BrokerageIndustry News

More states plan minimum-service real estate laws

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Realtor associations in Wisconsin and Ohio are pushing for laws that establish new service requirements for real estate professionals while making room for real estate companies that offer a lesser range of services for lower fees. In several other states, Realtor-backed efforts to establish a mandatory range of services for all real estate professionals – effectively banning some limited forms of real estate services – have drawn sharp criticism from antitrust officials at the U.S. Justice Department and Federal Trade Commission. But the Realtor groups in Wisconsin and Ohio say their proposals recognize and provide some protections for real estate business models that offer fewer services than traditional firms. In both of these states, Realtor associations formed task forces to study the law changes, with representation from limited-service real estate companies. The Association of Real Estate License Law Officials, a group for real estate regulators, conducted a study t...