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ASHEVILLE - Mired in legal battles oyver the real estate industry's commission structure, the National Association of Realtors announced last week that a new rule would prohibit the offer of ...
The Justice Department filed a complaint in 2020 against the NAR, alleging it established and enforced rules and policies that illegally restrained competition in residential real estate services.
The NAR said the new rules will preserve consumer choice. The settlement still needs approval in federal court. It comes after years of legal battles between Realtors and the federal government.
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.
It would transform a number of rules and guidelines set by the NAR that critics say have kept housing prices artificially inflated. The TL;DR: 6% commissions, split between the buyer’s and ...
The National Association of Realtors maintains rules that each MLS owned by a local association of Realtors is required to follow. 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]
A multiple listing service (MLS, also multiple listing system or multiple listings service) is an organization with a suite of services that real estate brokers use to establish contractual offers of cooperation and compensation (among brokers) and accumulate and disseminate information to enable appraisals.
In October, a federal jury found the NAR and some major brokerages liable for colluding to inflate commission fees, ordering the trade group to pay a historic $1.78 billion in damages.