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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 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 NAR currently represents about 1.6 million Realtors, with 90% of agents cashing in an average commission of 5% to 6% — equal to $100 billion in annual commissions.
As part of the settlement, the NAR is changing its policies involving commissions, which could eliminate the standard 5%-6% fee typically tacked onto a housing transaction. That fee is generally ...
Kilgore estimated that the number of agents could decrease as much as 50% as a result of the NAR settlement, with the remaining agents likely to be "more professional, more efficient agents."
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 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.
This month, the rules in residential real estate are changing. The National Association of Realtors said the changes included in a settlement to end antitrust legal claims officially take effect ...