New Forms FAQ

New Forms FAQ Buy Side 1. What is the BHHS Select Properties minimum commission? BHHS Select Properties broker policy is a commission of 2.7% or greater. Anything lower than 2.7% requires broker approval before acceptance. 2. Is Broker compensation entered on line 43 of the Buyers Exclusive Agency Agreement? Yes, it is. 3. If we agree to accept less/more than what is noted in the Buyers Exclusive Agency Contract, can we draft a new agreement or an amendment? Yes. An agent may not receive compensation for brokerage services from any source that exceeds the amount or rate agreed to in the Buyers Exclusive Agency Contract with the buyer. If compensation is provided by the seller and/or listing agent that exceeds the amount or rate set out in the Buyers Exclusive Agency Contract, acceptance of additional compensation could be accomplished by providing disclosure to the buyer before the buyer makes or accepts an offer and confirming the revision to the amount or rate of compensation in writing with an amendment. If the agent agrees to accept less than the amount or rate agreed to in the Buyers Exclusive Agency Contract with the buyer, the acceptance of less compensation could be accomplished by providing disclosure to the buyer before the buyer makes or accepts an offer and confirming the revision to the amount or rate of compensation in writing with an amendment. Please note, BHHS Select Properties broker policy is a commission of 2.7% or greater. Anything lower than 2.7% requires broker approval prior to acceptance. 4. Will we be using the St. Louis Realtors Association Buyers Exclusive Agency Contract or is the company generating its own forms? We will use SLR forms starting July 23 and will continue to monitor for any future changes. 5. The lawsuit prevents us from using the word "minimum" because it indicates that it is nonnegotiable. What is the suggested terminology? “Broker policy” is the preferred terminology (see lines 37 & 38 of the Buyers Exclusive Agency Contract). 6. Will all current Buyers Agency agreements be required to sign a new one? No, agents need to execute Buyer Commission Agreement Form BHHSSP 152 in this circumstance. 7. Does the $395 Broker Compensation Fee go on line 47? Yes, it does. The form in SkySlope will be pre-populated with the $395 Broker Compensation fee but can be edited by agents and increased to $495. 12851 Manchester Rd., Ste 100, St. Louis, MO, 63131 A member of the franchise system of BHHS Affiliates, LLC 7/22/2024