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NAR Settlement Discussion Part 1
Manage episode 408185234 series 3472266
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In this compelling episode of Hudson Valley's Real Estate Explained, Michael Kahns and Rik Brescia offer a detailed examination of the recent National Association of Realtors (NAR) settlement. This significant legal event has important implications for anyone interested in real estate, from seasoned investors to first-time buyers. Tune in as we dispel myths and misinformation surrounding this crucial topic.
The episode scrutinizes the history of the NAR, tackles the lawsuit's nature, and ponders over the settlement's ultimate outcomes. Learn about the profound outcomes of this event on the real estate industry's future landscape. The hosts delve deeper into the NAR's origins and evolution since 1908, its significant role in setting ethical standards for realtors, and its deep-seated involvement in owning and operating most Multiple Listing Services (MLS).
Through this enlightening discussion, you'll understand the core issues that precipitated the lawsuit and settlement, and gain clarity on the cooperative commission rule introduced in the late 1990s. Get ready to uncover the gritty aspects of the NAR settlement and enrich your understanding of current real estate events and trends.
The show takes a substantial dive into the NAR settlement, a milestone that promises to substantially influence the real estate market. It explores the history of buyer representation, the changes initiated by NAR, and the push from consumer protection advocates for this development.
The hosts share their personal experiences as real estate agents in the days before buyer representation became the norm. They highlight the unintended consequences of the transition prompted by the NAR settlement, including the seeming non-negotiability of commissions, resulting in the Department of Justice's intervention.
This episode explicates what the settlement includes—the $418 million four-year payout, the ban on buyer broker compensation on any NAR-operated MLS, and the requirement for NAR members to have an exclusive right to represent,a buyer's agreement before showing houses. Don't miss this insightful discussion on the fallout of the NAR settlement, its potential benefits and drawbacks, and our vision for the ideal future of real estate.
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