May Form of the Month: OREF 047 – Advisory Regarding Real Estate Compensation

FORM OF THE MONTH

In light of recent legal developments, creating transparency and eliminating confusion around compensation is more important than ever.

To help agents in this changing market, OREF has developed a brand-new form, OREF 047 – Advisory Regarding Real Estate Compensation, which explains how compensation for agents works, describes the choices available to buyers and sellers when hiring a real estate agent, and highlights the importance of hiring a professional.

Agents should present this form when first meeting with a potential client. OREF 047 can be given before signing a listing agreement and used in conjunction with the Buyer’s Representation Agreement when entering into a contract with a client.

This new form will be available for use on all OREF approved platforms on 5/15/2024. To view a sample and learn more about this form, visit our Form Updates page.

Do you have an idea or suggestion for a new form or edits to existing forms? We want to hear from you! Submit your ideas to our Forms Committee here.

Always check with your principal broker or legal counsel to ensure that you are following any policy requirements of your brokerage. All comments and responses from OREF or its staff, managers, and volunteers are non-legal opinions made for general purposes. Each Forms subscriber must rely solely upon their Principal broker or personal legal counsel for specific advice and instruction. You and your client should independently confirm that the Form(s) you use are legally suitable for the purposes intended and that they are current with respect to all laws and regulations.