Pro-Consumer Buyer Agreement to DOJ

The Department of Justice initiated a formal inquiry into the California Association of Realtors' standard forms following a review that revealed the buyer representation agreement to be complex and potentially misleading. The CFA highlighted flaws in the agreement, stating that it camouflages buyer obligations and hints at circumventing NARA settlement terms. Conversely, a buyer agreement from EXP Realty was praised for its readability and pro-consumer nature by both the CFA and a law professor. The CFA plans to showcase the EXP Realty agreement as a positive example to state real estate regulators. This move sheds light on efforts to promote consumer-friendly buyer agreements and address concerns about the transparency and fairness of existing industry practices.