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A settlement announced by the National Association of Realtors on Friday, which ended its litigation with some homesellers, is expected to fundamentally change the rules around how Americans buy ...
The NAR has contended that agent commissions are negotiable and competitive, a claim the Justice Department has disputed in legal filings. SEE MORE: Report says homebuyers need to earn $47,000 ...
Rhonda Burnett, the lead plaintiff, testified about her experience with a real estate agent from HomeServices of America subsidiary ReeceNichols. According to Burnett, the agent gave her a contract to sign with a commission rate of 6% already filled in, and she was told that the rate was non-negotiable. [12]
A powerful real estate trade group has agreed to do away with policies that for decades helped set agent commissions, moving to resolve lawsuits that claim the rules have forced people to pay ...
The settlement could slash real estate agents’ commissions by up to 30% over time and reduce the total number of real estate agents considerably, according to some industry analysts.
The Texas Real Estate Commission (TREC) is the state agency that governs real estate practices in the state of Texas. The agency is headquartered at 1700 North Congress in Austin. [1] TREC is composed of nine members appointed by the Governor with the concurrence of the Texas Senate. The members are appointed for six-year terms, with the terms ...
One of the nation's largest real estate brokerages has agreed to pay $70 million as part of a proposed settlement to resolve more than a dozen lawsuits across the country over agent commissions.
The Real Estate Settlement Procedures Act (RESPA) was a law passed by the United States Congress in 1974 and codified as Title 12, Chapter 27 of the United States Code, 12 U.S.C. §§ 2601–2617.