Agent Commissions And DC Homebuyers
By Susan Isaacs | DC Real Estate Consultant, Partnering with: DOMOofCompass
(Compass | 1313 14th St NW DC 20005)
Breaking Down Changes In Real Estate Commission Practices | Washington DCNAR (The National Association of Realtors) agreed recently to a $418M settlement and mandating of changes to key policies as part of its resolution of multiple class-action lawsuits. The jury in the Missouri Sitzer-Barnett case ordered the defendants to pay almost $1.8B in damages — potentially $5B+ if the court awarded the plaintiffs treble damages. NAR's settlement agreement likely saved the organization from bankruptcy, but where does it leave home buyers, agents and home sellers?The policy changes agreed to by NAR include the prohibition of publishing offers of broker compensation on any MLS (Multiple Listing Services) databases affiliated with the NAR. That leaves the country divided between affiliated service...
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