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A groundbreaking $418 million settlement announced Friday by the powerful National Association of Realtors is set to usher in the most sweeping reforms the American real estate market has seen in ...
The settlement comes months after a federal jury in Missouri found the NAR and two brokerages liable for $1.8 billion in damages for conspiring to keep agent commissions artificially high. The NAR ...
In a statement to CNN, an NAR spokesperson said it was “pleased that the Court has preliminarily approved the settlement because it is in the best interests of all parties and class members.”
The NAR acknowledged the pending settlement in a statement Friday and denied any wrongdoing. "NAR has worked hard for years to resolve this litigation in a manner that benefits our members and ...
The near $2 billion verdict, along with the pre-trial settlements, could dismantle the NAR’s hold over a system that has long been criticized for disadvantaging sellers and buyers.
In 1996, as part of its rules governing multiple listing services, NAR adopted a rule requiring Realtors to make "blanket unilateral offers of compensation" when listing homes for sale on an MLS. [7] These offers of compensation were required to be "a percentage of the gross selling price or as a definite dollar amount" and were to be paid by ...
The settlement reached by the National Association of Realtors (NAR) over real estate agent commissions could end up hurting an already beleaguered group: homebuyers.. The $418 million deal ...
The settlement must get court approval, then if approved any changes would go into effect in mid-July, NAR said in a March 19 news release. ... the rule shake-up has been met with some positive ...