4/23/2024
Today, Judge Bough granted that motion which means that as of today, the settlement agreement is preliminarily approved. Settlement class members are now enjoined from filling complaints or prosecuting any claims based on the type of conduct at issue in Sitzer-Burnett and the other settled Actions on behalf of home sellers related to broker commissions against NAR or other parties that are released under the settlement.
4/17/2024
National Association of REALTORS® leaders have been talking to reporters and members full-time over the past month to correct the record about the association’s decision to resolve nationwide claims brought by home sellers. You can help by challenging inaccurate information that you see appearing in social media posts, news articles or elsewhere.
Read the special digital supplement of REALTOR® Magazine with 16 pages of important content that will dispel misinformation about the proposed settlement. It also includes valuable resources that help separate litigation facts from fiction, debunk myths, and help explain the importance of a written buyer agreement.
Gain clarity on NAR’s proposed settlement agreement and its current implications for LIBOR members. Hear about what we know so far concerning the new rules proposed in the settlement and what steps you can start taking now to prepare for the changes that are ahead.
3/22/24
Despite all of the news circulating about the NAR lawsuit proposed settlement, it's important to carry on with your usual business activities and remain patient about the changes that will lie ahead.
Right now, there are no rule changes that would alter how you currently operate as a real estate professional. You should be adhering to your broker's Standard Operating Procedures and maintaining your usual professional approach when representing buyers and sellers, ensuring transparency and honesty throughout.
National Association of REALTORS’® REALTOR® Party Community Engagement Liaison addresses the misinformation surrounding NAR’s recent settlement and reiterates the value real estate professionals provide to consumers. Read more here:
The agreement would resolve claims against NAR, over one million NAR members, all state/territorial and local REALTOR® associations, all association-owned MLSs, and all brokerages with an NAR member as principal that had a residential transaction volume in 2022 of $2 billion or below.
Following recent inaccuracies in media coverage, including the false representation or suggestion that NAR requires a standard 6% commission, NAR has issued a statement of facts regarding real estate commissions.
The rule that has been the subject of litigation requires only that listing brokers communicate an offer of compensation. Other rules throughout the MLS Handbook and NAR policy expressly prohibit setting or suggesting any such amount.