eXp is taking a step towards more transparency about referral fees
This new framework includes a new form and referral fee disclosure.
The new form is titled the “Consumer Choice in Your Real Estate Transaction” form, which eXp says “explicitly outlines the consumer’s right to choose their support service providers.” Additionally, eXp said it is launching new sections in its seller and buyer agreements to provide consumers with greater clarity on referral fees.
“The real estate landscape is rapidly evolving. We are seeing massive acquisitions of search portals by mortgage lenders and aggressive vertical integration,” Leo Pareja, CEO of eXp Realty, said in a statement. “In this environment, silence is not an option. Transparency is not just good business, it is the foundation of public trust. Regardless of external regulatory debates, eXp leads the way. We empower our agents to lead with clarity and ensure that every consumer understands their rights and the financial aspects of their transaction. This is how we protect the human relationship at the heart of real estate.”
eXp’s announcement comes just over a week after NAR’s delegation body overturned a board of directors vote to amend Article 6 of the trade group’s code of ethics. The change would have required brokers to obtain a client’s consent whenever they received money, discounts or profits from referrals.
This is not the first time that eXp has dealt with forms. In 2023, eXp launched its own buyer broker agreement in response to the business practice changes in the NAR’s commission settlement agreement.
