NAR Settlement Still an Enigma for Some Ahead of Big Aug. 17 Deadline

The National Association of Realtors (NAR) settlement has been a hot topic in the real estate industry. With the big August 17 deadline looming, many are still unsure about what this settlement entails and how it will impact them. In this article, we will delve into the details of the NAR settlement and address some common questions and concerns.

Understanding the NAR Settlement

The NAR settlement stems from a lawsuit filed by the U.S. Department of Justice over allegations that the organization engaged in anticompetitive practices. The settlement requires the NAR to make changes to its rules and policies to promote competition in the real estate market.

One of the key changes mandated by the settlement is the requirement for NAR members to allow their listings to be displayed on competing online platforms. This is intended to increase competition and provide more choices for consumers looking to buy or sell a home.

Additionally, the NAR settlement prohibits certain practices that were deemed anticompetitive, such as steering buyers away from certain properties or limiting access to listing information. These changes are designed to create a more level playing field in the real estate industry.

Deadline Looming

The August 17 deadline is fast approaching, and many NAR members are still unsure about how to comply with the new requirements. Some are concerned about the potential impact on their business, while others are simply confused about what steps they need to take.

It is important for NAR members to familiarize themselves with the details of the settlement and ensure that they are in compliance by the deadline. Failure to do so could result in penalties or disciplinary action by the NAR.

Conclusion

As the August 17 deadline for the NAR settlement draws near, it is crucial for NAR members to understand the implications of the settlement and take the necessary steps to comply with its requirements. By promoting competition and creating a more transparent real estate market, the NAR settlement has the potential to benefit consumers and industry professionals alike.

FAQs

What is the NAR settlement?

The NAR settlement is the result of a lawsuit filed by the U.S. Department of Justice over allegations of anticompetitive practices in the real estate industry.

What are the key changes mandated by the NAR settlement?

Some of the key changes include allowing listings to be displayed on competing online platforms and prohibiting certain anticompetitive practices.

What is the deadline for compliance with the NAR settlement?

The deadline for compliance is August 17, 2021.

What happens if NAR members fail to comply with the settlement?

Failure to comply could result in penalties or disciplinary action by the NAR.