Buyer Agreements Explained After the NAR Settlement

At a glance

Effective date of the NAR practice changes: August 17, 2024 Source
Core requirement: MLS participants working with buyers must have a written agreement with the buyer before the buyer tours a home, in person or by live virtual tour Source
Nevada duties disclosure: A Nevada licensee gives the Division form "Duties Owed by a Nevada Real Estate Licensee" (Form 525) to each party they act for and to any unrepresented party Source

General information, not legal advice

We are an independent directory and advertising site, not a brokerage or a law firm. Rules in this area have changed recently and may change again. Use this page to understand the basics and to ask better questions, then confirm current requirements with a Nevada attorney, the Nevada Real Estate Division or your agent brokerage before you sign anything.

What changed in August 2024

The National Association of REALTORS agreed to a settlement of lawsuits over how buyer agents are paid. As part of it, new practice rules for MLS participants took effect on August 17, 2024. For buyers, the most visible changes are:

A written agreement before touring. An agent who is an MLS participant and who is working with a buyer must have a written agreement with that buyer before the buyer tours a home. That includes live virtual tours. NAR policy does not dictate the type of relationship, the length of the agreement or the services, so it does not have to be an exclusive one.
Compensation spelled out. The agreement must disclose the amount or rate of compensation the agent will receive, or how it will be determined. It must be objective (for example a flat fee or a percentage) and not open ended, such as "whatever the seller offers".
A cap. The agent may not receive compensation for brokerage services from any source that exceeds the amount or rate agreed in the buyer agreement.
Negotiable. The agreement must state conspicuously that broker fees and commissions are not set by law and are fully negotiable.
No compensation offers on the MLS. Offers of compensation from the seller side to a buyer agent can no longer be shared on the MLS. A seller can still choose to offer compensation, but it must be communicated off the MLS.

These are industry rules for MLS participants, not a statute. NAR notes that state law can require a written agreement earlier, and different MLSs and brokerages implement the rules in their own ways. We have not found a Nevada statute that separately requires a written buyer agreement before touring, so ask your agent and the Division.

Common types of agreement

Exclusive buyer representation. You agree to work with one brokerage for a period of time. In Nevada, a brokerage agreement with an exclusive agency provision must have a definite termination and must be signed by both you and the broker (or authorized representatives) to be enforceable.
Non-exclusive agreement. You work with an agent but remain free to work with others.
Limited agreements. NAR policy leaves the term and scope open, so an agreement can be as narrow as one day or one house. Some brokerages use a short agreement like this so you can see a home before deciding on a longer relationship.

What to read before you sign

Length. How long does it last? Shorter terms keep your options open.
Compensation. How much, how is it calculated, who pays, and what happens if the seller side pays less than the amount stated?
Scope. Does it cover all properties, a geographic area or just specific homes?
Ending it. Can you end it early, and is there a fee or other consequence?
Tail clause. Does it say you owe compensation if you buy a home you saw during the term after the agreement ends?
Services. What does the agent actually promise to do?
Who you are signing with. The agreement is typically with the agent brokerage, not only with the individual agent. Check the license first: how to check a Nevada license.

Nevada duties owed disclosure

Separate from any buyer agreement, Nevada law requires a licensee to give the Division-prepared form "Duties Owed by a Nevada Real Estate Licensee" (Form 525) to each party the licensee acts for, and to any unrepresented party. The form states that it is not a contract for services or an agreement to pay compensation. Read it alongside the buyer agreement.

Before one licensee acts for more than one party in the same transaction, the licensee must get each party's written consent, using the Division "Consent to Act" form (Form 524). The form says you are not required to consent: you can get your own agent, represent yourself or ask the broker to assign you a different licensee.

You can ask questions and negotiate

You are allowed to read the agreement at home, ask for changes and talk to more than one agent first. If an agent refuses to explain the terms or pressures you to sign on the spot, treat that as a warning. Our list of questions to ask a real estate agent includes ones about agreements and fees.

Frequently asked questions

Do I have to sign a buyer agreement to see a home?

If you work with an agent who is an MLS participant, you will need a written agreement before that agent tours a home with you, in person or by live virtual tour. According to NAR, you do not need one just to talk with an agent at an open house or ask about their services. You can decline a given agreement, though the agent may then choose not to work with you.

Is the commission set by law?

No. Under the practice changes, the buyer agreement must state conspicuously that broker fees and commissions are not set by law and are fully negotiable.

What if the seller does not pay my agent?

That depends on your agreement. Ask before you sign what you would owe if the seller side pays less than the amount stated. Your agent also cannot be paid more, from any source, than the amount or rate in your agreement.

Does this site give legal advice?

No. This is general information only. For advice about your situation, speak to a licensed Nevada attorney.

Is the rule still the same?

We reviewed this on 2026-11-10. Industry rules, court cases and local MLS policies can change, so check the current NAR guidance and your local rules.

Buyer agreements explained