your license with the state regulator. 

OnlineEd will automatically report course completion credits to CE Broker within 1 business day on the student's behalf. Students don't need to take any additional steps for OnlineEd to initiate the reporting, except to complete the course and receive a completion certificate.

Technology Requirements

Courses may be accessed from a computer, tablet, or mobile device with a stable internet connection.  We recommend the most recent browser versions.  This includes all modern browsers and operating systems including Microsoft Edge, Google Chrome, Mozilla Firefox, Apple Safari, Opera, iPhone / iOS, and Android-based mobile devices, smartphones, and tablets. The course is entirely web-based and does not require any software to be downloaded or installed.  For accurate time tracking and progress recording, access courses in one browser window at a time. 

Course Prerequisites

There are no prerequisites for this course.

Refund & Cancellation Policy

All tuition and fees paid for the course are refundable when: (a) the course of instruction is discontinued by OnlineEd and such discontinuation has prevented a student from completing the course; or (b) the enrollment of the student was procured as a result of any misrepresentation in promotion materials of the school, or representation made by an owner or employee of the school. All refunds will be completed within 30 days after the effective date of enrollment termination. Refunds will not be given to any student after the student has successfully registered in a course or courses, as once registered, student has access to the registered courses. In hardship cases, OnlineEd may issue a refund at its sole discretion. OnlineEd does not issue retroactive partial refunds for courses that are subsequently discounted or put on sale after a student makes a purchase.

Academic Integrity and Identity Verification

Students must complete all coursework independently. OnlineEd prohibits misrepresentation of identity or allowing another individual to complete coursework on your behalf. Failure to comply with academic integrity policies may result in denial of credit.

Student Conduct Policy

Students are expected to show respect, courtesy, and consideration when interacting with school staff and students. Students are expected to conducting themselves in a professional, legal, and cooperative manner that is not disruptive, harassing, intimidating, or dangerous. Deviation from these standards may result in disciplinary action.

Non-Discrimination Policy

OnlineEd does not discriminate for admission on the basis of race, color, religion, sex, sexual orientation, national origin, marital status, age or disability. Any person who feels they have been unlawfully discriminated against may file a complaint with the School Director, either by email (schooldirector@onlineed.com) or by postal mail (ATTN: School Director, 14355 SW Allen Blvd. Suite 240, Portland, OR 97005). If OnlineEd determines that any employee of OnlineEd has engaged in discriminatory activity, such employee shall be disciplined.

Grievance Policy

If a student has a grievance against OnlineEd, its staff or students, the aggrieved student shall contact the School Director by email or mail, stating the nature of the grievance. The School Director shall evaluate the grievance and respond to the student based upon their findings.

Policies on Cheating and Misrepresentation

Cheating on courses that supply completion certificates, designations, or official credit is not tolerated. OnlineEd is not obligated to continue to furnish credit or continued support for students caught cheating on any part of the coursework or testing.
 
Misrepresentation of personal identity is strictly forbidden for all OnlineEd courses. Falsifying personal information, forgery, and misrepresentation may result in immediate suspension. Additional actions by state and federal agencies may include loss or suspension of a license, failure to grant a license, fees, or criminal prosecution.

Publisher

This course is developed and delivered by OnlineEd, LLC.

OnlineEd, LLC
14255 SW Allen Blvd., Suite 240
Portland, OR 97005
(503) 670-9278
https://www.OnlineEd.com/
mail@OnlineEd.com

Mission Statement

To provide superior distance education that exceeds industry standards and expectations in course content and delivery methods to those who seek to enter a new profession and those engaged in a profession.