Article
2025 UCBA Changes
REBNY
February 11, 2025
Buyer Broker Representation Agreements
These agreements promote consumer transparency by outlining the agency relationship between the buyer and their broker, and have been required for all RLS transactions since January 13, 2025. The agreement’s provisions include, at a minimum, how broker compensation will be earned and to what extent the broker shall receive compensation from any source; the amount or rate of such compensation which must be objectively ascertainable; and restrictions to prevent the broker from receiving compensation for their services from any source that exceeds the amount or rate agreed to in the agreement. (See Article II. Section 16)
REBNY has prepared the following checklist to help you create a buyer broker representation agreement in compliance with these requirements.
Required Disclosures and Description of Services
To promote consumer transparency and consistent with NAR settlement terms that some RLS participants are already subject, the RLS requires disclosure that real estate commissions are not set by law and are fully negotiable, and that broker services are not described as “free” or “no cost”, unless the broker is not collecting any compensation whatsoever. (See Article I. Section 17 and Article III. Section 5)
Compensation Information
Generally, references to co-brokering compensation are eliminated and replaced with general proscriptions that compensation information is not collected or maintained by REBNY. (See Article I. Section 5 E and Article IV.)
Arbitration Relevant
sections are revised to ensure that any monetary disputes arising from a transaction originating from the RLS are subject to REBNY arbitration. (See Article VII.)
Incorporating the Participant Only Network
Section revisions take into consideration the availability of the Participant Only Network, a property status introduced in Fall 2024. This includes Days on Market calculation and the Owner Opt-Out process. (See Definitions, Article 1. Section 11, and Exhibit B)
Clarifying Roles of the Residential Advisory and RLS Boards
References to the Residential Board of Directors are replaced with the Residential Advisory Board to reflect the 2024 amendments to the REBNY Constitution. The revisions also position the RLS Board to assume additional responsibilities in policy-making and disciplinary actions.
(See Definitions)
