NAR Lawsuit Settlement Updates

Oklahoma REALTORS®

OAR Updates & Information on NAR’s Class Action Lawsuit Settlement, DOJ Ruling, and More…

A NOTE FROM OAR PRESIDENT & CEO

On March 24, the National Association of REALTORS® announced a proposed agreement to resolve the recent class-action litigation around commissions. While the settlement is still subject to court approval, the proposed agreement would resolve claims against NAR, over one million NAR members, all state/territorial and local Realtor® associations, all association-owned Multiple Listing Services (MLSs), and all brokerages with an NAR member as principal that had a residential transaction volume in 2022 of $2 billion or below.

On August 17, the agreed-to practice changes outlined in the settlement go into effect. Namely, these practice changes are regarding prohibitions on commission information in the MLS and the requirement of Buyer-Broker Agreements before services are rendered.

As we have travelled around our great state in the last few months, we know that these lawsuits have been a topic of major concern for many of you. We pledged to share with you as much information as we could from the beginning, and below are three sections of information, which can hopefully point you in the direction of what you are seeking:

1. Resources for Consumers
2. NAR Resources for REALTORS®
3. Oklahoma Resources for REALTORS® (including OAR’s Webinars on the new OREC Buyer-Broker Agreement Forms)

These practices changes are the next step of change in our industry. But we’ve been dealing with change since organized real estate began more than 100 years ago. We encourage all of you to embrace the change and continue to be dedicated in your service to your clients and your communities. If there’s something more we can help you with, let us know.

– Renee & Hutch

RENEE HOOVER-PAYTON, 2024 President

BRYAN “HUTCH” HUTCHINSON, CEO/AE

RESOURCES FOR CONSUMERS

1. facts.realtor
2. realestatecommissionlitigation.com
3. NAR’s Settlement Guide for Homebuyers
4. NAR’s Settlement Guide for Sellers
5. NAR’s Consumer Guide to Written Buyer Agreements

NAR RESOURCES FOR REALTORS®

1. facts.realtor
2. competition.realtor
3. Settlement FAQ
4. NAR Newsroom & Video Catalog
5. Written Buyer Agreement 101
6. MLS Policy Changes
7. Settlement Agreement & Timeline

OKLAHOMA RESOURCES FOR REALTORS®

1. How to Use the Buyer-Broker Agreement Webinars – Part 1 & Part 2 (Q&A)
2. Read Hutch’s Opinion Article in The Oklahoman: Settlement means Realtors can focus on what’s important: serving people
3. OKCMAR President Emilykaye Mitchelson corrects the record on Commissions with KOCO-5 in Oklahoma City.
4. THE OKLAHOMAN: Will home prices fall in Oklahoma after national Realtors’ commission lawsuit settlement?