A landmark $418 million class action settlement from the National Association of Realtors (NAR) is set to change the way real estate agents are paid and shake up the industry at large.
The agreement, which was finalized on Friday, takes effect in July and began with class-action lawsuits accusing the Realtors of having too much power and a monopoly over Americans trying to sell their homes.
In part, the NAR settlement removes rules on sales commissions for brokers and agents, meaning that the standard 6% starting commission rate no longer exists. The settlement only affects buyer and seller agreements, though, so renters may still have to pay broker fees when looking
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