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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 ...
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]
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 ...
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 brokerages all settled out-of-court, and in March 2024, NAR settled as well, agreeing to pay $418 million in damages and change some of their longstanding rules. (Final court approval was ...
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.
This settlement means the NAR can no longer set any rules that would allow a seller’s agent to set compensation for a buyer’s agent. ... the interim CEO of NAR, said in response to the lawsuit ...
NAR, which boasts 1.5 million members, has agreed to pay $418 million in damages to settle a wide range of lawsuits in courts across the nation, including the shocking $1.8 billion verdict awarded ...