Regulating the professional standards and certification of real estate agents since 1908 and operating the nation’s multiple listing service (MLS) since the early 1960s, the National Association of Realtors (NAR) is facing its greatest challenge. And if they don’t find a way to settle a class action lawsuit aimed at their practices, the way real estate transactions are made in the United States could change forever.
The class action lawsuits, referred to as the Sitzer/Burnett and Moehrl cases, have already cost ReMax a $55 million settlement to resolve all claims against it, following another settlement payment by Anywhere Real Estate, (formerly Realogy and the owner of Century 21, Coldwell Banker and Sotheby’s) for $83.5 million.
