this national association of realtors (NAR) The Board of Directors voted to keep membership dues unchanged for 2025. Inmanfirst reported this story.
During the meeting, the NAR Board of Directors approved the Finance Committee’s recommendation to keep annual dues at $156 per person through 2025.
In 2023, NAR announced a policy change that would allow Finance Committees to use consumer price index (CPI) “as a guide” to assist in recommending annual dues amounts to the Board of Directors. When the policy was initially approved, the committee proposed that membership fees rise by 4% annually in line with CPI from 2025 to 2027.
In 2023, NAR dues will increase from $150 to $156. Members also pay a special fee for NAR’s consumer advertising campaigns, which increases to $45 in 2022.
At Thursday’s meeting, NAR treasurer Greg Hrabcak told the board that “membership is well on track and increasing every month.”
Hrabcak’s statement stands in stark contrast to many of the NAR membership trends reported recently. In February 2024, the latest time frame available, NAR membership fell below 1.5 million for the first time since May 2021.
Code of Ethics Changes
In addition to voting on membership dues, the NAR board also voted to amend Article 4 of the profession’s code of ethics in an attempt to clarify the obligations of real estate agents when they have an ownership interest in a property.
However, as these changes relate to the Code of Ethics, these changes will only come into effect if the NAR representative body (comprised of local board chairs who attend one representative body meeting within a year of service and only when changes are made) Consideration is being given to developing a NAR Charter or Code of Ethics and approving them at the NAR Annual Meeting in November.
Currently, Section 4 states: “A real estate agent shall not acquire an interest in or purchase or make an offer from himself, his immediate family, his company or any of its members, or any entity in which he has any ownership interest, any real property without Inform the owner or the owner’s agent or broker of the true status of the property When selling a property that they own or in which they have any interest, the real estate agent should disclose the ownership or interest in writing to the buyer or the buyer’s representative.
If the representative body approves these changes, Section 4 will read as follows: “A real estate agent who currently has an ownership interest in a property for sale or lease, or intends to purchase or lease a property, must disclose in writing to all parties the existence of such interest in the property. A party signs any agreement before entering into a transaction.
Additionally, the board voted to change the first standard of practice in Section 4, which currently reads: “For the protection of all parties, the disclosures required by Section 4 shall be in writing and provided by the real estate agent prior to the execution of any contract.”
If approved in November, the standard will change to:
“An ownership interest in property currently for sale or lease, or an interest in property anticipated to be purchased or leased, including transactions conducted by a real estate agent:
1. Represent yourself
2. On behalf of immediate family members
3. The company acting on their behalf or any of their brokers or agents
4. An entity with a legal interest on behalf of a real estate agent or his or her immediate family.
In addition to the two proposed changes, NAR’s representative body will also consider new standards of practice voted on by the trade group’s board of directors.
The proposed standard states: “A real estate agent(R) is not required to disclose the identity of a client or customer, nor the specific nature of an interest referred to in section 4, but must disclose the existence of an interest.”
