All MLS Participants working with a buyer must enter into a written agreement with the buyer prior to having a substantive conversation with the buyer or touring a home, whichever comes first.

Touring a home means when the buyer and/or the MLS Participant, or other agent, at the direction of the MLS Participant working with the buyer, enter the house. This includes when the MLS Participant or other agent, at the direction of the MLS Participant, working with the buyer enters the home to provide a live, virtual tour to a buyer not physically present.

A “home” means a residential property consisting of not less than one nor more than four residential dwelling units.

The written agreement must include:

1. a specific and conspicuous disclosure of the amount or rate of compensation the Participant will receive or how this amount will be determined, to the extent that the Participant will receive compensation from any source.

2. the amount of compensation in a manner that is objectively ascertainable and not openended.

3. a term that prohibits the Participant from receiving compensation for brokerage services from any source that exceeds the amount or rate agreed to in the agreement with the buyer; and

4. a conspicuous statement that broker fees and commissions are not set by law and are
fully negotiable.