This is the actual letter statement sent out to all Colorado real estate agents Director’s Corner Commission Settlements and Colorado Licensees The Division has received a lot of inquiries about the proposed settlementagreement between the National Association of Realtors (“NAR”) and plaintiffsRhonda Burnett, Jerod Breit, Jeremy Keel, Hollee Ellis, Francis Harvey, ChristopherMoehrl, Michael Cole, Steve Darnell, Jack Ramey, Daniel Umpa, Jane Ruh, DonGibson, Lauren Criss, and John Meiners, and the impacts that the proposed agreementwill have on broker compensation in Colorado. If you have not read the proposedagreement or are unfamiliar with the proposed terms, you can review a copy here. As an initial matter, it is important to note that the settlement terms are onlyapplicable to members of NAR and the Realtor MLSs. Colorado... Read more
Category: NAR Commission Lawsuit
The NAR Commission Lawsuit: 2023 Update
The NAR Commission Lawsuit is a significant legal case involving the National Association of Realtors (NAR), focusing on commission structures and antitrust allegations.
Key Cases and Developments
- Burnett v. National Association of REALTORS et al.: This case, set for trial on October 16, 2023, challenges the fairness of buyer-broker commission payments.
- Sitzer/Burnett Buyer-Broker Commissions Trial: Featuring testimonies from Gary Keller and Marc King, this trial addresses allegations of commission rate conspiracies.
Recent Testimonies
- Gary Keller: Keller Williams’ co-founder contested the notion of a standard 6% commission, stating that his company doesn’t impose fixed rates.
- Marc King: The President of Keller Williams echoed Keller’s statements, denying any company-wide commission mandates.
Potential Industry Implications
The lawsuit’s outcome could lead to significant changes in commission practices and antitrust regulations in the real estate industry.
Upcoming Jury Deliberations
Jury deliberations in the Sitzer/Burnett trial may begin soon, with closing arguments expected shortly.
Stay informed on the NAR Commission Lawsuit, a crucial issue for real estate professionals and consumers alike.