2024 REALTOR ® Legislative Meetings: Advocating for Business and Homeownership

New Jersey Realtors® met with federal representatives at the 2024 Realtors® Legislative Meetings in Washington, D.C. from May 4-9 to support Realtor® businesses and property rights. Specifically, New Jersey Realtor® advocates discussed expanding protections under the Fair Housing Act, ensuring Veterans Affairs buyers maintain professional representation, maintaining independent contractor status under the Fair Labor Standards Act for real estate agents, and more.

Key legislative priorities this year focused on addressing housing affordability by increasing inventory and supporting small business owners. This includes backing bipartisan bills like the More Homes on the Market Act, the Neighborhood Homes Investment Act, and the Affordable Housing Credit Improvement Act. Additionally, efforts are underway to preserve the 199A-qualified business income deduction and 1031 like-kind exchanges, and to update tax laws to make homeownership more accessible.

Following the conclusion of the meetings, the U.S. Department of Veterans Affairs plans to temporarily lift its ban on buyers directly paying for professional real estate representation. This change will remain in effect until the VA decides to engage in a formal rulemaking process, according to a VA official at a Mortgage Bankers Association conference in New York.

Although not an official announcement, VA Deputy Director of Policy Michelle Corridon’s comments were welcomed by the real estate industry. Currently, the VA’s home loan guaranty program is the only one that explicitly prohibits this practice. As a result, veteran buyers often face limited options when sellers do not offer compensation to the buyer’s agent, potentially leaving veterans without professional representation or forcing them to switch to less favorable loan products.

These initiatives highlight our ongoing commitment to supporting fair housing, ensuring equal access to professional representation, and helping more people achieve homeownership.

Important Updates from the NAR Board of Directors

• Following the National Association of Realtors® proposed settlement, June 18 marks the deadline to opt-in to the settlement for release, while Aug. 17 signifies when practice and policy changes go into effect, as well as the date for plaintiffs to issue the class action notice. Visit facts.realtor for frequently asked questions, resources, and a settlement timeline.

• NAR’s Professional Standards Directors have agreed on three proposals from the Professional Standards Committee. These proposals include changes to Article 4 of the Code of Ethics and the addition of new Standards of Practice 4-1 and 4-2. These changes aim to clarify the Code of Ethics regarding conflicts of interest and to provide better protection for buyers, sellers, lessors, and lessees. If approved by the NAR Delegate Body in November, these amendments will become effective on Jan. 1, 2025.

• NAR is undergoing significant changes to foster a more inclusive and respectful environment. This transformation is being driven by the Culture Transformation Commission, a group within NAR comprised of over 70 members, including state and local association staff and NAR staff. Their mission is to identify and eliminate barriers to creating an inclusive, welcoming, and respectful organization for all. The tri-chairs of the commission Christina Pappas, Michelle Mills Clement, and Gayle Bobo, provided an update on the commission’s progress in recommending organizational changes to foster a welcoming and positive work environment at NAR, while also emphasizing its core mission. Mills Clement highlighted NAR’s leadership role as the world’s largest real estate association, aiming to set a model not only for the real estate industry but also for associations globally.