What You Need to Know About the NAR Settlement
On March 15th NAR announced a proposed settlement of $418 million in the Sitzer-Burnett case regarding broker commissions. This settlement aims to resolve litigation for claims made by home sellers about commission structures. It covers NAR, its over one million members, REALTOR® associations at all levels, association-owned MLSs, and brokerages led by an NAR member with a residential transaction volume up to $2 billion in 2022. This settlement does not cover agents affiliated with HomeServices of America and its related companies, still contesting the case. Similarly, employees of other corporate defendants named in the lawsuit are excluded.
Idaho REALTORS® wants to ensure that our members understand the shifting nature of this landscape and are kept appraised of the most pertinent developments. As we look ahead and prepare for the evolving industry, we will continue to update this page and keep our members informed with any new information and guidance as it becomes available.
WEBINAR | NAR LITIGATION SETTLEMENT UPDATE
In case you couldn’t join us for the April 10th webinar, we have made the full recording available for you to stream. Join us for a discussion on the NAR Settlement with IR’s legal counsel Jason Risch and IR Past President Tracy Kasper, moderated by Idaho REALTORS® President Katrina Wehr. This webinar focuses on the NAR Settlement’s implications and the proactive measures Idaho REALTORS® can take in response. Jason Risch shares the legal aspects and updates that IR is looking into for our forms to align with the settlement terms, ensuring compliance and safeguarding our members’ interests. Tracy Kasper shares her perspective as a broker-owner, discussing how these changes will affect the real estate industry and individual practitioners. We want to thank our panel members for joining us for this discussion! Do you have any lingering questions? Feel free to send them to us .
Further Reading and Resources
PRESENTATION | NAR Settlement Agreement Overview with Idaho REALTORS® CEO, David Hensley
In this video update from Idaho REALTORS®, CEO – David Hensley – shares an overview of the recent proposed NAR Settlement Agreement. This presentation is based on his understanding and opinion of the NAR Settlement Agreement, and its impact on REALTORS® in Idaho. David also outlines the settlement’s terms, its implications for real estate practices, and provides an explanation of NAR’s timeline for implementation. It is the aim of this presentation to address common misconceptions about the settlement agreement and offer insights into the path forward for REALTORS® in Idaho. If you have any additional questions or want to know more about the developing NAR Settlement please visit the resources available on NAR’s website at Facts.Realtor OR Competition.Realtor.
