Chicago is My Home

28
May

National Association of Realtors Reaches Settlement in Internet Listing Dispute

Author: Adam Fendelman, Category: Real Estate

CHICAGO – The National Association of Realtors (NAR) in Chicago said on Tuesday it reached a settlement with the U.S. Department of Justice. The agreement brings a close to three years of litigation surrounding the organization’s policy of restricting the listing of homes for sale on the Internet.

The 1.3 million-member organization previously permitted members to block the listing of homes for sale on the sites of Internet-based brokers. Another rule prohibited Web sites from selling referrals to other brokers.

The U.S. Department of Justice filed a complaint against NAR in 2005 arguing the policies curbed competition and inflated commission rates. Under the terms of the settlement, NAR can’t prohibit or restrict the posting of homes for sale on the Internet.

However, sellers themselves can restrict the details and the level of exposure their homes get on the Web. NAR President Richard F. Gaylord on Tuesday declared the settlement a “win-win” for the organization. He emphasized that NAR will not be held accountable for any wrongdoing nor will it have to pay any monetary fines in connection with the case.

By Megan O’Neil