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On March 15, 2024, the National Association of Realtors announced that it would settle the lawsuit rather than appeal. The group agreed to change how commissions are paid and to pay back $418 million over four years. [16] The judge presiding over the case granted preliminary approval to the settlement on April 23, 2024. [17]
March 19, 2024 at 11:46 AM The settlement reached by the National Association of Realtors (NAR) over real estate agent commissions could end up hurting an already beleaguered group: homebuyers.
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 ...
On the other hand, real estate sales is a relatively easy business to get into, as evidenced by NAR’s membership rolls of more than 1.5 million agents. To earn a real estate license, an agent ...
The lawsuit went to trial in 2007 and the FTC lost, [9] but won the case in a 4–0 unanimous ruling on appeal in 2009. [ 10 ] In Canada, CREA has come under scrutiny and investigation by the Competition Bureau and litigation by former CREA member and real estate brokerage Realtysellers (Ontario) Ltd., for the organization's control over the ...
The National Association of Realtors (NAR) is an American trade association [5] for those who work in the real estate industry. As of December 2023, it had over 1.5 million members, [6] making it the largest trade association in the United States [7] including NAR's institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries.
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 ...
The Department of Justice brought an antitrust lawsuit against the NAR trade group in 2005. [ 3 ] [ 4 ] The complaint accused the association of unfairly limiting access to the multiple listing service (MLS), which effectively prevented online brokerages from competing with traditional brick-and-mortar offices.