eXp takes a step toward increased referral fee transparency 

National Association of Realtors’ (NAR) leadership may still have a divided view on the disclosure of referral fees, but one national real estate brokerage has come to a firm decision on where it stands.

On Tuesday, eXp Realty announced that starting next Monday, Dec. 1, it will be implementing enhanced disclosure standards and a new “Consumer Choice” framework.

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 according to eXp, “explicitly outlines the consumer’s right to choose their ancillary providers.” In addition, eXp said it is launching new sections in its seller and buyer agreements to provide greater clarity for consumers surrounding referral fees. 

“The real estate landscape is evolving rapidly. We are seeing massive acquisitions of search portals by mortgage lenders and aggressive vertical integration,” Leo Pareja, the 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 is moving first. We are empowering our agents to lead with clarity, ensuring every consumer understands their rights and the financials of their transaction. This is how we protect the human relationship at the heart of real estate.”

eXp’s announcement comes a little over a week after NAR’s Delegate Body overturned a vote by its board of directors to amend Article 6 of the trade group’s code of ethics. The amendment would have required Realtors to obtain a client’s consent any time they receive any money, rebate or profit from referrals. 

This is not eXp’s first foray into forms. In 2023, eXp launched its own buyer broker agreement in response to the business practice changes in the NAR’s commission lawsuit settlement agreement.