Copycat Lawsuits are springing up in multiple states including New York, Texas, South Carolina and New Jersey, with more to follow.
Next steps for NAR and other plaintiffs include as noted, NAR has said it plans to appeal the verdict. This is just the first chapter in a longer legal process. In terms of timing, both sides will file briefs with the trial court in the next few months. Then it's expected that the appeal will be briefed and argued later in 2024.
Part of the settlement and judgement agreements include NAR Membership becoming optional for national franchise members and Offering Compensation Optional to selling offices.
In the short term what can be done by licensees to reduce risk?
Document Compensation Discussion
Use Buyer Broker Agreements
Explain Representation Choices
We will be offering webinars later in December and next year tht drills down other options in greater detail.
Stay tuned for more,
Jerry Royse, ITI
It is going to get worse!
Live CE classes are better than Correspondence, particularly for this Class Action issue, additionally we have added discussion and suggested strategies to reduce your risk to our DCE courses. It was exciting to see the networking, partnerships and strategic partnerships, team building recruiting and resource sharing that happened at our last live classes.
You should seriously consider signing up for our next live classes, Jan 6-7 or Jan 8-9, where we will give you tools to reduce your risk for the class action lawsuits that are likely heading our way. We will have workshops and role plays to refine your commission discussion to reduce your risk. You can't get that same level of protection and training in a correspondence class. But hurry to register, these classes have limited slots available and will sell out.
Jerry Royse, at the helm of Royse and Associates, stands out in real estate education with over 35 years of experience teaching across 46 states and 5 countries. A seasoned educator, Jerry has trained thousands in Sales Pre-Licensing and Continuing Education, also applying his expertise as an expert witness in over 30 legal cases and successfully closing over 1100 homes as a Buyer Broker. His extensive knowledge marks him as a preeminent expert in the field.