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hutterstockBenchmark Realty and eXp Realty have rolled out new referral‑fee disclosure documents to improve transparency and reinforce agents’ fiduciary duties.
**Key developments**
- **eXp Realty** will begin using “Consumer Choice” agreements on December 1. These forms highlight that buyers and sellers can select their own mortgage, title, and other service providers, even if agents recommend a preferred vendor. The language stresses that no bundled package is mandatory and urges clients to interview at least two providers to secure competitive rates. eXp claims the move demonstrates its commitment to client advocacy and invites the entire industry to adopt the same standard.
- **Benchmark Realty** announced a policy that mirrors the California Association of Realtors’ recent revision of a standard form. The brokerage now requires that any referral fee paid or received be fully disclosed in writing before or at the time of the referral. Failure to comply can lead to disciplinary action, including possible termination of affiliation. Benchmark stresses that, despite the National Association of Realtors’ vote against mandatory transparency, its clients deserve clear insight into how agents are compensated.
Both firms are offering their updated forms to the broader real‑estate community, positioning them as pro‑consumer tools. The overarching goal is to preserve trust, protect buyers and sellers, and elevate professionalism across the industry.
