The diminishing property values have restricted property owners' access to loans for essential upkeep, renovations, and maintenance, leading to a rapid deterioration of rent-stabilized buildings in the coming years.
The board expects to make decisions by Dec. 1, 2025, followed by commission licensure by Dec. 31, 2025.
These systematic barriers hindered the accumulation of wealth for African Americans for decades; this hindrance deprived many black families of the opportunity to pass down property and assets to future generations, thereby perpetuating economic disparities.
Eligible brokerages must have a Principal who is a member of NAR as of the date of class notice in order to opt in or be released.
CHICAGO—The National Association of Realtors is reminding brokerages with a residential transaction volume of more than $2 billion in 2022 and MLSs that today is the deadline to opt into NAR's Settlement Agreement that would resolve claims brought on behalf of home sellers related to broker commissions.
The Settlement Agreement is subject to final court approval, a hearing on which is scheduled for Nov. 26, 2024.
Brokerages with a residential transaction volume in 2022 that exceeded $2 billion, and all MLSs, including those wholly owned by Realtor associations and others (“non-Realtor MLSs”) are required to opt into the Settlement Agreement to obtain a release of liability.
State and local Realtor associations, individual NAR members and brokerages with an NAR member as Principal whose residential transaction volume in 2022 was $2 billion or below do not have to take any specific action to opt in to obtain a release of liability under the Settlement Agreement. However, they must abide by the terms of the Settlement Agreement.
Eligible brokerages must have a Principal who is a member of NAR as of the date of class notice in order to opt in or be released, and NAR members must be members as of the date of class notice in order to be released.
Instructions on how to opt in are below.
If you are a brokerage with a residential transaction volume in 2022 that exceeded $2 billion: Step-by-step instructions.
If you are a Realtor MLS: Step-by-step instructions.
If you are a non-Realtor MLS: Step-by-step instructions.
Following today’s opt in deadline, NAR's mandatory MLS policy changes implementing the settlement practice changes will take effect on Aug. 17, 2024.
Please visit facts.realtor for the latest updates on the Settlement Agreement. The full text of the Settlement Agreement can be found at:
https://cdn.nar.realtor/sites/default/files/documents/nar-settlement-agreement-download-2024-04-19.pdf
The diminishing property values have restricted property owners' access to loans for essential upkeep, renovations, and maintenance, leading to a rapid deterioration of rent-stabilized buildings in the coming years.
The board expects to make decisions by Dec. 1, 2025, followed by commission licensure by Dec. 31, 2025.
The Pending Home Sales Index—a forward-looking indicator of home sales based on contract signings—decreased to 70.8 in May. Year-over-year, pending transactions were down 6.6%.
The program offered the latest home sales data and trends for Rockland County, updates on the NAR Commission settlement, and perspectives on topical business and political issues.
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