To promote transparency and consumer confidence in the residential marketplace, the UCBA will now require offers of compensation to the buyside broker to originate from the Seller/Owner. Listing Brokers will no longer be permitted to make the offer of compensation to the buyside broker – even if it is on the Seller’s/Owner’s behalf. Additionally, Listing Brokers will no longer pay the buyside compensation.
Article IV of the UCBA is revised to include the Seller’s offer of compensation, if any, to the buyside broker. The UCBA added new exhibits of sample listing agreement compensation clauses that clearly convey the Seller’s/Owner’s offer of compensation to the buyside broker.
See pg 14., See Exhibit H and I
Accepting Professional/Retail Space in a Residential Property
Responding to broker feedback, the RLS will now accept listings for professional and retail units within residential properties. Listings of such units in residential properties of five units or less must comply with the “Simultaneity Rule” of the UCBA’s Article I, Section 5.
See pg 6. Article I Section 5F, Definition of “Exclusive Listing”
The RLS will add new data fields to further define residential properties to specify these units. Fields are: Mixed-Use, Retail, Professional and Office.
Loosening Restrictions on “Opted-Out” Listings
Opt-Out listings are those listings where the Owner does not wish to submit the listing to the RLS. The listing broker must submit an Opt-Out form to the RLS. The UCBA is now revised to allow listing brokers to communicate the Opt-Out listing to other brokers through one-to-one personal emails or phone calls.
See pg. 5., Article I, Section 5
Unsolicited offers during “Coming Soon” status
The UCBA is clarified to ensure that unsolicited offers may be conveyed to the Owner while an Exclusive Listing is under “Coming Soon” status. However, listings must be switched to “Active” status to further engage with the party marking the offer.
See pg. 9., Article 1 Section 16E
Electronic Payment for Commission Checks and Rent Deposit Checks
The UCBA is revised to recognize and accept electronic fund transfers like wire transfers, ACH payments, and digital wallet apps (Venmo, Zelle) for rent, security deposits, and other payments. Participants may use its firm’s dedicated escrow or consumer funds account to hold the payment.
See pg. 15., Article IV, Section 7B