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NAR settlement approved! What now?
December 3, 2024 @ 1:00 pm - 2:30 pm
Free
Instructor: Elizabeth Soto
On November 26, 2024, the judge overseeing NAR’s proposed nationwide class action settlement approved the NAR settlement that resolves litigation brought on behalf of home sellers related to broker commissions.
What does it mean now?
• The MLS rule changes implemented over the summer will remain unchanged and in place. Our new MLS Rules (updated November 14, 2024), are HERE.
• The dozens of pile-on lawsuits filed around the country will be dismissed. This will take some time for the parties and judges in each case to finalize dismissal, and there are some MLSs and brokers that did not “opt in” to the settlement and may continue to face litigation.
• There are separate home buyer class actions that will continue to proceed against NAR and a limited set of defendants. These cases may proceed for some time before resolution.
• The U.S. Department of Justice continues to actively investigate the industry’s practices. The finalization of the settlement does not affect the DOJ’s investigations.
• The settlement does not shield agents and brokers from the requirement to comply with the antitrust laws. The antitrust laws continue to apply to our industry. Price-fixing, steering, filtering, and boycotting all remain illegal. One way price-fixing can still arise is by real estate professionals using “information exchanges” to learn what others are being paid. It doesn’t matter if the exchange is operated by a website, media company, consultant, title company, association, or MLS. If you share and receive data about what buyers or sellers are paying brokers in the area, whether through a survey or even through a conversation with a title company that has access to current commission data, then you risk violating the antitrust laws. These types of “information exchanges” are a common target for antitrust lawsuits. The DOJ and plaintiffs’ attorneys are actively monitoring our industry and are likely to use information exchanges like commission websites, surveys, and other summaries of local pricing information as evidence to investigate and sue brokers and agents for price fixing. We encourage brokers and agents to think critically about how they price and market their services, and not to accidentally create the next antitrust allegations.
Resources for you:
• Continue to get the most updated information, education, resources, and toolkits at www.miamirealtors.com/facts.
• Use the toolkits to navigate the new practice changes
• If you are a broker, license MIAMI REALTORS’ courses for free and customize them to your brokerage’s unilateral and independent business practices
• Make sure you know and are in compliance with the new MLS Rules
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