Carl Horst Chief Executive Officer at Cincinnati Area Board of REALTORS | Official website
Carl Horst Chief Executive Officer at Cincinnati Area Board of REALTORS | Official website
The National Association of REALTORS® (NAR) and plaintiffs have reached a proposed settlement to resolve litigation related to broker commissions. This agreement involves NAR, over one million members, state/territorial and local REALTOR® associations, association-owned Multiple Listing Services (MLSs), and brokerages with residential transaction volumes in 2022 of $2 billion or below. The settlement awaits court approval, expected to take several months. RAGC will update contracts and forms before the anticipated mid-July 2024 effective date.
NAR has provided resources including an announcement, fact sheet, Settlement Agreement, and Q&A for its members at facts.realtor. Updates are available on competition.realtor.
Fortune Magazine published an op-ed by Tim Hur, NAR REALTOR® Party Community Engagement Liaison, addressing misreporting about the settlement. He emphasizes that "the NAR does not set commissions" and the settlement won't change this.
Spencer High from NAR discussed the agreement's implications on NAR’s Real Estate Today podcast. The episode is accessible on facts.realtor.
Tracy Dunne appeared in media outlets discussing real estate commission misinformation. Dunne stated: “Our goal is to continue to keep this simple for the consumer.”
NAR President Kevin Sears highlighted ongoing advocacy efforts following the settlement announcement.
Todd Book from Ohio REALTORS addressed inaccuracies in media coverage regarding standard commission rates allegedly required by NAR.
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