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
Join Idaho REALTORS® for our next NAR Litigation Update Webinar – April 10th, at 1:00 pm MT. This session will be hosted by 2024 President Katrina Wehr, with discussions from Legal Counsel Jason Risch and Past President Tracy Kasper. This session will dissect the recent NAR settlement’s implications, the changes regarding compensation offers on MLS, and requirements for buyer representation agreements starting mid-July 2024.
This webinar is an opportunity for our members to discuss the settlement’s impact and understand compliance strategies. Idaho REALTORS® remains dedicated to supporting our members through this developing environment. Register today and join us for this critical webinar.
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.
