Share
Palm Springs Tribune (Palm Springs, Calif.)
A big story unfolded this past week surrounding the National Association of Realtors® who proposed a settlement agreement, to ongoing litigation of claims brought on behalf of home sellers related to broker commissions. Following this settlement agreement proposal, media outlet after media outlet have reported on the case and have made predictions about the future of real estate sparking fury by many real estate professionals.
The National Association of Realtors® has fiercely interpreted many of these stories as reporting inaccurate information including what they say is the false representation or suggestion that the National Association of REALTORS® (NAR) requires a standard 6% commission, they don’t, and NAR has issued the following statement:
"The National Association of REALTORS® (NAR) does not set commissions – they are negotiable. The rule that has been the subject of litigation requires only that listing brokers communicate an offer of compensation. That offer can be any amount, including zero. And other rules throughout the MLS Handbook and NAR policy expressly prohibit MLSs, associations, and brokers from setting or suggesting any such amount that should be included in that field. Again, the current rule that has been the subject of litigation does not set commissions."