Special Report From the November 17, 2025, Board of Directors Meeting

The National Association of REALTORS® Board of Directors and Delegate Body meetings on Monday capped off a week of governance meetings, education and networking at NAR NXT, The REALTOR® Experience.

At the Board of Directors meeting, the association’s 2026 officers were installed; NAR Treasurer Craig Sanford presented a report on the association’s financial position; and board members approved recommendations from the Finance Committee, Professional Standards Committee and Leadership Team.

Board Actions

Board members approved four Professional Standards Committee recommendations to modernize the Code of Ethics and bring it into alignment with the 2024 legal settlement:

• Amended Article 6 to expand transparency by ensuring that real estate referral fees are disclosed to clients and customers (later narrowly defeated by the Delegate Body).
• Amended Article 7, regarding disclosure of compensation from more than one party, to limit its disclosure and approval requirements to a REALTOR®’s client or clients. (Written agreements with buyers, required under the 2024 settlement agreement, may include compensation from both the buyers and the listing side. The change makes clear that there is no obligation to disclose the contents of a buyer-broker agreement to sellers or their brokers.)
• Deleted Standard of Practice 3-4. The SOP’s requirement to disclose a variable rate commission was predicated on a unilateral offer of compensation in the MLS. The elimination of this SOP is another step in modernizing the Code with regard to the settlement practice changes.
• Updated the language of Standard of Practice 17-4 to ensure compliance with the tenets of the settlement agreement by reinforcing that compensation awarded in arbitration may not exceed the amount outlined within the terms of the buyer representation agreement.

The Article 7 and Standard of Practice changes go into effect Jan. 1, 2026.

Board members approved BDO USA as the audit and tax services provider for NAR, effective with the 2025 fiscal year audit. Sanford reported that membership stands at 1,491,126 members, 6.5% over the budgeted number for 2025. The projected membership for 2026 is 1.2 million.

Finally, the board approved an amendment to the NAR Constitution to give local and state associations more time to appoint NAR directors. The deadline was extended from Sept. 15 to Oct. 31 of the year prior to service.

Special Recognitions

Directors welcomed the 2025 Distinguished Service Award winners to the stage. The DSAs, named at the REALTORS® Legislative Meetings in June 2025, are Brooke Hunt of Flower Mound, Texas, and Jim Cormier of Blaine, Minn. Hunt thanked all those who contributed to her journey and said, “no one gets here without the support of others.” Cormier said a comment made by an NAR keynote speaker, early in his career, has stuck with him: “You’ll get what you want in life if you help others get what they want.”

NAR 2025 President Kevin Sears gave special thanks to CEO Nykia Wright and San Francisco broker Vince Malta for their leadership. Malta, who was NAR’s 2020 president, stepped back onto the Leadership Team in 2024 to fill a sudden vacancy and remained on the team through 2025.

Sears, a broker from Springfield, Mass., surprised two volunteer leaders with a President’s Award for their extraordinary service in 2025:

• Dawn Ruffini of Wilbraham, Mass., chaired the 2025 Strategic Planning Committee
• Ezekiel “Zeke” Morris of Chicago served as 2025 REALTOR® Party Director

CEO Nykia Wright closed the meeting with her own thank you. Sears—who stepped into the presidency a year early—is only the second two-term president in NAR’s 117-year history. Wright said she’ll remember him “for carrying the association through its most turbulent and darkest period ... He made the load easier to carry … I’m grateful to have had him along with me on this journey.”

2026 Leadership

At the conclusion of the Board of Directors meeting, the 2026 Leadership Team officially took office. They are:

Leadership Team

• Kevin Brown, President (California)Christine Hansen, President-Elect (Florida)Colin Mullane, First Vice President (Oregon)Craig Sanford, Treasurer (Arizona)Kevin Sears, Immediate Past President (Massachusetts)Asa Fleming, VP of Advocacy (North Carolina)Bobbi Howe, VP of Association Affairs (Missouri)

Regional Vice Presidents

• Region 1: Michael Hickey (Vermont)Region 2: Nick Manis (New Jersey)Region 3: Christopher Suranna (Washington, D.C.)Region 4: Hagan Stone (Tennessee)Region 5: Keith Henley (Mississippi)Region 6: Ralph Mantica (Ohio)Region 7: Dana Keegan (Wisconsin)Region 8: Brandon Martens (South Dakota)Region 9: Nate Johnson (Missouri)Region 10: Russell Berry (Texas)Region 11: David Barber (Colorado)Region 12: Drew Coleman (Oregon)Region 13: Melanie Barker (California)

Delegate Body Actions

Changes to the NAR’s Constitution and Code of Ethics Articles also require approval by two-thirds of the Delegate Body. Following the board meeting, the Delegate Body met to consider three constitutional amendments and two changes to the Code of Ethics. The Delegate Body:

• Approved a constitutional amendment that no fewer than 10% of the Executive Committee be REALTORS® whose primary focus is commercial real estate, as approved by the Board of Directors in November 2024
• Approved a constitutional amendment to say that the Executive Committee include a commercial practitioner who has served as chair, vice chair, or liaison of an NAR commercial-related committee or forum for a two-year term, as approved by the Board of Directors in June 2025
• Approved extension of the deadline for NAR director appointments, as approved by the Board of Directors at Monday’s meeting
• Narrowly defeated the amendment to Article 6 of the Code of Ethics that real estate referral fees be disclosed to clients and customers, a motion approved by the Board of Directors at Monday’s meeting
• Approved the amendment to Article 7 of the Code of Ethics regarding disclosure of compensation from more than one party, as approved by the Board of Directors at Monday’s meeting

Executive Committee Actions

The day before the board meeting, NAR’s Executive Committee:

• Unanimously approved the 2026-28 Strategic Plan
• Approved a set of 18 recommendations to update the Multiple Listing Policy Handbook
• Supported a uniform, nationwide adoption of a requirement for community associations to disclose master insurance policies and related documents to buyers
• Supported reforms to preserve the long-term viability of the National Flood Insurance Program, including limiting or excluding coverage for properties with excessive flood loss claims
• Reaffirmed support for federal tax policies that assist owners whose real and personal property is threatened by, damaged or destroyed by national disasters
• Modified NAR’s policy on 1031 exchanges in support of elimination of the 45-day and 180-day rules
• Voted to support digital transaction technologies proposed in federal legislation
• Approved a new policy on public land use that encourages protection of property rights, sustainable resource use, long-term conservation and ecosystem protection, public access and recreation, science-based management, and local input and decision-making
• Approved a new policy in support of financial and other incentives for voluntary private land conservation