The Omaha Area Board of REALTORS® (OABR) is a professional association that advances the real estate profession, defends private property rights, and advocates homeownership for all.
OABR is a non-profit, dues-funded membership organization. REALTOR® members are Registered, Licensed, or Certified Appraisers or Licensed Real Estate Brokers and their affiliated agents licensed as Real Estate Salespersons or Associate Brokers.
Real estate agents may affiliate with a real estate Broker who has opted in as a Great Plains Regional MLS (GPRMLS) Participant. GPRMLS provides MLS service for the greater Omaha-Lincoln area and is privately funded by participants and affiliated licensees.
All REALTORS® Participating in GPRMLS agree to cooperate with other brokers and to abide by the REALTOR® Code of Ethics, which states, “REALTORS® shall cooperate with other brokers except when cooperation is not in the client’s best interest. The obligation to cooperate does not include an obligation to share commissions, fees, or to otherwise compensate another broker (Article 6).
Without this cooperation, the organized real estate market, as we know it today, would not exist. In the MLS system, property information is collected, standardized, stored, and provided for use by other REALTORS®, lenders, appraisers, and consumers. Virtually all consumer-accessible real estate websites are powered with property information amassed by the efforts of the local MLS operation.
OABR and GPRMLS (the Organizations) do not provide real estate services directly to the public, and the office staffs are not licensed to act in that capacity. The Organizations also do not involve themselves with commissions or the division of commissions between members, other MLS users, or the public. Fees charged by members are determined solely by the broker and their client.
The Organizations never establish, publish, or otherwise suggest standard charges or a range of fees for REALTORS®. Brokerage business models and the professional fees charged by members are never discussed in formal meetings or casual gatherings of the Organizations.
A broker may compensate a cooperating broker participating in a transaction. Listing brokers who are MLS Participants make unilateral compensation offers to other MLS Participants through the MLS system. The offered level of compensation for cooperation, if any, is solely determined by the listing broker and the property owner.
GPRMLS only requires a Participating listing broker to communicate information about the property and the compensation they offer to pay a buyer’s broker for their work. In the MLS system, the offer of compensation can be $0, or it may be a fixed dollar amount, a percentage of the gross selling price, or any other arrangement.
This MLS requirement benefits consumers and helps safeguard transparency and efficiency for all parties in a transaction. The MLS benefits sellers by bringing more potential buyers to a home and benefits buyers by ensuring they have representation if they want it. This process of sharing commissions is authorized by state law and supported by federal housing policy.
The REALTOR® Code of Ethics states that “REALTORS® shall not accept any commission, rebate, or profit on expenditures made for their client, without the client’s knowledge and consent (Article 6). In a transaction, REALTORS® shall not accept compensation from more than one party, even if permitted by law, without disclosure to all parties and the informed consent of the REALTOR®’s client or clients (Article 7). REALTORS®, for the protection of all parties, shall assure whenever possible that all agreements related to real estate transactions, including, but not limited to, listing and representation agreements, purchase contracts, and leases are in writing in clear and understandable language expressing the specific terms, conditions, obligations, and commitments of the parties (Article 9).”
Consumers of real estate services should always seek legal and tax advice when buying, selling, or leasing real estate.
Advance the real estate profession, defend private property rights, and advocate homeownership for all.
The Omaha Area Board of REALTORS® supports its mission by focusing on four pillars of strength:
Professionalism and Knowledge
- Organizational Effectiveness
REALTOR® Code of Ethics
REALTORS® are pledged to a strict Code of Ethics and Standards of Practice. The National Association of REALTORS®’s Code of Ethics, adopted in 1913, was one of the first codifications of ethical duties adopted by any business group. The Code ensures that consumers are served by requiring REALTORS® to cooperate with each other in furthering clients’ best interests.