What does this mean for REALTORS®? An important litigation update for REALTORS®.
After an 11-day trial in the case of Burnett v. NAR et al, the jury in a Kansas City, Mo., federal courtroom, found the National Association of REALTORS® and other corporate defendants liable in the case.
The lawsuit claims that Defendants (NAR et al) created and implemented rules which require home sellers to pay commissions to the broker or agent representing the buyer. It also alleges that Defendants enforce these rules through anticompetitive and unlawful practices. The lawsuit claims that these rules are anticompetitive and unfair, and that they violate federal antitrust law.
NAR will appeal the liability finding and stands by the fact that NAR rules serve the best interests of consumers, support market-driven pricing, and advance business competition.
The button below links to helpful Q & A and facts about the case, and a statement from NAR President, Tracy Kasper.