Antitrust

The National Association of REALTORS^® (NAR) announced in March 2024 that it reached a proposed settlement agreement to resolve the litigation relating to federal antitrust conspiracy claims brought by home sellers. To comply with the terms of the proposed settlement agreement, the Real Estate Examining Board (REEB) approved revisions to the WB listing contracts, buyer agency and tenant representation agreements, the offers to purchase, and the option to purchase. These revised forms are mandatory for use on August 15, 2024, and are available in Transactions (zipForm Edition) and the WRA Forms Library. These products are included with WRA membership.

With the implementation of NAR's practice changes on August 17, 2024, below are a few reminders about the actions required to obtain a release of liability and protect your organization from related claims:

• The Multiple Listing Service (MLS) no longer includes offers of compensation. Consequently, listing firms cannot offer compensation to cooperating firms via the MLS. 
• Firms working with buyers need a written buyer agreement before touring a home with a buyer.

Additional resources to understand the reality of these practice changes are available for WRA members at the button below.