The National Association of Realtors® (NAR) Board of Directors met on May 14 during the Realtors® Legislative Meetings & Trade Expo. Below are some of the board action highlights:
Multiple Listing Policy
Directors adopted a new MLS policy requiring that the property address for all residential listings filed with the MLS be disclosed and available to MLS participants and subscribers at the time the listing is submitted to the MLS. Where an address does not exist, a parcel identification number or legal description of the property's location must be filed with the MLS. The change doesn't preclude sellers who need privacy from keeping their address (or entire listing) off publicly accessible displays of their property.
To facilitate the display of sales data in non-disclosure areas, the board also amended MLS policy to allow, at local MLS discretion, the prohibition to display the sold price of a property.
New Federal Taxation Policy
In response to a proposal from the Biden Administration, directors voted to amend NAR policy, which supports repealing the estate tax and retaining the step up in basis to fair market value for all inherited assets. The policy now includes
- Support for an estate tax exemption no lower than $11.7 million per person, which is the amount provided in the current law
- Opposition to any tax on unrealized gains upon a property owner's death
Core Standards Enforcement
The board approved a series of Core Standards recommendations that impact the appeal hearing process:
- Enforcing a firm Dec. 31 deadline by when local and commercial associations must complete their Core Standards certification forms.
- Formalizing the process by which state associations communicate issues of a local association's non-compliance to NAR
- Allowing state associations to meet with and provide written documentation to the hearing panel before any appeal
- Prohibiting Core Standards hearing panels from granting extensions to non-compliant associations.
- Requiring a warning letter by Feb. 1 to chief staff and officers of non-compliant associations
- Allowing hearing panels to set a one-year probationary period on non-compliant associations and to impose sanctions with options that are less severe than charter revocation for first-time offenders.
- Authorizing an NAR-developed training programs to educate local, commercial, and state association volunteer leaders on the Core Standards
The new rules go into effect for the current cycle.
To read more of the board’s actions, click here.