NAR Settlement Agreement – The Facts

 

On March 14, the National Association of Realtors® announced a proposed settlement agreement that would end litigation 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 an NAR member as principal that had a residential transaction volume in 2022 of $2 billion or below. The settlement is subject to court approval.

It is important to note that practices will not change immediately. The changes, if approved by the court, will be implemented in mid-July.

VAR encourages all members to reference this page and resources developed by NAR to get the latest updates and accurate information regarding the settlement. For the most up-to-date resources, please use the links below:

  • The Facts for Realtors® – Latest news, videos, press releases, member resources
  • Competition.realtor – Communications and marketing resources to help members share their value
  • Settlement Agreement Toolkit – Social media assets to help explain the NAR Settlement Agreement
THE FACTS FOR REALTORS®
COMPETITION.REALTOR
SETTLEMENT AGREEMENT TOOLKIT

Realtor® Magazine Special Report

Read the special digital supplement of REALTOR® Magazine with 16 pages of important content that will dispel misinformation about the proposed settlement. It also includes valuable resources that help separate litigation facts from fiction, debunk myths, and help explain the importance of a written buyer agreement.

READ THE SUPPLEMENT

NAR Video Updates

Settlement Briefing – March 22, 2024

A settlement briefing from NAR President Kevin Sears and Chief Legal Officer Katie Johnson. WATCH

Kevin Sears: Discussing Key Settlement Considerations and Ongoing Advocacy Efforts on the Road

A message from NAR President Kevin Sears about recent association developments and priorities. WATCH

Litigation Update from NAR President Kevin Sears and CLO Katie Johnson

Hear how NAR’s resolution provides a path forward for the industry and helps ensure consumer choice. WATCH

NAR Resources

April 3, 2024 – Commentary: 90% of homebuyers have historically opted to work with a real estate agent or broker. Here’s why that’s unlikely to change. READ

March 28, 2024 – FHA Guidance on Seller-Paid Commissions – The FHA published a note with FAQs and guidance on seller-paid commissions related to the NAR settlement – READ

March 27, 2024 – NAR Letter to U.S. Dept. of Veterans Affairs – NAR urges the VA to revise its policies pertaining to fees veterans cannot pay when using their VA home loan benefit – READ

March 15, 2024 – NAR Reaches Agreement to Resolve Nationwide Claims Brought by Home Sellers – READ

March 19, 2024 – NAR Responds to President Joe Biden’s Remarks on Lowering Housing Costs for American Families – READ

March 19, 2024 – Correcting the Record: NAR Does Not Set Commissions – READ

Additional NAR Resources

VAR Resources

VAR Op-Ed

Understanding the National Association of Realtors® Settlement: What it Means for Home Buyers and Sellers in Vermont

On April 10, VAR sent an Op-Ed to statewide media about the potential impact of NAR’s settlement agreement on home buyers and sellers in Vermont. Read

VAR Offering the ABR® Class at No Cost

Now is a great time to hone your skills as a buyer representative! VAR is offering the Accredited Buyers Representation (ABR®) Course throughout the remainder of this year AT NO COST (a $295 savings). Visit the VAR Calendar here for ABR® class dates.

NAR is also offering the ABR course at no cost. Live virtual classes and online (self-paced) classes are available. Learn more here.

 

VAR Broker's Meeting

VAR held a Broker’s Meeting on April 4 to discuss the NAR proposed settlement agreement. You can view the presentation here.