Mastering the Wyoming Contract Changes (NAR Settlement Edition)

In this lesson, Amanda reviews various contract documents that have undergone changes due to the recent NAR settlement. She emphasizes the significance of these changes that will take effect on August 17th and provides a comprehensive overview of how to adapt to them.

Key updates include:

• The new requirement that listing brokers are no longer obliged to offer compensation to buyer brokers.
• The exclusion of compensation details from MLS listings, necessitating that brokers inquire about compensation before showing properties.
• The requirement to have a written agreement with buyers before showing homes, including a new "customer disclosure agreement" which is recommended but not mandatory.

Amanda also ensures that all content is legally vetted by Mike Lansing, legal counsel to the Wyoming Association of Realtors, and integrates these updates into her ongoing training programs to provide clarity and preparedness for her agents.

In this lesson, Amanda explains the real estate brokerage disclosure as if you were a new buyer sitting at her desk. The disclosure outlines different working relationships in real estate transactions in Wyoming: customer, intermediary, agency relationships, and designated agent. Each relationship type has varying levels of obligations and confidentiality expectations from the agents.

In this lesson, we explore the origins and importance of the Customer Disclosure Agreement provided by the Wyoming Association of Realtors. We will explain this agreement as if presenting it to a new buyer, emphasizing its role in ensuring compliance with the NAR settlement. By the end, you'll understand the necessity of securing a compensation agreement and how to present the disclosure effectively to buyers.

In this lesson, we provide scripts and additional resources to explain recent changes regarding compensation to a buyer. We discuss the unchanged buyer agency agreement and offer guidance on conducting initial consultations to enhance the buyer experience. Additionally, we introduce two alternative scripts for the broker compensation section of the agreement and provide detailed explanations on handling compensation discussions with clients.

This lesson and script explains the buyer agency contract in detail, outlining the responsibilities and agreements between the buyer and the brokerage. It covers the exclusive representation, negotiation process, commission rates, potential scenarios, and legal aspects of the buyer agency agreement.

This lesson includes a step-by-step script for discussing new industry changes and handling compensation negotiations with seller clients. Additionally, it offers valuable resources and templates to streamline these conversations and ensure smooth listing appointments. Follow the outlined procedures to enhance your professional approach and facilitate clear communication with your clients.

In this lesson, the script explains the exclusive right to sell listing contract, a seller agency relationship for a residential property. It covers the key points of the contract, the agent's responsibilities, the property details, pricing, commissions, closing procedures, and legal aspects. The script provides guidance for new agents on understanding and explaining the contract to clients effectively.

In this lesson and script, I explain the contract to buy and sell real estate, the residential financed version. The script covers all sections of the contract such as financing and purchase terms, earnest money and the role of the title company, appraisal contingencies, closing costs, property condition, inspections, insurance, default remedies, and other legal terms and considerations in the real estate contract.

The conclusion of this mini course reinforces confidence and preparedness for real-world changes. It highlights the importance of continuous self-improvement, networking, and learning. Amanda invites participants to join a membership for further training, access to resources, and community support.