In the case of Burnett v. NAR et al, the jury found NAR and co-defendants liable. NAR is resolutely defending market-driven pricing, consumer interests, and the invaluable role REALTORS® play. The commitment to appeal the verdict, the financial preparedness, and the unwavering dedication to pro-consumer principles are all signals of NAR's continued support for you and your profession. Your expertise in guiding clients through real estate complexities remains vital, and NAR is steadfast in preserving a fair and competitive real estate marketplace.
FAQs:
- Next steps legally and timing: The case is far from final, as NAR plans to appeal the verdict, and it may take several years to conclude.
- Basis for NAR's appeal: The specifics are undisclosed, but NAR asserts a strong legal basis for the appeal.
- Changes for REALTORS®, brokers, associations, or MLSs: No immediate changes due to the verdict, but NAR emphasizes buyer representation agreements and the importance of communicating commission negotiability and market-driven pricing.
- Future of buyer representation: The verdict doesn't mandate rule changes, but it highlights the need for members to emphasize their expertise in guiding buyers.
- NAR's funds for damages and appeals: NAR is financially prepared to post bond and proceed with appeals, confident in ultimate success.
- Effect on other ongoing litigation: The verdict does not affect other cases, and NAR remains confident in its pro-consumer rules.
- Settlement possibility: NAR is open to a resolution that benefits both buyers and sellers but remains confident in its appeal.
- Changing the cooperative compensation rule: NAR continually reviews and evolves its rules to align with industry changes while prioritizing consumer interests.
- Plaintiffs seeking an injunction: NAR would contest such efforts, as the rule aims to protect consumers and promote business competition.
- Status with the Department of Justice: NAR has upheld its agreement with the DOJ, and it's a separate matter from the Burnett v. NAR et al case.
Staying informed about trial updates is vital in the ever-evolving landscape of real estate. Your knowledge empowers you to make well-informed decisions and navigate the industry effectively. We're here to keep you updated every step of the way, ensuring that justice prevails and you have the information you need to thrive in the world of real estate. Stay tuned for more insights and updates as we continue this journey together.
BEST PRACTICES
- Stay Informed Visit Competition.Realtor for Regular Updates & News.
- Read Full Statement from NAR President Tracy Kasper
- Speak to Your Broker Manager about Company/Office Policy.
- Use buyer representation agreements, which maximizes transparency by putting all agreements in writing to ensure clarity and understanding.
