Realtor rules just changed dramatically. Here's what buyers and sellers can expect

For decades, real estate commissions have been somewhat standardized, with most home sellers paying 5% to 6% commission to cover both the listing agent and the buyer's agent. A landmark agreement from the National Assn. of Realtors paved the way for a new set of rules that will likely shake up the entire industry, affecting sellers, buyers and the agents tasked with pushing deals across the finish line. The most pivotal rule change pertains to how buyers' agents are paid. Traditionally, home sellers have paid for the commission of both their agent and the buyer's agent, which critics argue stifled competition and drove up home prices. The new rule prohibits most listings from saying how much buyers' agents are paid, removing the assumption that sellers are on the hook for paying both agents.