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In the United States, most homes [1] are bought and sold using real estate agents affiliated with the National Association of Realtors (NAR), an industry lobbying group with over 1.5 million individual members. [2] NAR permits only its members to call themselves Realtors.
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 ...
They sign a contract specifying the percentage of the commission split — traditionally, each party takes 3%. That puts the standard commission on a $300,000 home at $18,000.
The term “Realtor” (note the capital R) for example, is trademarked by the NAR, and if you’re not a dues-paying member, you’re just a real-estate agent. With about 1.5 million members, it ...
The act provides immunity to the State of California and its related entities from being sued. The law immunizes public employees from liability for “instituting or prosecuting any judicial or administrative proceeding” within the scope of their employment, “even if” the employees act “maliciously and without probable cause.” (Cal. Gov. Code, § 821.6)
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 trial court instructed the jury that it had to find the "actual malice" (as defined in California state law) "by a preponderance of the evidence" to award punitive damages. The jury awarded Burnett $300,000 in compensatory damages and $1.3 million in punitive damages. The trial court reduced this to $50,000 in compensatory damages and ...
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 ...