The National Association of REALTORS® and plaintiffs have reached a proposed settlement agreement to end litigation of claims brought on behalf of home sellers related to broker commissions. The 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 a NAR member as principal that had a residential transaction volume in 2022 of $2 billion or below. The settlement is subject to court approval, which will take several months. RAGC will update all the necessary contracts and forms before the settlement takes effect in mid-July 2024.

To read the full statement from NAR, please click here.

To watch a video from NAR Chief Legal Officer and Member Experience Officer Katie Johnson and NAR President Kevin Sears discussing the details and impact of the settlement, please click here.

Additionally, materials, including the announcement, fact sheet, Settlement Agreement, and Questions and Answers, are available for members at facts.realtor. You will need your NAR login credentials to access these materials. Updates will continue to be posted to competition.realtor with the latest information.

The REALTOR® Alliance of Greater Cincinnati is committed to providing its members with the latest news and guidance on the settlement as it becomes available.

Update: Tuesday, April 16

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Update: Wednesday, April 10

NAR President recently sat down with Real Estate Insiders Unfiltered to discuss the future of NAR
Inside NAR’s Legal Response: A Message from Katie Johnson
Navigating NAR’s Settlement Agreement: What Commercial Practitioners Need to Know

Update: Wednesday, April 3

Earlier this morning, Fortune Magazine published an op-ed by NAR REALTOR® Party Community Engagement Liaison Tim Hur. You can read the article here. Throughout the article, Tim debunks widespread misreporting currently flooding the marketplace about our settlement. Importantly, Tim clarifies the fact that the NAR does not set commissions, and that nothing in the proposed settlement would change that.

Update: Friday, March 29

Earlier this week, Spencer High, Manager of Media and Communications for NAR, sat down with NAR’s Real Estate Today podcast to discuss the settlement agreement and what it means for NAR, our members, and the industry. The episode was published today, and I hope you will all take some time to listen. You can find the episode on facts.realtoror by accessing the link here. Please continue to check facts.realtor for the latest resources and information about the settlement agreement for our members.

Update: Wednesday, March 27

Unpacking the NAR Settlement: An update from Tracy Dunne. Watch here.

Misinformation about real estate commissions has been pervasive in the media. Here are the facts you should know.

Tracy Dunne appeared on a Local 12 news story. Watch here.

Update: Monday, March 25

NAR President Kevin Sears and NAR Chief Legal Officer Katie Johnson recorded a webinar on Friday, March 22, where they further discussed the settlement agreement and what it means for the association and its members. This webinar has also been posted to facts.realtor, along with additional resources, including:

Update: Friday, March 22

“Our goal is to continue to keep this simple for the consumer, regardless of what we’re dealing with on the back end,” Dunne said during an interview with WLWT on Thursday.  Watch here.

UPDATE: Thursday, March 21

NAR President Kevin Sears shares an update on the association’s settlement agreement to resolve home seller litigation and highlights NAR’s ongoing work to advocate for members and consumers. Watch here.

Update: Wednesday, March 20

REALTOR® Alliance of Greater Cincinnati President Tracy Dunne shares thoughts on the profession’s path forward following the lawsuit settlement announcement by the National Association of REALTORS® this past Friday. Watch here.

UPDATE: TUESDAY, MARCH 19, 2024

Todd Book, VP of Legal and Legislative Affairs, updates Ohio REALTORS on the recent NAR Settlement News and what it means for our industry. https://bit.ly/4ajJ1jF (This content is copyright 2024 Ohio REALTORS.)

Following recent inaccuracies in media coverage, including the false representation or suggestion that the National Association of REALTORS® (NAR) requires a standard 6% commission, NAR has issued the following statement: https://bit.ly/43v1JD0

Tracy Dunne was interviewed on Fox19 about the NAR settlement. Watch here.