The settlement only addresses the elements required in written buyer agreements.  Florida REALTORS is in the process of amending their form options. Please check with your broker or office manager on office practices and requirements.  

Currently, Stellar MLS will not be collecting agreements, but if it is reported to Stellar MLS that an agent is showing properties without a written agreement, we will investigate and require the agent to provide a copy of the agreement within one business day.

If the BBA complies with the requirements, no action will be taken. However, if the form is not complete or out of compliance with requirements , an automatic Level III fine will be assessed in accordance with the Stellar MLS Rules and Regulations.  

There is no BBA required in advance of sending auto emails to potential buyers.  Once it’s time to show/tour a property, the BBA requirement is triggered. The requirement is to enter into a written agreement, prior to showing properties. In general, “touring” a home means that the buyer and agent enter a house for a live or virtual tour.    

Touring a home means when the buyer and the broker, or an agent, at the direction of their broker, enter the house. This includes when the broker or other agent, at the direction of their broker, enters the home to provide a live, virtual tour to a buyer not physically present. See NAR’s FAQ on what constitutes “Touring” : 

Stellar will remain in compliance with the requirement for a buyer broker agreement prior to touring a property (in person or virtual) by requesting copies of BBAs when necessary, verifying that the form is properly completed and in compliance with the required components. Failure to submit the form upon request or improper form/completion will result in an automatic Level III Severe Penalty.

Beginning on August 6th, brokers will need to have a process in place with their agents for the completion of a BBA before an agent tours/shows a property to a potential buyer. FR forms have been released; brokers may choose to use their own internal forms though the forms must be compliant with the requirements.  See our FAQ for the components required. 

The key components (for MLS purposes) of a BBA are as follows: 1. specific and conspicuous disclosure of the amount or rate of compensation the broker will receive; 2. the amount of compensation noted in a manner that is objectively ascertainable and is not open-ended; 3. provision that prohibits the broker from receiving compensation from any source that exceeds the amount/rate agreed to wth the buyer; and 4. a conspicuous statement that broker fees/commissions are not set by law and are fully negotiable. 

For each buyer you are showing property to, a BBA will be required. Example: one buyer, multiple properties, same day, or over multiple days=one agreement; Example #2: showing the same or different property to multiple buyers, a BBA for each buyer.

There is no MLS requirement that you show a copy of a BBA to the listing agent/office before showing; best practice and MLS requirements would dictate that you have one before showing. 

A BBA is a contract between the buyer's broker and the buyer, and it would be inappropriate to request a copy. However, you could certainly ask for verification that the agent has a signed BBA prior to showing. 

If you are working with a buyer and touring/showing properties in person or virtually, a written BBA is required before entering an open house. 

If an agent is hosting an open house for a listing that is not their own, that agent is working on behalf of the seller and no BBA would be required to show to an unrepresented buyer. 

If there is a possiblity of more compensation that is in a BBA, the buyer's agent would need to discuss with the buyer and ask for an amendment to the BBA in order for a higher amount to be received. 

Any changes to the BBA would be handled through an amendment to the BBA with the buyer. 

Yes, you can amend a BBA with the buyer's approval.

This would be between the buyer and the buyer's broker. It could be amended, or the buyer could choose to pay the difference. 

The buyer's broker cannot receive more compensation than is agreed to in the BBA. The BBA could be amended to authorize a bonus at the discretion of the buyer. 

No, the amount of compensation that the buyer agrees to be must be specific. Open-ended options are not specific, so no ranges, not general comments that notes "up to",  or automatic changes if the seller offers more.  The amount must be definitive and any changes will have to be made through an amendment if the buyer agrees.

Showing a property as the listing agent/office to an unrepresented buyer would NOT require the BBA. An agreement is not required because the broker/agent is performing work for the seller and not the buyer. Use of the BBA is required before a buyer's agent/brokerage shows a property. See NAR FAQ #60-62: https://www.nar.realtor/the-facts/nar-settlement-faqs 

Stellar MLS requires some form of a BBA and there are several options provided by Florida Realtors that are all compliant with the required inclusions for MLS purposes. 

If you are the agent hosting the open house, a BBA is not required to show an unrepresented buyer the property, as you are representing the seller at that point. Should the relationship evolve further and you show that buyer more properties listed in the MLS, then a BBA would be required.

Stellar MLS does not require use of a specific form, only that the form used contains the required elements of the settlement.  Brokers may develop their own forms, and the Florida REALTORS Exclusive Buyer Broker Agreements (EBBAs), Showing Agreement, and Pre-Touring agreement, all meet the requirements. 

If the showing is open to a wide audience, such as a Facebook Live or a video posted to social media that has a wide audience, no BBA would be needed. If you provide a generic virtual tour link from the listing agent, that would not trigger the requirement either. However, if you physically enter a home to deliver a “LIVE” virtual tour for a specific buyer, then yes, a written agreement would be needed.

If the form is compliant and the content (MLS requirements) is incomplete, unsigned, or is incorrectly completed, the penalty would go to the agent. 

This is a question for your broker or the FR Legal Hotline

There are multiple options for a BBA (provided by FR) including one for only specific properties. If you do show a property that is listed in the MLS without a BBA, you will be in violation of the MLS rules and subject to a fine.

No. A BBA is only required prior to showing residential properties of one-four units. (rentals are also exempt)

Conspicuous simply means that it needs to be prominent and easily identified, not buried -- for transparency to the buyer.  When completing the amount of compensation, it needs to be specific as in your example. 

This is a question for the FR Legal Hotline or your broker.

Absolutely, the intent of the BBA is to clarify what the buyer's broker will be paid if the property is purchased. 

Regardless of the source of a lead, you will need a signed BBA before showing a residential listing that is in the MLS. 

It depends.  If working solely on behalf of the seller, a written agreement with the buyer would not be required.  However, if at any point you begin providing services to the buyer, then an agreement would be required prior to touring residential property. Please verify with your broker or the FR Legal Hotline.